How to gain Market Share ? |
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By: Ayaz Haider Posted: 2009-07-02 07:04:56 |
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Expanding the business for market share is a difficult decision for any entity. While going for market share, company has to consider every detail and factors which are critical in determining the methods to be used. Success and failure of the company depends on decisions such as when, where, and how much cash to spend.While making a move for market share, make sure company is to be in the public eye. Your competitors, customers, and internal public, everyone can feel your presence. Adopt aggressive approach for advertising, sales promotion, publicity, and public relations. The companies who differentiate themselves from their competitors on the bases of sustainable competitive advantage are the real leaders of their industry. To win the market share, following guidelines are essential for any business:
1.Differentiation The business should offer differentiated products or services against its rivals. Product may be differentiated in terms of packaging, technology, design, and functionality etc. 2.Focused Advertising To address your customers, advertising is the most effective tool. This advertising should be targeted and creative, according to your audiences. Message should be loud and clear. The common tools for advertising are television, radio, newspaper, magazines, mobile phones, internet, billboards etc. 3.Customer Relationship management Customers are the king of the market and primary concern of the business. Customer satisfaction is the primary goal of any organization in this world. Through efficient CRM, a company can build long term relationship with its customers, which helps to increase company's market share. CRM is an effective tool to inspire customers by giving pre-sale and post-sale services. These days, companies build customer care centers and call centers to improve customer relations by solving their queries. 4.Promotional Schemes While you are trying to increase market share, it is quite important to offer discounts on bundle buying, any introductory offers, arrange events, arrange stalls in malls and give promotional discounts etc. These activities increase the customer buying as well as improve market share.5.After sale services Warranties and Guarantees are the tool for after sale services. Products with warranties and guarantees are preferred by customers. If a company gives warranties and guarantees with new products, customers will consider it as a reliable source to buy and it will increase their market share in future. |
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