Wednesday, 14 September 2016

How to increase your market share

Hello readers, today I am going to be writing about how you can increase your market share. Here they are:

Acquiring competitors
This is one medium you can use to increase your market share. You will gain the market share of any company you acquire. That is one of the ways Walmart used to become the market leader in its industry. That was also the way it expanded. It bought supermarkets in other countries, today it operates in 28 countries. Acquiring a competitor will also help reduce the competition that exists in your target market.

Having a good customer relationship
Customers will always talk about good products. The individuals they talk to may include their relatives, friends or colleagues at work. When they talk about your products, it helps you get more customers. When a company works on having a good relationship with customers it prevents them from going to competitors. Good customer service may include responding to their issues as fast as you can. It also means giving them products they want as long as it is Halal. All of this will help keep your market share as well as increase it.

Offering good prices
Attaching a good price to your products will keep your customers coming for more. It will also help you attract more customers. Market leaders offer value for money. They attach appropraite prices to their products. Customers will not feel cheated if your offer them good prices. Thus, it will help increase your market share.

Offering good quality
The quality of your product must be good. Once you start producing, the quality of your product must not drop. It must remain the same or even improve. You must be innovative with your products.  Develop better models of your products. Researches will also help you develop better products. All of this will help increase your market share.

Promoting your products
Making your products known to people that will buy them will help you gain more when it comes to market share. Word of mouth, television and radio adverts, sharing flyers and other mediums are ways your product can become known which will make people buy them which will in turn increase your market share. 

Halal means anything that is acceptable Islamically. That is all for today. Thank you for reading this article. Keep checking my blog regularly. Cheers!

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