How do you create your share of the market?
In our last article, we talked about what market share is and provided five simple tips to help you get your piece of the pie.
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?
The goal here is to position yourself as a leader within your niche. For example, a financial planner provides financial strategies for his clients and places the clients money into specific investments that are most likely to help them attain your goals. This in itself is not unique. But how a financial planner differentiates himself from the pack is the difference between simply being another financial planner or becoming a specialist in a specific area. Perhaps this financial planner set himself apart by becoming a retirement specialist, catering to the needs of people at retirement age or already in retirement. Or, perhaps he or she specializes in working with young working families, helping them strategize the best ways to provide for their children’s education and other needs while still building their assets towards retirement. See what I mean?
The secret to differentiating your business is to carve out that special area within your niche that sets you apart from your competitors and allows you to become an expert. By creating value in this way, it shows that while you and your competitors may all be in the same business, you don’t all do business the same way.
2. Know your target audience
If you’ve been following my articles, you know that I speak often about how important it is to know your target audience. The shotgun approach of marketing your product or service is not only a waste of time, but also a waste of money. To throw information out there through your marketing efforts to the masses without identifying and targeting this marketing only to those who are interested in your product or service is just plain silly.
Therefore, it is incredibly important, not just for your marketing efforts but also to create your own share of the market, to identify exactly who your target audience is. This is where doing your market research comes in.
When you went into business, you probably had a pretty good idea of why you entered your particular niche, most likely due to either a personal interest or to fill a need. This is a good place to start your market research. After all, the basics of identifying your target market simply have to do with understanding human nature. Put yourself in your clients’ shoes. What demographic are you targeting? What geographic location are you targeting? What motivates this person to make a purchase? How does this person think? What do they do? What are their challenges or problems?
By understanding what motivates your clients and how they perceive your products or services, you position yourself to cater to their needs. After all, it is a well-known fact that people purchase based on emotion and by removing a prospects pain point you are likely to gain a loyal customer.
3. Business Promotion
The final item I wish to address within this article is that a business promotion. You will never attract clients if they don’t know about your business.
So once you’ve decided how to differentiate yourself from your competitors and you’ve identified your target market, it is time to reach out to that target market and obtain your share of the market. There are several ways to do this, and structuring a sound marketing plan will create a solid foundation to launch from. When creating your marketing plan, take into account specific time frames and a budget for each aspect of your marketing campaigns.
Branding your business really is the first step to your marketing campaign. A brand is what identifies your business. It is the embodiment not just of the industry that you operate in, but also your approach, your mission, your motivation. It gives life and personality to your business, and creates followers believers and advocates for your business.
Social media is a great way to promote your business. But be clear on what your expectations are from social media. It is a relatively inexpensive way to get your name out there but it does take some time and effort to develop a following. Find the social media platforms that engage your target audience, create a profile on these, and provide regular posts to communicate information in a timely fashion.
And, of course, remember that you must advertise your business. There are a number of ways to do this, both online and off-line. Do your research to determine which avenues are most likely to work well for your business, create a strategy and a budget and get your name out there!
Until next time…
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