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Increase Market Share

Today's lesson will show you how to turn relationships into a noticeable increase in market share, including some things your industry won't tell you about capturing more customers at a lower cost.

Last month you learned how to generate leads that are more qualified and what sales should have done yesterday for better results today. Now is the time to put these lessons into action to produce measurable results for your organization.

Is any sale a good sale? Next time, you'll learn how you must be selective to create greater profits in business to business.

Your questions always brighten up my day. While I don't always answer them right away, I will personally answer any questions received by email. Please include your phone number in case a call for clarification is necessary.

Sincerely,

Justin Hitt
Consultant, Author & Speaker
https://iunctura.com/

Ps. Are you waiting to become a member? Our waiting list for new members is growing more quickly than I expected. I've improved the member's area to let you in soon -- write and I'll email you any particular article you are interested.

What Your Industry Won't Tell You About Increasing Market Share

By Justin Hitt, Strategic Relations Consultant, https://iunctura.com/

If I could show you how to have more profits without acquiring new customers, wouldn't you do what was necessary?

Too often companies are contrained by what their competitors provide, limiting their profits to what competitors think is profitable rathering than measuring for themselves. They design their products around common features available in the market place and never move too far ahead of the pack, outside of what is "normal."

These companies buy divisions of competitors to consolidate the industry; they copy products, improve on existing solutions, but never produce the market diversity necessary to handle big changes. Your industry has trained you how to avoid innovation (even though that's one thing most executives desire. )

Do you know what this is in the natural world? It's a form breeding that makes every member of a species the same. Without biological diversity, species (industry) are open to catastrophe, plague, and even extinction.

Most companies fail to create productive relationships because they refuse to demonstrate any real differentiation in value. When you're just like everyone else, why other than price would a customer choose your organization?

The biggest thing I do for clients is provide a fresh objective view of their sales and marketing practices. Just helping them be a little different from their competition, they can create hundreds of thousands to millions of dollars in new business.

What can you do to increase profits with customers you already have while positioning your organization for more profitable business relationships? There is no quick answer, but here are ways to increase market share that you'll never learn watching your competitors:

• Create new uses for your solution. With every new way of using your product or service, you open one more door to new buyers. Instead of a limited scope of buyers, these secondary uses introduce your product to exciting new markets. When new uses cross industries, you improve revenue stability.
• Focus on retention factors. Keep customers longer by understanding their needs and desires, while fulfilling their expectations. This loyalty becomes additional revenue and security for your organization. Retention reduces cost per sale and translates into direct savings across your organization because you don't have to retrain the customer in how to work with you.
• Focus on repeat purchases. When existing customers buy more (volume or frequently) your value is reinforced in their mind. Each successfully delivery of your solution improves the relationship, increases loyalty, and puts you top of mind for future buys. Repeat purchases are the only proof available that retention efforts are working.
• Get referrals from existing customers. This grows your company sideways through the positive experiences of loyal customers. Done correctly, referrals are 50% more likely to close than any other lead generation available. Leverage relationships for referrals.
• Increase the depth of your solution in one niche. Instead of delivering just a packaged product, add integration to extend your value by doing more for the customer to solve problems for specific clusters of profitable customers.
• Offer complementary products and services. Now that you have loyal customers, come back with solutions they need before and after what they receive with your organization. You'll know when these solutions are relevant, even if you don't provide them you, because of your service interaction. This adds value by being there when customers need you.
• Accessorize your solution. Use special options that tailor your offer to specific application of individual categories of clients. This demonstrates that not only are you different, but you are a unique provider among clones.
• Create secondary markets. Buy back your product, used merchandise, expended supplies, and other by-products of your solution to sell to other customers. Creating secondary markets could include recruiting resellers to introduce your solutions into specific niche markets.

To increase market share, it isn't about grabbing a bigger slice of the pie; it's about creating a bigger pie from a few powerful business relationships. Your customers want more solutions around the problems you already solve, grow the opportunity (pie) available to your organization through the positioning demonstrated here.

These ideas will keep everyone in your industry wondering how you weather every storm always coming out on top; try one of these ideas today.