Business startups are being founded at a very high rate all over the world and these startups have to compete with large firms to get a reasonable chunk of the market if they are to survive. This competition for market share shows that several businesses are vying for a finite number of clients. This competition demands that startups must devise an out-of-the-box method for poaching customers from the existing firms in any given industry. It’s no secret that the lion’s share of the revenue in any industry goes to the companies with the largest market size. Market size – the number of customers a business serves on a regular basis – is a numbers game. You are only as profitable as the number of client/customers patronizing your business. If your business is not a force to be reckoned with in your industry, your firm’s name is not among the top companies when your industry is mentioned and your brand is not immediately recognizable or seen as a threat to others, then you know you have a lot of ground to cover. In the midst of the large firms and the other smaller competitors who have significant shares of the market, what do you think are the best methods to adopt in order to wrestle the limited customers away from your competitors? It’s simply marketing. Here are five major marketing avenues to increase your startup’s market share.
- Find your unique selling point: The first step to getting your own market share in any industry or niche is to find your unique selling point. Just like fans of a particular football club love not just the game, but the way their team plays it and some people like different features in cars, thus prompting them to like a certain brand. Getting your own share of any market is done by creating your own unique kind of value, different from what is generally found in the market. Creating such a simple distinction will make your brand desirable to people who will come to seek that distinctive flavour you add to your industry. This is the point of differentiating your business: you may be in the same industry as others, but do things in a different way. This distinction is gotten by breaking down your process of creating value and deciding on where to focus your core competencies and available resources and make special.
- Know the customers you want: As a leader, you must know that not everyone will decide to follow you. As an entrepreneur, it’s your task to seek out the kind of audience you aim to cater to. This is done by finding out what your ideal customer wants. Their problems, needs and aspirations. Questions like: How do they think? Where do they live? What do they perceive as valuable? What problems do they have? How do I get across to them? This is where market research becomes important. Knowing your customers is about getting up close and personal with them. You have to be prepared to put yourself in their shoes. The best way to go about them is to become like the target customers. Put yourself in their positions, think like they do, go to the places they go, do the things they do, value what they value.
- Market your business with all available means: People can’t patronize you if they don’t know you, which is why marketing is such an important aspect of any business. It is the brand that your targeted customers know that will get you the market share you want. Marketing includes all methods of getting the word out. From using social media to getting family and friends to spread the word and even customer evangelism, means of marketing abound.
Hire a marketer: As the founder of a business startup, you may be thinking ‘it is still early to hire, and besides, there are no financial resources to hire’. However, the simple fact that your business is at a young stage necessitates the hiring of a marketer(s) that will bring in the customers.
Customer evangelism: Loyal Customers are a valuable asset every business startup should strive to have. This is because marketing done by a satisfied customer is one of the most effective ways of getting even more clients. Like I always say, having a product or service recommended by someone we know and whose opinion we value is more effective than the best advert ever made.
Social media: the number of people on social media and the amount of time they spend on these platforms alone is enough justification for running an ad campaign on social media. Your customers are online, so it’s important to speak to them in a way that interests them on platforms they spend so much time on.