Welcome back Fellow Movers and Shakers! The date is June 16th, 2015.
Today’s Blog: “Taking Market Share; Step 2 – Know Your Competition”
Once you have an idea of the market size (see April’s Blog), you should begin to calculate who the market leaders are. Find out if you are the customers # 1 choice or #3 choice. Don’t be shy! Ask customers who they typically call first when an opportunity arises. Ask who they call second, and so on. . . . If you keep hearing the same company or individuals’ name, then you know who the market leader is!
Once you know who the market leaders are, and your place among them, it’s time for a reality check. You need to have a crystal clear understanding of what you do well (versus the competition), and the things that you don’t do so well. If the list of things you don’t excel at is too long, then expect to remain at the bottom of the market share pyramid. Remember, if customers call Brand A first, then you need to find out why. If they call you anything other than first, then you have opportunity for growth.
Remember, when a market is static (neither growing not shrinking), there is only one way to grow. You need to be taking market share.
Earning market share is a long and arduous process. It has to be earned, and before a client will give you their business you need to provide compelling reasons why you are the best available option.
My name is Bill Miranda. I can help you develop World Class Customer Service organizations, Marketing Strategies, and Dynamic Sales Strategies and Tactics.
E-mail me for more information, and a free telephone consultation.
Next Month: “Taking Market Share; Step 3 – Build Your Platform, and Ask for the Order”