How To Steal Market Share From Your Competitors
There are a number of ways in which you can begin to acquire new customers. This can be done by either attracting completely new customers or persuading those who are already buying from your competitors to buy from you!
We’ll show you the five ways in which you can acquire market share from your competitors so you’re constantly growing.
- Look at the easy targets
Don’t try go in and aim to take any and all of your competitor’s customers as some of them will be incredibly loyal and won’t budge. Instead, you should be looking at the customers who aren’t as brand loyal and whose heads are easily turned. These customers will be quick and easy to acquire and over time your market share will outgrow their shrinking share.
- Have a niche and own it
You shouldn’t always focus on being bigger, remember bigger isn’t always better. Instead you should focus on being better in a specific way. You should look for a niche within the market that will allow you to have a competitor advantage and more importantly attract customers from the other businesses. Having a focused brand puts you in an incredibly strong position.
- Be flexible
Sometimes the bigger businesses end up stumbling over themselves, simply because they have a longer process when it comes to decision making. This is where the smaller companies can take advantage and react quicker. Use your flexibility to your advantage.
- Be social
Big businesses are usually concerned with how they interact with others on social media platforms and normally try to keep their customers and others at arm’s length. This is another area where the smaller businesses can take advantage and join in on the conversations and get to know your customers even more than you already do. Customers love it when businesses interact and want to listen to their opinions, so get involved!
- Know when to go with your gut
The bigger businesses are usually run through data and statistics on whether something will work or not, which can mean they take their eye off the ball when human intuition should kick in. As the smaller business you can take risks and use your gut when something feels right. You need to know when your gut is right and wrong, so keep a level head and think about it before jumping into a decision.