Every business such as towing service that enters a market is normally started to make profits and grow as much as it can to capture a large market. When it comes to increasing market share, it only happens after management makes informed marketing decisions that contribute to the overall sales and customer retention. To increase market share, businesses must work hard to increase the efforts they put into sales, and additionally use new or additional strategies to help get there.
What is Market Share
Market share refers to a percentage of total sales in an industry that is generated by a company. It refers to how you make as a company in the industry, and how what you make adds up as compared to your competition.
Here are some of the most commonly used strategies you can apply to increase your market share.
Find and stick with your niche
The company that you set up should have certain characteristics that set it apart from others. You need to have a distinguished brand where your customers can always refer to when they need something. You need to create a brand identity and have what is associated with you, such as high-quality products, best customer service, competitive pricing, among others.
The key to remaining relevant in your industry is creating products that your customers love. However, creating products your customers want should not be the end of your interaction with your customers. You need to go ahead and innovate on what you create. Work hard on your research by collecting customer feedback on how they rate your product and what they would wish added to your product features and performance. That way, you will always have a product that your customers want, and they will stick to your product.
Engage with your customers
Customers already know what they want, and one way of ensuring you can deliver according to their expectations is ensuring you ask them questions. You can send out carefully crafted surveys asking questions on things such as product design, features, updates among others, and offer tangible ways to improve your products and services and as a result, increase your market share. Instead of only using surveys and questionnaires, you can also engage with your customers on social media, stories, and fleets.
Think about acquisition
You can also increase market share by acquiring another company that offers products or services that are similar or related to what you offer. This is what is commonly known in business circles as mergers and acquisitions. Best performing companies normally acquire other companies to gain a larger market share and also expand on their products. Acquiring the right competitor will involve choosing the right company, one that will have a positive addition to the suite of products and services that you offer.
Once you have achieved all the above, you must continue delighting your customers. Continues innovating and looking for new ways to ensure your customers are always happy and satisfied.