Ready to discover how to increase market share?
(Introducing Three More Incredibly Simple Ways To Increase Your Market Share For Literally Pennies On The Dollar!)
As you already discovered in a part one of this series about how to increase market share.
You definitely don’t necessarily need to automatically increase your ad or promotional budget dollars, in order to create 25% more business.Right?
Of course it goes without saying, that if you do have more expendable dollars to begin with, you’re probably able to widen your exposure to your particular target group.
This follow up post will reveal at least three more incredibly simple, (non techie) ways for you and or your major competitors to systematically increase your market share.
Without (necessarily) having to constantly incur a whopping 500% more in typical retail advertising and or promotional costs.
Each time you want to expand your customer and or client base.(Like the vast majority of your major competitors do.)
As always, it will simply involve you merely re-structuring how you currently do things, (and tracking) the results, until you discover the strategy (or combination) of strategies that yields the best overall return, for the least amount of time, money and effort.Sound like a plan?
How To Increase Market Share For Pennies On The Dollar! (Introducing Three More Virtually Untapped Marketing Opportunities!)
To start things off right, so that you begin to develop the right type of long term ‘think outside the box’ marketing mind set.(Which definitely comes in handy.)
Have you ever seen one of those local free drawings, (often) sponsored by a popular local radio station?
You know the type that has three to five potential winners each attempt a three quarters length of the court shot, during the half time of (either) a local High school or semi pro basketball game.
And typically, they’ll win either a new car or five thousand dollars in cash etc.
And as fate would have it, more times than not, 99.9% of the time,no body ever makes the shot. Right? Bummer.
Your Semi Cash Strapped Small Business Is Not Dependent Or Promotional Or Marketing Gimmicks Is it?
Believe it or not, that’s about the same odds you have whenever you (or your) major competitors attempt, the one time shotgun approach to marketing/advertising your business, products or services.Especially online.
You know, you finally bite the bullet and purchase that irresistible super discounted “new customer only” pre – Labor day sale” advertising package from, (either) your local newspaper and or Val pack direct sales coupon rep.
And because you’re saving 43 (or X%) off the normal retail cost, you go for it. Not realizing, you’re still attempting to make that three quarters length half time shot, because it’s (simply) a one & done proposition.
Meaning- with that type of one and done marketing approach, the odds are not in your favor. Instead, take a look at these three often overlooked, (long term) virtually untapped marketing possibilities.
Three More Incredibly Simple Ways To Increase Your Market Share By At Least 25% In The Next Six Months Or Less!
1.) Suppose your run a small local offline retail business that’s (not located in a popular mall), and you primarily target local women, ranging in ages from 18-55.
You could form a strategic alliance with a small -local- hair or nail salon owner, (perhaps) where you, or at least some of your staff currently gets your hair or nails done.
And offer them unlimited free (16 oz.) mini samples of some of your best selling 32 oz. fragrances.
And they could use them as powerful free upsell /add on sale bonuses, to give to any customer that automatically upgrades from a simple $17 dollar wash & rinse to $27 (or X) dollar wash, rinse and trim!
(Right here is where you inexpensively test & track your results.)
The hair or nail salon just strategically added an additional $12 (or X) number of dollars to their bottom line, but only increased their overall gross out of pocket expenses by less than 10%.Say what?
Stick To The Proven Marketing Or Promotional Fundamentals And You’ll Definitely Manage Your Potential Downside Risk!
The hair salon in term, gives their customer your “new customer only” X% off discount coupon, and when they bring it in to redeem it.
You immediately offer them an additional X% off just by joining your VIP opt in email/mobile marketing list.
Simply have your laptop near by, already on your lead capture page and or home page of your WordPress blog, website etc.
They opt in and you take an additional X% off their entire purchase. (And immediately include your best market tested “bounce back offer”, time sensitive discount coupon inside their bag!)
2.) You probably have vendors that periodically deliver supplies, daily, weekly or monthly, correct?
