There are a lot of ways that organizations can increase their market share. With all of the additional competition, companies must find ways to make consumers more quality-conscious instead of being price-conscious. Here are 3 steps that, if executed properly, should lead to more business:
Brag – when promoting your business, you may have to throw humility out the window. I’m not saying that you become arrogant or offensive. I am saying that there is nothing wrong with letting everyone know just how great you really are. Consumers want to know exactly how you plan on improving their lives. So tell them. Don’t be shy. Be bold, be confident, and undeterred in this regard.
Ask your best patrons to become your company’s Ambassadors – The most effective and reliable marketing is word-of-mouth. You want people telling everyone with a pulse how great your organization is. Encourage them to do so. Reward them for their loyalty and their efforts. The more you show your appreciation, the more appreciative and generous they will be!
Understand your market better than anyone else – I’m often amazed at how many companies create marketing and market penetration plans without having conducted any research at all on the markets that they want to serve. It is imperative that you collect and analyze market data. You will need to identify your company’s target market (based on the data) and only then will you be in a position to create effective and appropriate marketing plans.
Until next time….
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Sean,
Another thought-provoking post; thanks for sharing your thoughts. In addition to the solid ideas you gave I would suggest a fourth step for market growth: tell stories. In the words of Mr. Rogers: “It’s hard not to like someone once you know their story.” Many credit unions and banks are doing great things for the consumers. Maybe they are giving a loan to a single mom when no one else would or doing something similar. Rather than telling how great your products and services area, tell a story about a consumer who actually used one. Story telling is a lost marketing art today.
Mark
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Agreed, Mark! Thanks for your input.
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