One of the strategies you can pursue to build your business is acquiring new customers. You can do this by attracting completely new customers who don’t already purchase the types of products and services you offer and by persuading customers who already buy from your competitors to buy from you instead.
When it comes to stealing customers from your competitors, it can help to take a step back from the big picture and think about how you can make a lot of small strides rather than a single huge leap.
Following are some ideas to help you think in simpler terms when it comes to stealing market share and customers from your competitors:
1. Focus on Low Hanging Fruit
Don’t think of stealing market share as an all-or-nothing initiative. Look for the quick and easy opportunities that can help you steal small numbers of customers. In time, those “small numbers of customers” will grow, and one day, you might find your business passing your competition in terms of market share.
2. Find a Niche and Own It
Don’t focus on being bigger. Instead, focus on being significantly better in a specific way. Carve out a niche in the market based on the competitive advantage you bring, and invest in attracting customers to your business based on that competitive advantage. A focused brand is a strong brand!A focused brand is a strong brand!Click To Tweet
3. Be Flexible and Ready to React Quickly
Big businesses typically can’t get out of their own way. Lengthy approval processes are required to make decisions leaving opportunities wide open for smaller businesses that can react quickly. Use your business’ flexibility to your advantage and seize those opportunities!
4. Be Social
Large companies are afraid to give up control of the online conversation about their brands, and they’re afraid to allow those conversations to spread. Small and mid-size businesses can take advantage of that fear. Join the online conversation and let your brand buzz build.
5. Know When to Go With Your Gut
Big companies are often burdened with information paralysis. Without tons of data, metrics, and research supporting decisions, they stay stagnant. Smaller businesses can take risks and follow their instincts. Sometimes going with your gut will work in your favor, but other times, it won’t. You need to understand how much risk you’re willing to take on before you jump in.
Your Next Steps to Steal Market Share
Remembers, a series of small changes can lead to huge transformations in life and in business. Focus on taking small steps in pursuit of your larger goal, and your business will grow. In time, you’ll steal more and more market share from your competitors.
Originally published 1/10/04. Updated 6/10/18.