Don’t Lose Market Share to Your Competitors
When and at what frequency do your customers seek out your products or services, and when do they seek out the same products or services from your competitors? While it’s okay to have less than 100% of a customer’s business, you can better your organization, and increase your customer share by identifying the reasons why your competitors sometimes win out.
During consultations, we routinely analyze the aggregate share of a client’s top ten customers in order to gauge where and why they might be missing out on market share, as well as brainstorm ways to boost the percentage.
For your own brainstorming session, start by visiting your website. Browse through it thoughtfully and think about how you can make it more effective. Is your design inviting? Does it have clear and current copy? Where are its weak spots? Does it leak information you’d rather not share? For example, you may not wish to post contact info for your key people, as headhunters can data mine your site for potential staff.
Finally, are you taking advantage of social media? Without a social media presence, your company will appear dated and you’ll miss out on invaluable opportunities to connect with potential customers.
Next, visit your key competitor’s website. What does it say about their current work? What products or services does it highlight? Does it show their facilities and what industry specs does it give away? Is it easy to navigate? Does it link to social media accounts? With this information, you can begin to think through and execute some tactics for making your site more competitive.
The key lesson here is to pay attention to your business rivals and react strategically. Strive to know how much of your customer’s business they hold and how they keep it. By staying abreast of your competitors’ affairs and initiatives you can more easily strategize ways to make your business more competitive—and in doing so, maximize market share.