Business Education

Most Effective Ways to Increase Your Small Business’s Market Share

As a small business owner, you are always looking for ways to grow your market share and gain a competitive edge. This isn’t an easy task to take on and it becomes even more difficult if you don’t know where to start. So, let’s take a little time to explore the most effective strategies to help you increase your small business’s market share, allowing you to reach new customers and maximize your profits.

Understand Your Target Market

Before you can increase your market share, you need to understand your target market. Conduct thorough market research to identify your ideal customer and their needs, preferences, and buying habits. This information will help you tailor your products and services to meet the specific demands of your target market, making it easier to attract and retain customers.

Focus on Customer Retention

Acquiring new customers is important, but retaining existing customers is equally crucial. It is more cost-effective to retain existing customers than to acquire new ones. To increase customer retention, focus on providing exceptional customer service, offering loyalty programs, and regularly soliciting feedback from your customers to understand their needs and concerns.

Leverage Social Media and Digital Marketing

In today’s digital-centric age, having a strong online presence is essential for increasing your market share. Utilize social media platforms to engage with your target audience, share valuable content, and promote your products and services. Invest in digital marketing strategies such as search engine optimization (SEO), pay-per-click advertising, and content marketing to reach a wider audience and drive more traffic to your website.

Offer Unique and High-Quality Products or Services

To stand out from your competitors, you need to offer unique and high-quality products or services that cater to the specific needs of your target market. Continuously innovate and improve your offerings to stay ahead of the competition and maintain your market share.

Collaborate with Other Businesses

Collaborating with other businesses can be a powerful way to increase your market share. Look for opportunities to partner with complementary businesses to create joint marketing campaigns, co-branded products, or bundled services. These partnerships can help you reach new customers and increase your brand visibility.

Expand Your Product or Service Offerings

Expanding your product or service offerings can help you attract new customers and increase your market share. Conduct market research to identify new opportunities and gaps in the market, and develop new products or services to meet the needs of your target audience.

Monitor and Analyze Your Competitors

Keep a close eye on your competitors and analyze their strategies to identify areas where you can improve and differentiate your business. By understanding your competitors’ strengths and weaknesses, you can develop strategies to outperform them and increase your market share. This will likewise help you uncover and identify some of your own shortcomings – providing very valuable insight.

Wrapping It All Up

Increasing your small business’s market share requires a combination of strategic planning, customer focus, and innovation. By understanding your target market, focusing on customer retention, leveraging social media and digital marketing, offering unique and high-quality products or services, collaborating with other businesses, expanding your offerings, and monitoring your competitors, you can successfully increase your market share and grow your small business.

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You can call us for your free appointment at 602-435-5474, or, if you prefer, send us an email. You can also visit us at Waters Business Consulting Group to learn more about us and the services we offer.

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Here’s the Big Lesson from the Mark Zuckerberg Apology Tour

April 9, 2018 No Comments

Mark Zuckerberg is generating a lot of headlines. It’s too early yet to know if the old cliché “there’s no such thing as bad publicity” will eventually apply. But, what we definitely know is this is a company with too much going on at one time. Now, the merits of the scandal are in hot debate. On one hand, it’s a new practice but some marketers have come forward to explain this is just business-as-usual. Regardless, it’s started a conversation about privacy, advertising practices, and personal information security. However, this only touches the surface of the real problem — Facebook is too big. The Facebook-Google Duopoly Example Over the past few years, there’s been a lot of talk about the Google-Facebook duopoly. Now, it’s more apparent than ever these two companies are the center of the internet. Even more important is what this teaches us. Both companies are currently under heavy scrutiny — a result of their massive scales. Each company is far more than their core missions. Google is part of Alphabet, a huge conglomerate. As for Facebook, it owns Instagram, WhatsApp, Oculus, and more. Getting bigger means that you need to get more organized. Working fast and loose may have been fine for your small team of superstars, but it won’t work as well with a bigger group. As your ranks grow and positions that were filled by individuals transform into teams of people, the need to stay organized becomes amplified. —Inc.com The point here is Google is not just a search engine. Nor is Facebook only a social media network. Both are a lot more. Now, let’s distill this down to the world of small business. It’s only natural to grow and expand into new territory. The question is, when does that compromise the company’s core? In other words, growth isn’t always a good thing. How to Get Back to Business Basics One critical lesson here is the fact that when a business grows, does it grow to meet the needs of its customers? Or, does it expand to other areas for the sake of chasing profit. Of course, there’s nothing wrong with adding new revenue streams. But, there is something very wrong about letting it harm core competency. Here’s a few suggestions for how to get back to business basics: Listen to your customers. More customers are one sign that your business is growing. As your customer base increases, it becomes more and more difficult to stay in-touch. So, start listening in earnest again. There are several ways to do this beyond personal interaction, if necessary. Surveys, email, and more are valuable resources. Give your team a real voice. Just because your business is larger doesn’t mean that you need to only rely on a few key people. Chances are excellent, there are team members under management who have valuable input. Solicit from them periodically and take their insight to heart. Purge all the extra stuff. When a company grows beyond its initial offerings, it breaks its old parameters. Which means often journeying out to untested waters. Problems inevitably ensue. So, stop trying to force what’s not working and let it go. Get an outside perspective. Companies can easily lose sight of their identity. If a random person can’t immediately identify what your company does, or names off a bunch of things confusingly, that’s a bad sign. Bring in an experienced business coach to give you that much-needed outside perspective. Have you experienced a time when you needed to get back to basics? What other advice would you offer? Please share your thoughts and experiences by joining the conversation! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Best Ways to Manage Your Time and Energy

