Finding innovative ways to increase market share is vital to staying afloat when the business world is ever changing. How are you managing this?

It is well-known within the business world that although turbulent times create disruption, it also provides many opportunities. As we emerge from a working world different to anything we’ve ever seen before, now is the time to have robust and innovative strategies for market share growth. The potential for high-value innovation exists throughout every business. It is simply a case of identifying, and then implementing, the best solutions for you.

Many companies make the mistake of simply trying to pick up extra business wherever they can, and whilst this opportunistic approach can be effective in the early days, it is unlikely to support long-term growth.

Market share can affect many areas of a business: product pricing, services, and stock market performance, and should always be at the forefront of any strategy. Innovation that attracts customers comes in a variety of forms. Company developed technologies that are introduced and gain a foothold before your competitors can increase customer base, as can product and service innovation, method improvements and marketing strategies.

Another interesting way a business can grow its market share is by improving the way it is viewed by its target market. This type of manoeuvring needs sensible, clear communications that impress upon potential and existing clients, the identity, desirability and vision of a business and its products or services. Additionally, you must also separate your business from your competitors, which is no easy task. Research your target audience thoroughly so you have a better understanding about what it wants and needs. In essence, the more you know, the better placed you are to reach and then deliver the message it desires.

Preventing loss of market share is, arguably, just as important as increasing it. To avoid such a situation happening in the first place, businesses should monitor its market share metric and keep a keen eye on its competitors. This way, steps can be taken to improve the elements of the business that can affect its market share standing. These can include things like product and service quality, pricing, customer satisfaction, the growth of customer base, advertising, marketing, staff quality, and the potential for the acquisition of competing businesses.

Every business needs to think carefully about getting the most out of its client base and market share. If you are not increasing turnover year on year, in real terms, your business is shrinking. The key is to engage your clients and pinpoint a metric that allows you to replicate success.