As soon as the word “recession” spreads, companies look to cut advertising, marketing and public relations campaigns and budgets. In reality, this is the best time to gain market share, as competition cuts away. Brand equity may tolerate price increases but no cut-off in marketing where add-ons are what attract customers during difficult times for brands.
Eliminate marketing that is not working and be aggressive with value-added offers that differentiate one own self property from the competition. These efforts will capture customers who are likely to stay with the organization in the future when the market improves. At its best, all advertising should be direct. Every ad placement should have a compelling offer and a strong call to action.
There are branding strategies which help an organization in crucial times in developing market share as: 1) Reallocate marketing budgets from branding to direct-target marketing for a higher return on investment. 2) Know your customer. Build a marketing database designed to gain insights into customer value, vulnerability and potential. 3) Leverage new customer insights on customer value, vulnerability and potential into campaigns that maximize ROI. The Myth of Market Share
4) Track and report campaign response and conversion effectiveness. 5) Grow relationships with current customers. Use social media and electronic communications to increase loyalty and reasons to communicate with customers. 6) Launch programs that allow existing customers to consolidate their business with you. 7) Focus on trends such as marketing to baby boomers. Make websites attractive to boomers without being condescending.
What is needed to have a closer look at management strategies to increase market share, such as expanding the customer base, selling more to existing customers, selling into new markets, focusing marketing efforts on retaining customers and developing new products or services. By accurately predicting changes in customer behavior, a manager may be the first exploit a niche and gain market share quickly. To gain a better market share try to get customers to buy more frequently by adding value to products and services, or get customers to spend more by selling premium products or services that better meet their needs and provide a better return. Also consider offering incentives and price promotions on items that customers usually buy from competitors. Market Positioning - 5 DVD Bundle
Other than this, additional sales methods, such as a direct sales operation, using wholesalers or distributors, appointing an agent, setting up an e-commerce operation, entering export markets or establishing joint ventures and partnerships can boost market share but carry a much higher financial risk and require extensive business planning.
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