How to Increase Your Market Share

You Can Compete and Win!

Transcript from the video:

No matter what business you are in, there’s probably someone else doing it. That’s called competition, and nowadays everyone has competition. While we’re all unique in our businesses are certainly our babies. The fact of the matter is there someone else out there doing it and they could be doing it better. They could be doing it worse.

So today I wanted to talk about 3 ways that you can increase your market share for your small business or start up. And this is Episode 121 of Your Marketing Minute from Forward Push and 3 easy steps.

So let’s just dive right in. One, find your niche and stick to it, right? This is probably the most important thing I think for small businesses and start ups, they tend to iterated very quickly and don’t let things actually start to optimize, to grow, to get traction. Find your niche. Understand who your true buyer persona is. Who is your ideal customer? Who is the person that you really want walking through your door? Filling out the forms on your website, are calling you… when you find that niche, stick with it.

That is one way to increase market share because you’re actually going in a very much a silo direction, so everyone that you reach is within your niche.

Second, engage with customers. Now right away, when I said that I have a feeling you probably thought about social media and engaging with your customers online so by posting and engaging with them and their comments. But that’s only one thing that I meant when I said engage with customers. Other things that you can do. Send a newsletter to them. Let them know what’s happening at your business, how you can help them.

Maybe it’s a special offer for being a newsletter subscriber. These are ways that you can now engage with customers. The other thing, too, is events, right, in person. It’s still one of the best ways to engage with people. You can do an event at your own brick and mortar, you can an event at maybe a like minded business so you both can reach new audiences. But by engaging with your customers, you will stay top of mind. So whether that is through social media, by creating newsletters or in person events, you need to engage with your customers.

And the last thing on how you can start to increase your market share is to continue to delight your customers, right. Good old fashioned great customer service. As you continue to delight your customers, you do great work, they will tell other people. And that’s called word of mouth marketing, right? It’s a great way to increase your market share because one you have a great customer that tells someone else. So now you can have the opportunity to have two great customers.

So there we go 3 ways for you to increase your market share as a small business or a start up. One, find your niche and stick to it. Two engage with your customers. Whether that’s social media newsletters or in person events, you’ve got to be in front of them to stay top of mind and lastly continued to delight them with just amazing customer service.

There your go. That’s Episode 121 of Your Marketing Minute. I appreciate you listening and watching today, and I’ll see you soon.