Small Business Marketing Kit For Dummies, 3rd Edition

Increasing Your Market Share

If you’re in business and you’re ringing up sales, you can rest assured that your business enjoys at least some level of market awareness and market share. But you can be equally certain that not everyone knows about or buys from your business. No brand in the world has 100 percent brand awareness, let alone 100 percent market share, so be reasonable with your market share goals and growth expectations.

Also, as you seek to increase market share, steer clear of these land mines:

Avoid “buying” market share through price reductions. Don’t sacrifice your bottom line as you prepare to welcome new customers through the door. Before you go the price-slashing route, glance through the pricing advice in Chapter 3.

Be ready before issuing an invitation to new customers. Don’t procrastinate, but do give yourself time to be sure you’re ready to make a great first impression. Run through the following checklist before launching a new business development effort:

• Current customer satisfaction levels: Are your current customers happy with your product? Are they happy with your business in general? Do they return to your business again and again, or do you have a ...