Growing your market share through retailing isn’t going to be easy if you are a small player as you will have to convince customers to make the switch from your competition to your store. However there are several ways in which you can induce your market share to grow. Retailing is mostly about developing secure relationship with prospects and you could try out these ways to make that happen.
If you are confident about your business and the image it is projecting then customers will flock to you as they can sense that confidence. The mantra here is to maintain your identity and build a core clientele. B2B Marketing
Now analyse the preferences and tastes of your core clientele and don’t deliver anything which revolts their aesthetic sensibilities. For example if you are a retailer who is selling high end ladies evening dresses, you shouldn’t suddenly introduce punk rock themed garments even if punk is in fashion right now. Don’t do anything which dilutes your brand identity.
Nowadays when the industry is working on models of customer engagement, being responsive to customer is no longer a choice. You have to learn to respond to feedback, demands and complaints from your customers quickly if you do not want negative reviews about your store floating about in the Internet.
The strategy here is to utilise social networks to develop a strong customer engagement model and humanising the face of your store. When customers sense that you are responsive to their concerns they will remain loyal.
Know what inspires and motivates customers the most? The fact that their ideas are appreciated and are implemented. Setting up a theme like “design your own shoes” or design your own coffee mug” is sure to be a hit if you have the logistics support.
Ask customers what they want and then implement it. It will save you much brainwork and also grow your market share in a jiffy. Ask for ideas on your facebook page or form a community on Pinterest. You will be surprised to see how easy growing your market share through retailing is.
In retailing your storefront position is only going to be as good as your products and the people who work in the business. Hiring the best talent will half the battle as naturally this will translate into better products and faster customer service. Develop lucrative strategies for poaching the best talent from competition. Flexi hours, work from home and profit sharing are just some of the ways to lure talented employees.
If you notice a particular competitor who has been serving a loyal segment of customers over a period of time you could think of ways in which you can form a partnership. Buy up competition that is on sale and you will get along a bunch of customers for free. The current retailing business scenario is full of warfare and this is the correct time to buy.