To increase your market share your business has to take customers from your competitors or attract new customers. Achieving this requires a thorough understanding of both your own customer base and that of rival businesses.
Win a bigger market share
Having the answers to the following questions will help you build a comprehensive picture of your market and understand your competitors. This will put you in a stronger position to win a bigger market share.
- Who are your existing customers? Are there any other groups that may require your product or service that you haven't targeted before? Can your product or service be used for purposes you had not previously considered that could make it appealing to a wider market?
- What are your competitors' strengths? Do you have these too? If not, why not - and should you have them?
- Why do customers buy from your competitors? What advantages do you have over your rivals that may attract their customers? How can you communicate with your competitors' customers to get them to switch and buy from you instead?
- What is your unique selling point?
- Apart from obvious rivals, are there any other businesses with customers your product or service may appeal to?
- Are there customers who have stopped buying from you? Do you know why? If not, you may want to ask them.
- Will you need to change pricing, marketing, distribution, service levels? Could those changes upset current customers? Will your employees remain motivated?
If you're looking to increase market share, it's important to make sure your business is in good shape first. See Business Diagnostic - assess your business performance and measure performance and set targets.
Know your legal responsibilities
- Do you need a licence?
- Get the right business insurance
- Comply with the law when providing goods and services
- Know your customers' rights
- Distance and online selling rules
- Understand pricing legislation
- Buying goods from outside NI
- Selling goods outside NI
- Storing or using personal information
- Pay your business rates
- Understand staff contracts and your responsibilities
- Taking on contractors and subcontractors
- What you need to do about health and safety
- Know your legal obligations on pensions
Understand tax and VAT
Sell and market your products or services