Everybody wants to have their share of good life. We all have desires, ambition that drives our life and everyday living. We go in pursuit of a beautiful and desirable life and to have our own portion of the goodies in life and live a great life. Businesses are not left out in the desire and drive.
Market share for businesses sounds like having a portion of a freshly baked cake! And yes, it feels like that! The bigger the portion you can bite, the better it feels. Achieving a big bite in the midst of limited size, dynamic changes, market forces and deep competition is a feat. A great bite of market share is a bite of life for a business as it will undoubtedly impact on profit. It is a battle to be won by every enterprise with vision for continued existence. It is not one-off drive, it’s a continuous effort.
Market in this context is not just a geographical location, it’s rather an invisible space that directs the force of reality in the business world. It is more of a group of sellers, buyers, producers of goods and services that are identified with a similar line of product or service, bound by common ethics, rules and regulations. Gaining market share is simply gaining customers and all effort geared at widening customer base, increasing marketing territories and ultimately for profit.
For an entrepreneur to thrive in the highly dynamic and competitive market, it’s important to do the following :-
~ Understand your target market.
~ Know all the written and unwritten rules of the market.
~ Know your capabilities, strengths, opportunities, weaknesses and threats.
~ Know the leaders of the market space; study their style and their offers and pinpidentify the leaders of the market space; study their style and their offers and pinpoint their weaknesses;
~ Leverage on others’ failures in the design and delivery of products and services
~ Ensure continuous quality delivery at all times
~ Offer value added services.
~ Go the extra mile.
~ Invest in excellent customer service and in building relationships.
~ Create platforms for interaction for your clients and prospects, maximize the social media.
~ Collaborate, partner with and patronize your clients. It’s a mutual benefit world.
Don’t get busy selling products or services or making money, get busy building relationships – BF
Olubamike Fadipe is a writer with a passion to inspire, impact and motivate for everyday living.Email: firstname.lastname@example.org Twitter: @Bankysanya