Indeed, knowing your customer is just as important as knowing your competitors. In fact, it might just be even more critical to your success.
Regardless of whether your business is conducted primarily online or if you have a physical location, one of the most important factors to the success or failure of your business is that of knowing your competition.
We all know that others provide products and services that are similar to our own, despite the fact that we like to think that were unique. But by differentiating ourselves from our competitors, we do establish ourselves as being unique in some aspect of the delivery of our products or services.
Without knowing how your competitors present themselves to clients and prospects, it is impossible to create this differentiation.
Well, the unofficial end of summer is upon us. Despite the fact that summer doesn’t officially end until September 23 this year, we all know that the Labor Day weekend heralds the end of summer and a return to “business as usual”.
Many people have commented to me that they struggle a bit with regaining their focus at this time of year. I suppose that’s only natural after a couple of months of juggling holidays, barbecues, weekend trips, kids activities, etc. It can take a bit of time to find that balance again, now that life has settled into a more predictable routine.
Identifying, finding, and keeping market share is so critical to the success of your business that we thought it was important to do a follow-up article giving a bit more detail about exactly how to create your share of the market.
So, without further ado, here are the top three ways to create your own share of the market.
1. Be sure to differentiate your business.
One of the most important factors of creating your market share is to be sure to differentiate your business from your competitors. There are dozens, if not hundreds, of companies that provide the same services and products as yours. But what makes your company unique? Why do people want to buy from you rather than one of your competitors?
So let’s talk first of all about what exactly market share is. At its most basic definition, market share is the total number of loyal clients that your business has managed to retain over a specific period of time.
I hope you caught the key word in the definition above: loyal clients.
Without loyal clients you really haven’t got market share. While it’s true that having many one-time buyers can positively impact your financial bottom line, without the retention of these clients you have not captured any market share. In other words, the criteria is not about attracting clients, but bringing them in and keeping them. It’s about turning these customers from simply being purchasers of your product or service into advocates, referring others to your business as well.