13 Effective Strategies For Increasing Market Share

Gaining more market share can fuel an organization’s growth. While focusing on acquiring new customers may seem like the way to do this, looking instead to existing customers and their needs not currently being met can help companies determine what products, services and changes will best address and elevate the shopping experience.

Before doing anything drastic, a business leader will need to assess how the company is currently operating and how other competitors in the market are creating experiences that keep customers coming back. Below, a panel of Forbes Business Council members each share one strategy for increasing market share for a current product or one that’s being newly offered to customers.

1. Innovate In Your Current Market

A brand can gain an edge over its competitors by creating innovative products or production methods or introducing new technology to the market. In retail, innovation is all about adding tangible value for shoppers. To elevate the shopping experience, luxury brands are combining augmented reality, artificial intelligence and voice-controlled shopping to the physical retail boutique. – Marilisa Barbieri

2. Be Accessible

Make sure you’re accessible to everyone. There are only a small number of websites that are accessible, but by making your site accessible to people with disabilities, you can reach more people. Since you’re doing something good while also increasing your market share, this is a win-win situation. – Ran Ronen, Equally AI


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3. Invest In Digital Marketing

You have to make sure you are on the right platform (or platforms) and that your messaging is on point. Though it’s plain and simple, once you have this dialed in, you can absolutely own your market. – Dylan Ogline, Ogline Digital

4. Close The Experience Gap

Brands cannot out-market a poor experience. By closing the experience gap, the gap between the brand’s promise and the brand’s experience will deliver better experiences that drive higher conversion rates, repeat purchases, increased services per customer and deepen the customer loyalty moat. Too often, brands ignore the experience gap, leaving negative customer experiences that cause brand detraction. – Zack Hamilton, Stingray Group, Inc

5. Determine Why Customers Are Buying Your Offerings

Figure out why your audience is buying your product and what their needs are. What problem are you solving? What makes your product attractive? Speak to this in your marketing and show them how to get the results they desire through your product or service. Then look for people with similar problems by targeting your audience into cultural groups or demographics and speaking to them in their language. – Nadir Qazi, DO, Qazi Cosmetic Clinic

6. Look To Your Existing Clients

One of the fastest ways to grow is to utilize existing clients. Apply the 80/20 rule, or the Pareto Principle, which states that 80% of outcomes come from 20% of causes and 20% of your customers produce 80% of your sales. Make sure your efforts consistently focus on retention and creating loyal, raving fans. They’ll become repeat customers and tell others, which will build instant referrals, trust and credibility. – Angela Delmedico, Elev8 Consulting Group

7. Lean Into What’s Already Working Well

Expand the areas of your business where you have a proven track record of success. For example, offer your existing product in new colors or make product updates, such as additional features or accessories. You can also try testing different markets by reaching out to a new demographic. – Kelley Higney, Bug Bite Thing

8. Leverage Data

Companies unable to use data as a competitive advantage will ultimately be left behind. The two areas to initially focus on are go-to-market strategy and product analytics. The former allows you to understand where your customers are coming from so you can attract more of your ideal customer profile while the latter helps you learn how to increase engagement and decrease churn. – Tarush Aggarwal, 5x

9. Identify What Efforts Are Driving New Leads

Learn where your traffic is coming from. This can be done by both reviewing Google Analytics and asking your leads to complete an intake form sometime during the client journey. Identifying new channels to gain market share is key to fueling your organization’s growth. At Savvy Ladies, we started to see TikTok listed as a referral lead, yet we had a very minimal presence. This showed us new opportunities! – Judy Herbst, Savvy Ladies

10. Partner With Other Organizations

Seek partnerships that will amplify and improve market awareness. For example, science enterprises will find value in media and communications partnerships because they translate scientific language into sellable laymen’s terms for the masses. A great media relationship should also provide the opportunity for specialized distribution among an increased number of channels. – Chris Gerlach, Synergy Life Science

11. Move Into An Adjacent Market

While the holy grail is increasing market share, changing the product for one extension risks alienating existing customers. The key to service or product and market expansion is to move into an adjacent market where complementary offerings and synergies exist. Expansions fail when there is a disconnect between products for existing and new customers. – Jerry Cahn, Age Brilliantly

12. Diversify Your Offerings

One way of increasing market share is through diversification. A business can safeguard steady earnings and increase income if risk and opportunities are successfully diversified. Focusing on a specific market is good, but there are unpredictable scenarios and you don’t wanna be caught off guard. It’s better to be prepared than rush in the latter part when things are already falling apart. – Lane Kawaoka, SimplePassiveCashflow.com

13. Consider Acquiring Other Brands

My personal preference is to grow by acquisition. The best, fastest and most effective way is to acquire existing businesses with an already existing list of customers, marketing and management. There are amazing businesses right now that don’t have the ability to scale or that are managed poorly, so merging with these companies could significantly accelerate your profitability and market shares. – Andrea d’Agostini, SalesJet & Monarchy Media

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