May 24, 2017 No Comments

Building a business isn’t easy and it requires a lot of time and energy to be successful. For the majority of entrepreneurs, challenges are met by putting in long hours and trying to be more productive. However, this leaves little time for family and friends, exercise, and hobbies. While it’s generally accepted as just part of the cost of doing business, eventually, a hectic schedule and overdrive pace will take its toll. This can lead to health issues, deteriorating relationships, and personal dissatisfaction. You might also come to despise your own creation and view it as a curse, rather than a blessing. Best Ways to Manage Your Time and Energy If your business is an energy drain, it will do more damage than just make you tired. It will also cause you to make decisions that aren’t necessary in your best interest or your employees’. You’ll probably begin to rationalize assigning certain responsibilities to different team members, it won’t necessary be for the good of the company, but rather, just to give you a break. That’s not a good practice and will lead to even more poor decisions. The core problem with working longer hours is that time is a finite resource. Energy is a different story. Defined in physics as the capacity to work, energy comes from four main wellsprings in human beings: the body, emotions, mind, and spirit. In each, energy can be systematically expanded and regularly renewed by establishing specific rituals—behaviors that are intentionally practiced and precisely scheduled, with the goal of making them unconscious and automatic as quickly as possible. —Harvard Business Review If you feel tired, unenthusiastic, and generally uninterested, it’s because this very phenomenon is happening to you, and, it’s time to realize its unhealthy impact and do something about it. Your energy, like your time, as the nearby quote states, is finite. Both must be managed in order for you to be productive and content. If you’re not productive and content, then, you’re sabotaging your own company, and doing your employees and customers a disservice. The best way to manage your energy is to manage your time and here are some ways you can improve your time management skills: Create useful lists. One reason people tire is they are hand-wringing over what needs to be done and that often wastes enough time to cause them to rush. When you write down a list, you have a clear, actionable plan. Prioritize your lists and entries to ensure that you have ample time for what’s most important. This might take some time to master, but, eventually, you’ll become more organized and discover how much time was wasted when you didn’t have lists to follow. Minimize company meetings. The not-so-subtle truth about meetings is nothing actually gets done. Okay, so you lay out a course of action, or, come-up with a strategy, but, you don’t execute during meetings — you execute after them. So, keep company meetings to a minimum to increase productivity. Take advantage of waiting times. You wait in traffic, you wait at the doctor’s office, you wait, you wait, you wait here and there. What’s more, you’re fully aware of the fact that waiting means time is being wasted. So, make it productive. These are great times to go over or create to-do lists, write out a grocery list, reply to email, make a phone call, the possibilities go on and on. Stop trying to multitask. There’s a persistent myth that multitasking is a way to get more done in less time. However, when you multitask, you’re asking your body, mind, and senses to do something that isn’t natural. It’s counterproductive and conducive to making mistakes. Instead, focus on one thing at a time to do it right. Delegate responsibilities. Delegating doesn’t have to be a four-letter word. It’s part of being a good leader and giving others the power to unleash their own potential. It’s also a great way to avoid multitasking and get more done. When you accomplish something, be sure to reward yourself. Do so in a healthy, upbeat way and without excess. You’ll find that you enjoy what you do more and be more optimistic about the future. As you transition into 2016, knowing you have a finite amount of time to achieve your goals with the energy you have, what will you do different to better manage your time so that you remain energized, productive and get results? Want to find out about what a business coach can do for you? [shareaholic app=”follow_buttons” id=”26833294″]

