Expanding your market is a good way to increase your market share. Utilizing the right methods will keep your company growing sustainably in the long term. Here are a few effective ways to get you there.
Increase engagement with customers
By engaging more with your customers, customer loyalty will increase. In other words, your customers will remember you better, will come back and buy your products/services and refer it to their friends and family. To do this, you can communicate with them more on social media and email. You can post new content regularly and encourage your audience to comment. Sending personalized email newsletters is a good idea too. Sending a feedback form after they use your product/service will also help increase engagement.
Run a referral program
Finding and approaching new customers takes time and effort. Using a referral program can save you quite a lot of time and attract customers naturally. You can offer a discount or a free sample if your customer refers their friends and family to your company. Take rideshare companies, like Uber for example. By giving customers a discount on their trip when they introduce someone new to the service, they have quickly gained a broader market.
Investigate in wholesaling and retailing
If you’re a wholesaler, consider opening a retail outlet. Or if you only sell through retail channels, investigate entering the wholesale industry. You will definitely reach more audiences in no time. Take a look at this business.gov.au page.
Exhibit at trade events or conferences
Build connections, demonstrate new products and develop stronger relationships with new markets by presenting your business at trade shows. See what trade events are in Australia over the coming year.
Employ smart hiring practices
Companies with high market share usually have the most skilled employees. Attracting and keeping top talents at work can reduce turnover and focus more on core tasks.
To do this, offer competitive salaries and benefits. Providing flexibility at work is also a great way to attract talent. Simply offer more flexibility in how and where people work, you will see a huge difference in productivity. Especially if your competitors are still expecting their employees to work 9-5 every day, your flexible working conditions can be appealing.
Stay tuned for more blogs that can help you manage and grow your small businesses! Check out some of our past blogs in the meantime: