The goal of your business is to get some candies from the other babies playing within the industry’s market. This does not necessarily mean that they should be largest in size, but rather, being recognized as a major player that captures a significant percentage of the sector’s sales and revenues, where the total revenues of the industry can be seen as a pie. The larger the company’s market share or slice of the pie, the better the business would be.
The market share is the percentage of an industry’s goods and services controlled by one firm. The larger the market share, the less likely the company’s profits will be squeezed by the competition. The market share is the company’s piece of the pie.
From a business man’s perspective, the position of the company within the industry is important in making an investment decision. A sizable market share in a growing industry is highly desirable. It suggests the competition cannot likely eat into the company’s profits.
You must understand that what your company or every company’s desire is an increased market share. A good way to express this concept visually is using a pie chart, that shows the present market share as a pie divided into pieces representing the present split among companies.
The market share data present a company’s sales as a percentage of the total sales in the industry, which is an indicator of the company’s size and standing in the industry.
In a pie chart each slice of the pie represents a component’s contribution to the total amount. It is the number of product units a company sells in a particular market as a percentage of the total number of units of that product type sold in that market. It can also be calculated on the basis of revenue generated by sales, rather than units sold.
Potential share of the market/ market pie share. Unless a company is in possession of an incredible recently developed technology that can induce a technological breakthrough capable of capturing the market share, it can only possibly grow its share of the market by differentiating itself from its competitors. To increase wealth, you should continually seek strategies to increase your share of the market.
You can grow your market by attracting new customers using innovation through the introduction of new products and services. Technological marvels often give you the leverage to stay ahead of the competitors, and as a result, yield a larger piece of the existing pie.
Knowing what you are up against can be of great help, such as knowing the direct competitors that eat into your market share, determining the indirect competitors that erode your share of customers, and identifying the phantom competitors that block your share of opportunity. Discover them and then make your product an easier, more satisfying and more valuable alternative.
Consider the following
- What are this competitor’s strengths?
- What are this competitor’s weaknesses?
- What can your business do differently to draw this competitor’s customers over to your business?
You can differentiate your product, company, or service from the competition. Just how do you do it? You can sell value and differentiate your product to empower buyers. For what seems like several lifetimes of preaching, marketers have been telling us the importance of being different.
What has changed in business over recent decades is the amazing proliferation of product choices in just about every category. With everyone competing for everyone’s business everywhere, people are getting so overwhelmed with choice that it tends to paralyze them. It simply raises expectations!
Choice can be cruel. How do you make your product remarkable? First of all, you need to know the importance of developing metrics so you can measure the satisfaction of your customer’s requirements as well as be able to maintain the consistency of the interpretation of the product or service definition throughout the development process.
Branding. A brand is a way to differentiate your product or technology within the market. A brand is more focused on the individual attributes that consumers may associate with your particular company and can be defined as the name, term, sign, symbol, design or some combination that identifies the products of one firm while differentiating them from those of the competition.
Technology. Make sure the product offered provides value to the consumer as well as engage in customizing the product to fit the specific needs of the market. Given how new the product is and the limited awareness among potential customers, most of the marketing efforts shall focus on creating awareness and educating consumers about the benefits of technology.
Value proposition. These days, you have no choice but to differentiate yourself from your competition. To do this identify the things that make your company different from your competition. Contextualize the product offering. Build a complete picture of the value of your product, and not just the price.
After you uncover your uniqueness, it is time to work that message into every corner of your market presence. Clients need to get what you are all about. The message needs to be everywhere you are, such as advertisements, marketing materials, website, brochures, phone hold messages, and email.
Increase your web presence and brand recognition by increasing the conversation level about your product, such as news articles, asking questions, responding to questions, and creating topics in social media related to your product.
Web presence. Make sure you have an address on the internet. Ever heard of a website or a blog? You can have both or either one so you can establish an internet presence, build your message, and start attracting clients. If you are a service professional, it is best to target a specific niche and build a blogging, Twitter, and Google Plus strategy around that.
Demonstrate your expertise in working with a certain type of client and then seek out those types of clients to have a conversation with. Look for new ways to connect with them and also, encourage them to socially share your articles with their networks.
Social media. When it comes to building and reinforcing your brand, social media is one of the most powerful marketing tools available to business owners nowadays. The social media gives you the strongest and broadest opportunity to both find your target audience and to engage in conversation with them. Stay active even if it is just an image or a quick update. Social media has recently become the indicator of life in a business. It is the first place where most people interact.
Social proof. Google loves social signals about your brand and your product. How do you think some products become ubiquitous, while others never gain traction? Why do some ideas seemingly spread overnight, while others disappear?
Are you where you want to be? For example, if you are a professional, to succeed in today’s competitive job market and build a career that leverages your unique passions and talent, at some point you need to reinvent yourself professionally and ensure that people recognize the powerful contribution you make.
Customer relationships. Building strong customer relationships is an ideal way to differentiate your company from competitors. Focus on customer relationships as a competitive advantage, because an excellent customer service will differentiate your products or services from those of your competitors. It is possible to win customers through a strategy of service differentiation.
Customers will perceive a tangible benefit from their relationship with your company and get the feeling that they get more than they anticipated for every encounter. Embracing their reality is a mindset that requires you to first understand their needs, and then consider these needs when making decisions.
Content creation. Use your creativity and start creating valuable content that can help build engagement and following. Increase your organic traffic as you increase your search engine ranking. If you are looking to long term marketing effort that can give a better ROI later, you may want to opt for publication of rich, information content. Evergreen content is a solid high performing asset.
Understand who you are and what you are trying to accomplish. Understand who your customers are and their personas. Understand what content can you provide them so you can build a loyal following. What knowledge or content can you provide that would facilitate a natural tendency to want to buy from your business?
This is where you have to strategize the difference between content that is merely helpful, content that facilitates discussion, and content that is created with the explicit purpose to lead to a sale. Subscribers must be fed and nurtured so they naturally grow. Continually monitoring them is what leads to success.
Affiliates and brand ambassadors. Relationships make brands sticky. One of the primary ways you can differentiate yourself is by nurturing customer relationships. You should get closer to your clients and suppliers, because relationships are a powerful differentiator and are very human.
Relationships provide an added layer of depth and trust, which bring customers back again and again. Your people can shape your brand. People with the right talents are a vital part of growing a sticky brand.
When you work with passionate, engaged people who have the right talent, it is like stepping on the gas. Indeed, it would be surprising to see how far and fast you can go. But if talents are misaligned, your company’s performance is stunted. It would feel like you just can’t get traction and there is always something holding you back, no matter how hard you step on the gas.
Branding is not just about marketing, but creating an organization that is purposefully built to innovate and serve its clients. You need everyone in your organization focused and committed to making your company as good as it possibly can be. You just can’t innovate and challenge the status quo with a disengaged team.
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