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New Ways to Expand Your Market Share with Prospecting
No matter how successful you are as a business owner, you’re always going to face an urgent need to uncover new opportunities. Why not focus on how to grow your market share? Why let your company plateau instead of pursuing tremendous growth? Passive “farming” sales strategies are not as viable as they used to be; instead, you must focus on prospecting – but with a twist. Looking inside your own organization and finding efficiencies is key, but there is power to be found in reaching outside your business as well. If you want to expand share and reach, you need to read on.
Here are six effective and fresh strategies you can put into action today to attack new markets and skyrocket your revenue. With a little ingenuity and some wisdom from Tony Robbins and business guru Jay Abraham, you can learn how to grow your market share.
1. Get personal.
Thanks to today’s highly social marketing methods, your business can foster and develop many one-to-one client relationships. It’s imperative that you engage in these customer conversations because one long-held principle is still true: On average, less than 25% of leads are never contacted.
You should be snapping up the prospects being overlooked by your competitors. Create targeted ads on social media to help you expand share and influence over the market. Tap members of your team who are social-media savvy to monitor how other businesses are drawing in customers. Have someone from your team respond directly to customers on your social media channels and never miss an opportunity to capture leads.
And if you don’t have a social media presence, get one. Neglecting your social media is cutting out a huge portion of the market, and since you want to focus on how to expand market share, you cannot overlook this key – and free – component.
2. Create and maintain momentum.
Every day you are not growing market share and driving revenue is a day someone else is taking market share and revenue away from you. An effective sales team is one that focuses not only on active demand, but even more so on latent demand. How can you reach current and prospective customers during your slow season? How can you create a raving fan culture that incites your customers to tell their friends and family about your brand? That’s how your business can create and maintain momentum.
3. Develop effective leadership.
Organizations struggle with prospecting because many sales people are not comfortable with it. Whether you’re a multi-million dollar company or an army of one, it’s your sales force that needs to go the “last mile” in attacking and capturing new markets. Fortunately, cloud technology can be very effective in scouting business prospects.
Whether you’re relying heavily on technology or a human team, make a refined strategy. Who’s responsible for leading the charge on prospecting? How are you measuring success or setbacks when it comes to reaching your market share goals? Develop a calendar and goals that fit your business needs and check in on a monthly basis. Are you hitting your business goals – why or why not? At the end of each month, reevaluate your approach, work with your sales leaders and tackle the issue head-on. You can always work with a Results Training Coach if you feel that you need outside perspective on how to succeed.
4. Maximize efficiency.
The past several years of economic uncertainty have caused many organizations to downsize. Now that markets are expanding again, businesses are being confronted with the daunting task of trying to do less with more – like driving 20% more revenue with 20% fewer people. You must harmonize your resources with your level of demand. That is to say, if you have a smaller workforce, don’t push your employees to their breaking point to reach an unattainable goal. Scale your expectations. You want to maximize efficiency within your organization while also giving your team the support they need to thrive. That way, you avoid burnout and receive outstanding results.
5. Build a mega partnership.
Your business is not an island. You depend on others to make your business work (e.g. your suppliers and your customers). But have you thought about building a mega partnership with another business? You might think that your business is too small or too niche or too new to build a partnership and expand share. That’s where you’re wrong. As Jay Abraham reminds us, anything that financial capital would buy could be solved by finding the right partnership.
It’s all about finding the right fit. Don’t cut out potential because your business lacks financial capital. If you know that you can provide the skilled labor to make another business run more effectively, then you can focus on how to grow your market share by approaching a larger business. Expand share by knowing what your business does well. Then, approach another business with a clear proposal of what you can do for them. It’s okay if you’re not bringing financial capital to the table. Having the full force of your business behind you is your capital.
Another way to build a mega partnership and expand share is to secure an endorsement. As Jay Abraham reminds us, businesses can be better together, and a true mega partnership benefits both companies. Securing an endorsement could give your business credibility while allowing another company to project growth.
6. Go global.
It seems that almost overnight, the world has evolved into one giant market. There are challenges to branching out internationally (like training, evaluating and managing sales teams between continents) but the benefits can far outweigh the costs. Through managed expansions or channel partner relationships, your business can find massive demand in any corner of the globe. One way to feel more involved with global operations is by hiring local market industry experts to work with you in-house. These team leads can then communicate with your business’ representatives all around the globe in their native language and report back to you with results.
“Tony Robbins is the ‘ultimate coach’ for that special breed of men and women who will never settle for anything less than they can be.” —Pat Riley, Hall of Fame NBA Coach