Entering the market isn't the easiest of decisions for any business. A business needs to analyse a number of factors, and every aspect is crucial in determining the strategy to be adopted for acquiring market share. Decisions such as when, where, and at what level of expense, all play a significant role in the possible success or failure of any business.
Copyright (c) 2009 Alan Gillies
Breaking into the market isn't the simplest of choices for any business. A business must analyse several factors, and every aspect is essential in determining the plan to be undertaken for acquiring market share. Choices such as when, where, and at what level of cost, all play a definitive role in the possible success or failure of any business.
The key to this understanding is that when making a move for market share, strive to be in the limelight - so everyone, potential customers and competitors alike, can't avoid your presence even if they tried. You should be aggressive in your approach, which can easily be measured by the time, money and effort put into your advertising, sales promotion, publicity and public relations, introductory offers and discounts, etc. The businesses which are able to differentiate themselves from their competitors are the real champions of their industry, and they are, without doubt, the market leaders. They get focused customer attention and unique privileges over all others in their market.
The following activities can be initiated by a business to make their presence felt in the market:
- Differentiated Products and Services - The products or services offered by a business should be differentiated from those offered by others. It may be in terms of technology, design, packaging, the appearance or anything else, but the product or service should have a distinct image in the minds of the customers.
- Customer Focused Advertising - Advertising is an important and effective means of reaching out to your potential customers. Television, radio, internet, mobile phones and print media are the common advertising tools used in today's world. This advertising should be customer and market targeted. The intensity of this advertising and how many people it will reach usually depends entirely upon the budget allocated.
- Customer Relationship - Customers are the most important aspect of any business, and the aim of all businesses is to reach out to these customers in the most effective manner - as efficiently as possible. The fundamental point of marketing is to create long term relationships with as many customers as possible, and with improved presale and after sales service, a business can deliver quality assistance to the pursuits of every customer, thereby guaranteeing long term relationships and regular custom.
- Introductory Offers and Schemes - It is quite important at the time of breaking into a market that a business should implement introductory offers, rebates, discounts and programs to stimulate customers to buy more products and services.
- Extensive Warranties and Guarantees - Almost every customer will prefer a product that carries some kind of warranty or guarantee. If a new product has some form of extensive warranty or guarantee, most customers will consider that the company is being responsible for their product, and therefore, it's seen as an "intelligent buy".
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