Marketing for Small Businesses Series: Where Do You Want To Be In Your Market?
Do you dream about dominating your market? Gaining market share and increasing revenue? Getting a loyal customer following? Being the cheaper, better, faster solution in your market?
Whatever the dream for your business, you need to identify that goal, and then create a path to reach that goal. The first step is figuring out where your company is in your market now. How much market share do you have? How do your clients perceive you now? Ask them why they choose you over competitors. What do your competitors offer and how does your product/service differ? Armed with this knowledge, you can figure out where you currently are in your market.
Next step – where do you want to be in your market? And what do you need to do to get there?
Are you the low cost provider and you want more market share? Then focus on getting the word out about your pricing to your target market as effectively as possible.
Do you want a very loyal customer base that comes back to you again and again? Then focus on your customer service and make it the best it can be. Ensure you exceed your customers’ expectations.
Do you have the best solution to a client problem on the market? Then create a marketing campaign based on the specific benefits your client will receive from your solution. Promote the solution to your target market and be ready to show those benefits clearly and concisely.
Develop an action plan based on your goals and, most importantly, do it! All the planning in the world won’t help your business if you don’t take some steps to reach your goals. Keep it simple and make the steps manageable. Set some targets that you can achieve – daily, weekly, monthly – and in time, you’ll start to see results. Be ready to adjust your strategy as you see what works with your clients and customers and what doesn’t. Stick with it and you will see results!