Entering the market isn’t the easiest of decisions for any business. A business needs to analyse a number of factors, and as you’d learn in management training, every aspect is crucial in determining the strategy to be adopted for acquiring market share. Decisions such as when, where, and at what level of expense, all play a significant role in the possible success or failure of any business.

The most important point to remember when taking a shot at a larger piece of the market share, is that you find a way to keep yourself in the media – so that everyone sees you daily, customers and competitors alike. You should be aggressive in your approach, which can easily be measured by the time, money and effort put into your advertising, sales promotion, publicity and public relations, introductory offers and discounts, etc. The organisations which have the capacity to set themselves apart from their competitors are the real leaders of the pack, and they’re almost always the market front-runners in their industry. They receive focused customer attention and special privileges over everyone else in their market.

The following activities can be initiated by a business to make their presence felt in the market:

- Differentiated Products and Services – The products or services offered by a business should be differentiated from those offered by others. It might be in the area of technology, design, packaging, the appearance or just anything else you can think of, but the product or service needs to have a distinct image which is easily recognisable by the customers.

- Customer Focused Advertising – Advertising is an important and effective means of reaching out to your potential customers. Television, radio, internet, mobile phones and print media are the common advertising tools used in today’s world. This advertising should be customer and market targeted. The intensity of this advertising and how many people it will reach usually depends entirely upon the budget allocated.

- Customer Relationship – Customers are the reason for the existence of businesses, and the goal of every business is to get the attention of these customers in the most efficient way – as effectively as possible. The principals of business coaching state that the essence of marketing is to build long term relationships with as many customers as can be reached, and with better pre-sale and after sales service, a business can provide quality support to the activities of every customer, thereby ensuring long term relationships and repeat business.

- Introductory Offers and Schemes – It’s very important at the time of entering a market that a business should use introductory offers, rebates, discounts and schemes to stimulate customers toward purchasing products and services.

- Extensive Warranties and Guarantees – Almost every customer will prefer a product that carries some kind of warranty or guarantee. If new products are associated with some form of extensive warranty or guarantee, most customers will feel that the company is responsible for their product, and therefore a “smart buy”.

Alan Gillies is the Managing Director of the L2L Group. He specialises in delivering Executive Coaching, Training and Consultancy Services to International Businesses across the World. Want to discover more about these insightful business building success strategies? Get Alan’s essential FREE Business Pack today!

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