Market Share

In: Business and Management

Submitted By scweiss85
Words 860
Pages 4
How to Grow Market Share
Promote your business: After all is said and done, it is the business, company, product or service that is known to the target customers that will gain a large market share. This is a very vital element of the steps needed to increase your business market share. It’s just common sense; people buy from those they know. So here is the question, how many people know about your business, company, product or service? You have to constantly put your business, company, product or services in the public’s eye. If you operate on a local level you have to think going to the state level, from the state to the national level, from national to global.
What options are available to you for doing this? 1. Social Media: The internet is fast becoming the world’s most populous domain. You cannot phantom the number of people and the number of hours spent online. So, if you are serious about increasing your market share, go online. 2. Advertise, Advertise, Advertise: a. Offline, newspaper, flyers put around town, billboard, radio, word of mouth…. i. Flyers can be distributed in the local area on a monthly basis advertising specials, draws and promotions. ii. Sandwich Boards: Display 2 sandwich boards, one for either store end. b. Display window – see to it that the public can see a small portion of the whole line of your products displayed. 3. Get Back Former Customers: Another way to increase market share is to try and win back former customers. To do this, you need to understand why these one-time clients no longer do business with you. Contact your former customers, and offer them a coupon or discount for filling out a survey. Ask them several questions about why they don't do business with you anymore, and what you can do to get them back. Many will provide honest feedback that you can use to get them back…...

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