S.M.EBrandigest

Inspire*Branding*Entrepreneurship

HOW TO WIN MARKET SHARE


market

“A good entrepreneur asks, what is the right value for the potential customers? What influences their choices and preferences? What brand promises would they want to hear? And he derives his answers by stepping into the customers’ shoes “

The first important step in winning market share is to understand the customers, and you only do this by  wearing their shoes.

Stepping into the shoes of the customers you are creatively assessing it, looking out for opportunities that others overlooked or thought never existed, or the communication gaps that exists or some category of buyers that weren’t reached, a particular area that wasn’t being addressed. Rather than going broad stroke, look out for opportunity. Who’s maybe being under serviced, under valued, under appreciated? And how could you do it better?

A brand would not be built solidly without an entrepreneur understanding his market and the social and psychological peculiarities that exists within it. Each niche market has a need, and they have a way they want it delivered to them. Find it. Don’t build your brand by what you think while standing from afar or by what you want, and shove it on the market. Build it by becoming one of the customers yourself and shaping your brand by what the market wants. How would you feel as a kid if your dad buys you a toy racket when you want a doll?

People hire or purchase that beautiful innovation of yours only if it enhances and magnifies their own beauty, not the other way round. Many entrepreneurs have failed to realize how important it is to put the actual target customer in mind over whatever desires they bear. What you sell is not for you, it is in those shelves for it to attract buyers. You can attract them or influence their purchasing decision if you understand what matters to them.

Know the typical reasoning a particular group of people you intend to attract have. Know their deepest mentality as its concerns buying and payments. Understand what they look out for in the seller and the product being offered, what they expect to hear, see and feel. In addition, know if they can be easily swayed by price, quality or interested in the extra value each product has.

My 2cents. I believe there are many ways to win market share. Please feel free to share here.

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This entry was posted on April 16, 2013 by in BUSINESS, entrepreneurship and tagged , , , , , , , .
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