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INCREASE MARKET SHARE

READY TO INCREASE MARKET SHARE?

Whether looking at new geographies, customer audiences or locations, mystery shopping can help. For more information, download our one-pager, “Generating ROI from Mystery Shopping.”

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WHY INCREASE MARKET SHARE?

We all know it’s good to increase market share, and businesses strive for more market power. But what does increased market share look like, and why should you focus more of your efforts on this one goal? Gaining more market power in the industry allows you to realize the following:
•  Cost Advantages from a Larger Economy of Scale
•  Higher Profit Margins
•  Stronger Brand Loyalty
•  Increased Customer Retention Rates
•  And More

If you are looking to acquire these benefits from increased market share, contact us to discuss how you can analyze where you stand in the industry and how you can gain the competitive advantage.

Define your Objectives Business Goals

WAYS TO INCREASE MARKET SHARE

There are a number of ways to increase market share for your brand, including build stronger customer relationships through an excellent customer experience, develop incentivized referral programs, create new products and services not yet offered in your industry and acquire or merge with competitors.

Build a Loyal Customer Base

By providing customers a way to offer feedback and reviews of your brand, products and services, you’ll learn the true customer experience you are offering, what your audience really wants and how consumer trends are shifting. You can also start to build a much more loyal customer base by creating a consistent omni-channel presence that makes communicating with your brand and sharing reviews very easy. As customers become more loyal, your brand will reap the benefits of increased market share from a high customer retention rate.

Ways to Use Mystery Shopping to Improve your Business
referral programs help increase profitability

Develop an Incentivized Referral Program

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.

referral programs help increase profitability

Create New Products & Services

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.

Innovation in ordering through mobile apps and kiosks are speeding up throughput times
use mystery shopping to ensure a smooth merger and acquisition in times of growth and change for your business

Initiate Mergers & Acquisitions

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.

use mystery shopping to ensure a smooth merger and acquisition in times of growth and change for your business

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HOW MYSTERY SHOPPING CAN HELP

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.

SeeLevel HX Mystery Shopping Services

READY TO INCREASE MARKET SHARE?

Schedule a free consultation with SeeLevel HX experts. Through a mystery shopping program that can audit your current standings and those of your competitors, you will begin to see opportunities for change, growth and success in your organization, allowing you to realize ways to increase market share and acquire higher customer loyalty.

SCHEDULE YOUR COMPLIMENTARY CONSULTATION