You can’t build your franchise unless you increase market share. In other words, you can’t grow your franchise unless you steal some customers from your competitors.
Of course, your first step to increase market share is to figure out why consumers are buying from your competitors instead of from your franchise. This could require some qualitative and quantitative market research. That means you have to ask your competitors’ customers questions, either directly or through a survey.
Once you determine what your competitors are doing that’s better or different than your franchise, you need to figure out how you can better compete against those specific factors that are affecting consumers’ purchase decisions.
This might sound a bit overwhelming, but it doesn’t have to be. Break it up into smaller pieces, and you’ll find your franchise making progress to boost market share very quickly. Here are five techniques to get you started.
1. Think Small
Your franchise doesn’t have to be better at everything to steal market share from your competitors. A focused brand is a strong brand, so find your focus. What do you do really well? Does everyone know about it? If they did, would they choose your franchise instead of competitors? Find your “it factor” and shout it to the world. Market share will follow.
2. Get the Low Hanging Fruit
Stealing market share from your competitors should be a process rather than a race. You don’t have to double your market share overnight, so look for quick-hit opportunities that will enable you to slowly take tiny chunks of market share from your competitors. Those chunks will add up quickly.
3. Leverage Your Agility
Start stretching your franchise’s metaphorical muscles because agility can steal a lot of market share. When a new opportunity arises to increase business, are you agile enough to proactively go after it? Having the flexibility to make decisions, adjust processes, and respond quickly can give you a significant competitive advantage.
4. Build Brand Buzz
Word-of-mouth marketing is the most powerful form of promotion for your franchise, so make sure people are talking about your brand. Evaluate your brand awareness, recognition, and loyalty efforts. What campaigns can you launch to give your brand a boost that will generate valuable brand buzz? If more people are talking about your franchise’s brand than competitors’ brands, guess who consumers will be more likely to buy from? Your brand!
5. Do It Better
It’s time to come full-circle. In #1, you focused on making sure the world knows what you do best. But what does your competitor do better than you? What does your competitor do differently than you? How can you do it even better than they do it? In other words, you need to attack your competitor from both sides: by making sure everyone knows your competitive advantage and by diminishing the value of their competitive advantage in consumers’ minds by improving upon it.
Any of these five techniques will help you gain market share. It’s up to you to put them into action!