Employing Strategies To Increase Market Share

 

Market share is the percentage of sales of a company in the market. According to the Global Windows Market share published last October 2021, Apple leads the mobile vendor market share worldwide with 28.21%, while Samsung is a close competitor with 27.06%. These figures denote how successful these two companies are in attracting mobile users worldwide.

As you build your business, the need to create strategies should be for the long term. Remember that it is not enough to start the business smoothly without thinking of the possible drawbacks in the future. Hence, these strategies should be well-thought. You can take many steps to increase your market share and become the leading company in the industry. However, you are likely to sink if the position is not sustainable. It means that you should maintain the steps you have taken for your success in the past. Simply put, you need to increase your sales than your competitors to increase your share in the industry.

Being In The Lead

Increasing the brand’s market share is essential for any management to strive to achieve. However, this is not going to be easy.

How do you think the giant companies retain their position in the market? Sure enough, they did not just wait for customers to come to their stores/shops. They had to work hard to attain the position that they desired.

1. Being innovative. One good example is Google. They have remained in the top position having a 90% market share. They have monopolized the market by being consistently innovative by creating platforms and apps that make things super easy and fast for people to use. Regardless of what people are searching for, Google has all the answers for every user.
2. Great customer engagement. One of the failures of companies is that even if they seem to be visible on different social media platforms. They do not designate an expert on how to deal with their customers. You see, these social media platforms are practical tools for reaching out to customers. Apart from showcasing your latest products, your customers can send messages. Whether they are positive or negative comments, that can significantly help the company improve and help inspire the employees to do better. In doing so, it encourages more people to support a particular brand. As I have frequently mentioned, customers want to feel valued. Hence, being heard by the company elevates their trust in the brand. Communicate with your customers often through social media platforms and emails. It will also be helpful to create unique, relevant, and exciting content.
3. Flexible working hours. We have gotten used to the 9 to 5 jobs. And I do think that for some, it has worked. However, times have changed. And allowing your employees to work at flexible hours makes them more creative and productive. Let’s face it. A designer needs the inspiration to create a fabulous presentation. However, with the distractions in the office, it may not allow him to focus as much. The pandemic made us realize so many things; one of them is by remaining productive even in the comforts of our own home.

One of the critical factors is if you want your business to remain in the public’s minds.

1. Unique brand position and consistency. You need to create a brand that the people would easily remember, just like Coca-Cola, by simply seeing the color and font. They have been around for about 130 years. We have seen how their logo has evolved over the years, yet their distinctive brand remained captivating to the market.
2. Stick with your niche. You may think that offering different products and services can significantly increase your customer base. However, suppose you concentrate on a particular place and focus on your target market. In that case, somebody will recognize you more because you have a distinguishing characteristic that can stand out in the market. One creative way is by creating YouTube; people would look forward to watching. Sharing relevant stories which center on our everyday life is a hit. It establishes your brand and identity, showing how people matter and energy is essential.
3. Understand your competitor. There needs to be a comparison to determine which one is better in any situation. As a company, you would want to be ahead of your competitor. The only way to do that is by knowing who they are and how they do it. It means you need to compare their strategies with yours and identify which would work best to your advantage. Analyze their position in the market and create an excellent method to beat the competitor.

What do you think is the effect of the 3-day sale in different malls in the city?

It attracts people regardless of the time of day for as long as they know that they will purchase goods they have always longed for at a fraction of a cost.

1.  Maintain a great relationship with your customers. Let your customers always feel excited to grab your latest offering. Tickle their senses by coming up with exciting promos, high-quality, and unique products. Just be sure that you don’t mix any sub-standard products among those high-end ones to maintain a good reputation.

 

Another good example is how Netflix subscribers continue to grow every year. With their outstanding collection of movies and shows, it is almost impossible to discontinue subscribing since Netflix continuously adds new content.

Gather all these strategies in place. You are assured of an increased market share as you continue to yield customer loyalty, engagement, and brand awareness.

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Market share grows when your systems are right. Franchising is one of the most powerful ways to expand your footprint in the Philippines — and GMB can show you how. 👉 Discover How Franchising Grows Market Share →

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