Guess what, on Valentines Day & Mothers day, you give them at least five (preferably) ten “new customer only” discount coupons to give to (both) their wife’s, girlfriends, daughters (daughters in law) or their employees and or their employees spouses or girlfriends etc!
Think about it for a second. If one of your vendors has thirty full time employees and eleven of them are married or have significant others etc.
You Consistently Make Offers Your Target Market Desires And Watch Your Bottom Line Steadily Grow!
You offer them your special “new customer only” VIP discount coupons to give to (either) their wives, girlfriends, sisters or daughters (or ) daughters in laws etc.
And their employees etc. And at least 80% of them make that first new customer purchase, and 40% of them become long term returning customers, that refer, repurchase and provide bank account filling testimonials etc!
Just for handing out a simple index sized card to your vendors and suppliers that have been doing business with you for years!
Versus trying to get that same result by mailing out 5,000 (or more) val pack coupons to complete strangers, that never heard of your business and or service before! Good luck!
It’s a crap shoot at best. You may as well take your chances trying to make that three quarters length half court shot, at least it’s free!
You Can Inexpensively Create Incredible Long Term Marketing Leverage By Strategically Tapping Into Your Vendors And Suppliers personal And Professional Networks!
Plus, don’t forget, if any of your vendors/suppliers are men, offer them the chance to enter your once a month, and or once every quarter free drawing for the seven foot “teddy Bear” that you have prominently displayed in the middle of your boutique!
Have two guaranteed winners, one especially for the men & one for the women that actually enter your store and or that find you online.
And don’t forget, whether the male delivery person has a wife or steady girlfriend or not, they may have a Mom, (that’s) hopefully still alive or a daughter, (daughter in law), sister or grand daughter and they can enter to win the “teddy’ for them!
Go All In With Your Over The Top Customer Service And You’ll Definitely Start To Distance Yourself From A Percentage Of Your Major Competitors!
You could probably (very easily) generate some really cool free publicity by allowing anyone that wants to, the chance to pose with the Teddy and take pictures.
And charge just three dollars, (or) two pictures for just $5 dollars and give all the proceeds to some local charity or two!
Women who bring their kids to your store, will probably love this one and the kids definitely will too!
3.) And finally… This last one is extremely powerful cadets! For two incredibly simple reasons.
1.) First, (when set up properly) you can institutionalize your marketing efforts by helping out local organizations, (including local charities) that sponsor annual events, like annual fund raisers and or businesses that conduct periodic surveys of some kind.
Initially You Definitely Don’t Need A Huge Promotional Budget To Start Ethically Bribing Your Way To Long Term Success!
2.) You can literally fly under the radar and (easily out promote) your big buck major competitors, by finding local companies that need incentives to get either their employees and or customers to doing something right now!
For ex; take the typical company that hires school college students,during their summer breaks, or temporarily laid off workers and or senior citizens to conduct different types of surveys.
You know those people you sometimes see casually strolling through the mall, and or going door to door in certain neighborhoods, knocking on doors etc.
You Can Either Discover How To Increase Your Market Or Watch Your Major Competitors Do It At Your Expense!
You can bet, that whenever someone answers the door (male or female), and it’s around (either) Mother’s day and or close to Valentines Day etc.
If the solicitor can offer the prospect their choice of either a free “new customer only” discount coupon good for 25 (or X%) off their first purchase from your local boutique.
Just for filling out the survey or a coupon for a free 16 oz mini sample of any fragrance of their choice.
They’ll get at least 25-40% more people to take five minutes to fill out the survey! Right?
And who knows, over time, you may end up with an increase of 25% (or more) in your long term customer or client base as well.
It’s right under your nose, (and yes) it will definitely take some time and serious effort in order to totally set things up. But after you do so, you’ll never have to wonder how to increase market share again.
For pennies on the dollar! No matter what your particular niche is. Can you live with that? Good! Get to work!
(And if you’re currently active on either twitter or Lnkedin, let’s get connected!)
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