When you increase your market share, you win a greater portion of all the sales of products like yours that are purchased in your market area. This requires an offensive marketing approach that seeks to win business from competitors.
When you increase your share of customer, you capture a greater number of purchases from existing customers, employing a defensive marketing approach that fortifies and builds upon your valuable existing relationships. The most efficient way to put money on your bottom line is to increase business with existing customers.
– Think of the initial sale as the first step toward winning the customer’s business for life or at least for as long as that person remains in the market for the kind of products you offer.
– Develop relationships. Let customers tell you what they want. Let them do most of the talking. Hear what they’re saying and work hard not to jump in with reasons why their ideas won’t work. Realize that if you can’t address your customers’ needs, someone else will. Their words are the path to their billfolds and to your success.
– Help customers understand your full product range. Use customer communications, promotions, and packaged offers to make it easy for customers to make additional purchases from your business.
– Increase the relationship between your business and your customers by developing loyalty programs to reward customers for increased business.
– Offer products your customers want to buy, provide them in the way that customers want to receive them, emphasize value rather than price, and convert each customer into a friend of your business.