Increase Market Share
Once your team has built a loyal customer base, develop a referral bonus with incentives for the loyal individuals that bring new people in. When you improve your customer experience to better serve your existing customers, they will be more than happy to refer your brand to others via word-of-mouth and positive online reviews. Reward both parties with discounts or freebies, and you’ll start to increase market share by winning competitors’ customers over to your company.
Industry innovations can lead to higher acquisition rates from people that would typically shop a competitor’s similar products and services, thus increasing market share. Take the time to survey customers as detailed above and analyze their specific wants and needs so you can improve current offerings or add new ones that will win customers over and help you gain a competitive advantage.
One of the most certain strategies to increase market share for your brand is to initiate a merger or acquisition with the competition. Not only will you reduce the number of your competitors in the market, but you will also likely acquire some if not most of that competitors’ customer base. Another consideration to take into account is acquiring salespeople from other teams that could strengthen your brand image, reputation and customer experience.
No matter the ways you choose to increase market share, and no matter your goal in these tactics (discover new geographies, find new customer audiences, expand the number of locations your brand has to offer, etc.), it is imperative to track, measure and analyze your efforts, shifting gears and enhancing strategies as necessary.
Mystery shopping programs from secret shopping companies like SeeLevel HX can support your organization by helping you identify the strengths and weaknesses of your competition and your brand, market reach, revenue and profitability. The following types of mystery shops can help you gauge the available opportunities and successes of your efforts to increase market share: audits, customer experience, hypothesis testing, location mapping and UX/UI assessments.