The Five strategies for winning new business:
- Creating a clear vision for your brand.
- Connecting with influencers.
- Segment and target high-value markets.
- Integrate and communicate with the community with social media.
- Advertise and follow the ROI (return on investment).
Hopefully, you can answer confidently when someone asks what you do or what your company is about. If you can’t easily spit out your company purpose and why it’s different, it is time to sharpen your elevator pitch and redefine your vision for your brand.
Brand development is paramount to both internal mission and external market share growth. All marketing strategies must involve the vision of who you are as a business and what you stand for. Once we have a clear vision in mind, we can define our mission and core values. With a vision and mission, we can begin to craft a strategy to kickstart marketing share and win new business.
Now, ask yourself these questions: What makes your brand different? Why would you choose your product or service over other market options? We learn this by understanding our consumers. Maybe your key difference is its unmatched customer service, or perhaps its product quality. Whatever it is, we need to help the customer switch from their current product or service provider: either there’s something special about yours, or it offers more value than theirs.
Creating a Clear Vision for Your Brand
One of the most important things to do when trying to grow your market share is to create a clear vision for your brand. In other words, what do you want your brand to stand for? What are the values of your brand? What are its core beliefs? These questions will help you identify the aspects of your business that should be strategically marketed for the best outcome. This will allow your brand’s values to be communicated to consumers, giving them insight into your “why’s.”
Connecting with Influencers
Connecting with influencers is one of the most powerful ways to grow your market share. Influencers are those who have a large following online and can influence the buying decisions of others through their content. By connecting with a high-value influencer, you can gain access to their audience. Connecting with influencers is an effective way to increase awareness about your company and/or product while also creating a viral campaign that has the potential to reach more people across different platforms. Working with agencies can provide quick access to influencers and help grow market share of voice and revenue.
Segmenting and Targeting Markets
Many brands can grow their market share by segmenting and targeting markets. Focus on pinpointing a particular demographic or geography to create a customer base that is more valuable to them. You can invest your efforts in the most profitable population according to your brand’s goals with segmentation and targeting.
To increase your market share, start by creating an audience. You’ll need a clear vision for your brand, the products that reflect your brand, and the influencers following you. This allows your audience to evaluate your brand and how it best fits them. Once you have this, start integrating with social media and following influencers on social platforms. Keep track of where people are searching for it and what terms they are searching for. This way, when someone searches for a specific term related to your product, they will be able to find your product quickly.
Integrating into the Community with Social Media
Social media is one of the essential methods for increasing your market share. Digital content creates a natural connection between you and your customers vs. other marketing methods. This connection can lead to higher customer satisfaction, sales, and brand loyalty.
Social media allows you to better interact with your audience and build relationships with them. These relationships will ensure that people feel more comfortable buying from you in the future and will make it easier for you to build your brand’s reputation.
With social media, it’s easy to create content that’s relevant to your audience’s interests. You can use this content to increase retention rates or encourage purchases through retargeting ads. Since social media has so many different functions, it also makes it easier to reach new audiences. With social media, brands have access to a wide variety of resources which helps them create more effective campaigns that target their markets more effectively than ever before.
How to take market share from competitors
Taking market share from your competitors can increase your own. If you can do this, it will give you a clear first-mover advantage. You’ll be in a better position to sustain growth and capitalize on new opportunities.
Earning market share from competitors means we are providing value that reflects your brand image. We can show a better value proposition or what makes your product special. This is good competition and improves the experience for the consumer, too.
Delivering a concise and understandable mission to your internal and external stakeholders can make all the difference with increasing market share. With this, we can create marketing strategies that grab market share and win new business. These strategies are easy to execute, but they also promise to give good returns.
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