Small Business Success: 5 Powerful Ways to Increase Market Share and Revenues Online
Are you looking to achieve maximum success for your small business? Perhaps, you’re striving to increase market share and revenues. If so, you’re in the right place, at the right time.
A keen focus on sales, revenue and profits will keep your company operational. The question, however, is how can you improve in these areas. Although there are many strategies to consider, the most effective way used by successful small business owners is to expand their market share.
When your business attracts more clients and sales, than your so-called competition, it’s a strong indicator that success is happening. Therefore, you’ll need a long-term growth strategy.
These steps you’re about to take have helped countless small business owners with increasing both market share and revenues online and off. If you’d rather discuss this directly, you can contact us.
1. Devise and implement an attractive referral program
A common and unavoidable truth shared by many successful small business owners is this: it takes a considerable amount of time and effort to acquire new customers. And it’s for this reason many B2B and B2C businesses rely on referral programs. According to several studies, customers that are generated by referrals have a greater chance of being loyal than a customer who has no history with you.
To increase revenues, many small business owners have used incentive programs as a referral program to entice and acquire new business.
The reason behind incentivizing your current customers to ‘work on your behalf’ is because of the old adage “what’s in it for me?” By understanding the thought process of your customers, and the motivation behind them taking action, you can expect exponential sales and longer retention rates.
2. Increase the level of engagement with customers
Numerous studies show that there’s a direct correlation between customer engagement and customer loyalty. It’s one of the reasons social media has changed the way small businesses are interacting with their customer base.
If you’re seeking to increase market share and revenues online, then increasing engagement will help you to turn more new customers into loyal and future buyers.
Two of the best ways to achieve ongoing engagement is through social media and email. Most successful small business post new content regularly and encourage both future and prospective customers to share and comment on it. Ideally, you should make engagement part of your selling process. And if you’d like to go above and beyond the average business, you can send a survey following each sale requesting feedback about their experience—delivery, ordering process and customer service, etc.
3. Adopt a dominate-my-competitors attitude
Some of the most successful small businesses in the world achieved notoriety because they offered products and services that are far superior and helpful than their competition. The key is innovation.
Innovation is essential for growth, and comes in many forms: customized solutions, new products or services, service delivery models, and customer support. Always strive to distinguish your offerings from other businesses within your industry. Be seen as a market leader and customers will arrive in droves.
When considering your innovative methods, make ensure that your focus in on addressing customer need, not for the sake of claiming you’re an innovative company. Many small business owners fail in this department.
4. Devise a unique brand position
Market share and revenue are impacted by several factors, including your ability to differentiate your service offerings from other companies. If your company has this quality, then it has the ability to establish a strong brand position.
Once you define this position, you should carry it out in everything your company does—to ensure to sustain and grow market share and revenue.
But how do you define your brand position? Developing unique products and services is only the first step. Additionally, it requires your marketing team to create a distinct look, brand personality and tone of voice. And to ensure its effectiveness, your brand should have a communication plan.
This brand, or identity, will accompany everything your company delivers to customers, thus making it easier to attract new customers in search for similar experiences.
5. Target and market to niche audiences
As crazy as it might sound, everyone isn’t in your target audience. Surely, you’d love to sell your products and services to everyone, but that’s an ingredient for failure.
When you identify your ideal client, you’ve also identified your niche audience. Some may cross over, but strive to focus on the type of customers who need your products or services. Taking the time to develop and market to your niche audience will reap benefits in the future.
Want to increase our organization’s market share and revenue?
There many ways to beat your competition, but market share is one of the most important. In addition to generating more revenues, it also yields greater loyalty, customer engagement and attention. Once you put these strategies in place, you can expect a bigger share of the marketplace.