Knowledge is power when increasing your market share

By Hassan Khalid

Knowledge is power when increasing your market share

Increasing your market share isn’t going to happen overnight. Unfortunately, it isn’t enough to make a few minor tweaks and expect significant change. When looking to expand control of your market, knowledge is power. You need to know what is happening around you so you can better strategise how you will meet demand. 

Know the landscape

How can you expect to better serve your market if you don’t fully understand it? To stand out, adapt to changes, and anticipate future developments you need to know your market intimately. 

It is more than knowing who your customers are – although this is important. It is a combination of knowing your customers, competition, and industry. All these aspects interact and together should guide your approach to business.  

You need to know your customers’ wants and needs so you can better serve them. Then, by figuring out if competitors are meeting your customers’ demands, you can adapt your approach to match and eclipse their efforts. You also need a keen insight into the wider industry; the characteristics, trends, or patterns currently in play. By knowing the forces that shape your industry, you can ensure you stay one step ahead.

Identifying the strengths and weaknesses of others

63% of respondents say generating traffic and leads is their top marketing challenge. And most of the time, generating new leads happens by taking them from your competition.

You need to know what your competitors are doing well so you can do it better. You should also identify their weaknesses. By filling the holes in their strategies, you will naturally become the better choice.

You can expect to see some success from filling this unexplored niche. But these effects are often short-lived. Competitors will soon catch on and improve their weaknesses to keep up. Because of this, you want to do the harder task of finding weaknesses in their strengths. What they are doing may work well for some audiences, but will simultaneously shut out others. You can then adapt your own approach to bridge any gaps and make their strengths even stronger for yourself. 

You want to think of this in reverse as well. Are there holes in your strategy that could easily be exploited by your competitors? You don’t want to focus on gaining new market share but forget about protecting your current one. It costs 5-6 times more to acquire a new customer than it does to keep an existing one. So split your energy across the two.

How custom tech can get you there

Once you have the knowledge of the market, custom technology can be the easiest way to increase your share. Instead of using the same templates as your competition, custom technology allows you to take a much more targeted approach. You can build custom applications that directly target the parts of the market that your competition is missing.

Custom applications also mean you aren’t restricted by a one-size-fits-all template. You won’t have to compromise as everything can be made to your exact demands and specifications.

To increase your market share, you need to take the time to learn everything there is to know about your specific market. From your customers and competition to the underbelly of what makes your industry tick, it is all relevant. It isn’t until you know exactly what you are dealing with that you can create a strategy that is successful, efficient, and long-lasting. Rather than limiting yourself with the same ready-made software as your competition, custom technology offers you unparalleled freedom and precision.

At Createk, we create customer-facing applications for any industry. If you are looking to increase your market share, we can create custom technology that will put you leaps ahead of your competitors. If you have any questions, get in touch with us on 0330 995 0685.

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