Effective Ways to Deal with an Unpredictable Schedule

June 3, 2021 No Comments

An unpredictable schedule is a chaotic one. And, it can confuse and/or frustrate anyone who experiences such uncertainty. After all, it’s better to know what’s coming and have a heads-up, in order to be prepared. But, that’s not always the case and it can wreak havoc psychologically and emotionally. Eventually, an unpredictable schedule can lead to total burnout. So, read on to learn some of the best ways to cope and take control of an otherwise unpredictable schedule. Chaos is Counterproductive Some entrepreneurs claim they really like uncertainty and the surprises associated with “going with the flow.” At least, they may say this to others, but when it comes down to it, aren’t very keen on unpredictable schedules. They’d much rather have their days planned out in order to maximize their productivity and budget their time wisely. These things can’t really be accomplished when schedules fluctuate too much. It’s just not feasible to effectively plan and execute when every little thing is completely on-the-fly. Workers at the top and bottom of the economic spectrum feel the loss of control dearly, and technology is often the culprit. Whether it’s a buzzing smartphone or software that tracks our whereabouts, the more hard to predict our schedules become, the less real flexibility many of us have. —Harvard Business Review Although this may work in a micro sense, like during the course of an ordinary day that’s gone a bit awry, or during free time, such as vacation, a truly unpredictable schedule is tumultuous. And this breeds confusion, anxiety, as well as a sense of being out of control. Those simply aren’t good emotions to experience while running a business, so it’s necessary to make adjustments in order to produce a more predictable schedule. Effective Ways to Deal with an Unpredictable Schedule The business owners who succeed not only have a vision, but an actionable plan to follow. Of course, it’s not possible to plan out every scenario. But, it is advantageous to take as much control as you can. Fortunately, there are effective strategies for dealing with an unpredictable schedule: Structure your non-work day. The very first thing you need to do is begin structuring your non-work time. While this might seem strange, it helps you to build a healthy habit and there’s no better place to start than your non-working days, which are often free-for-all situations. If you can put even a loose schedule to your non-working days, you can most certainly do that in the office or out on the road. Establish work-related boundaries. One of the most difficult things for any entrepreneur to do is establish boundaries between their free time and their work time. Business owners, by their very nature, are concerned about their companies well-being and take every opportunity to ensure that it’s running properly. But, this all too frequently leaves to work intruding into free time, which can severely detract from personal relationships, particularly when it comes to spouses and children. So, set boundaries for your work and personal times in order to maintain a healthy balance. Allow for work flexibility and continuity. If your schedule changes quite substantially from day to day, that’s okay too. Instead of scheduling and entire day from one appointment or task to another, set aside blocks of time and prioritize accordingly. This way, you’ll be able to accomplish what you most need to, when you are able, instead of trying to pound a square peg into a round hole. Reward yourself when you accomplish goals. As always, it’s a good idea to reward yourself when you accomplish a goal, be it big or small. Part of the process can be redefining or redesigning your schedule to be more predictable and therefore, allow you to be more productive. What other suggestions do you have? Please take a few minutes to share your own thoughts and feelings so that others can benefit from your experiences and perspective! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Most Effective Ways to Increase Your Small Business’s Market Share

Most Effective Ways to Increase Your Small Business’s Market Share

Understand Your Target Market

Focus on Customer Retention

Leverage Social Media and Digital Marketing

Offer Unique and High-Quality Products or Services

Collaborate with Other Businesses

Expand Your Product or Service Offerings

Monitor and Analyze Your Competitors

Wrapping It All Up

Want to Accomplish More?

Like this article?

Related Posts

Here’s the Big Lesson from the Mark Zuckerberg Apology Tour

Best Ways to Manage Your Time and Energy

Effective Ways to Deal with an Unpredictable Schedule