Can You Increase Your Market Share In This Uncertain Time?
While the Coronavirus has affected many businesses, a large number of Essential Businesses are actually doing quite well. These include many of the construction areas, some manufacturers, grocery stores, home improvement stores, medical, mortgage companies, food delivery services and many more.
If you happen to own a business that is not as adversely affected as others, this might be a prime opportunity to increase your market share. Your competition may be in a weaker position providing you the chance in increase market share.
5 Steps to Increasing Market Share
During the last recession, Walmart substantially increased their advertising budget with a goal to increase market share. Today they are the #1 grocery store in the country as well as a top retailer. Your company can make similar gains. Here are some ways to get started:
Revise your marketing budget and put together a marketing plan focused on acquiring new customers.
Develop targeted advertising and marketing to potential customers.
Turn your competition's weaknesses into your strengths (slow delivery vs fast delivery, etc.).
Make it easy for prospects to become a customer (offer a strong incentive to get started doing business with you).
Make sure you provide what you promise when they become customers. Follow through well and cement the relationship.
Growing a business can occur in good or bad times. If you are fortunate enough to be weathering the current situation well, playing on your strengths can benefit your business so you thrive, even in unusual times like we are experiencing now.
If we can help you with any marketing needs, please conatact us.
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