This is the extent to which products or services are recognized and bought by customers in a particular market compared to the total estimated size of the market of that product. It is the percentage of your target market that you sell to in a period of time.
By the way, if you are still having issues identifying those whom your products or services is meant to serve (Target Market) then, click the link below for the replay of the Facebook live session; Identifying your Target Market
https://www.facebook.com/coltconsulting/videos/371105787274605/
As a small business the success of your business depends on how well you are able to serve the portion of the market that belongs to you and how you intend to put in strategies to expand the reach so that you can ultimately increase your profit.
Opportunities abound to increase market share, by improving strategy around pricing, product improvement, consistency, and marketing. This can be accomplished with the following strategies:
- Lowering prices: This is the way to think as an entrepreneur at this time, as many customers are battling with increased disposable income
- Acquiring a competitor in your market: particularly at this time when some competitors may be ‘closing shop’ to concentrate on may be only one line of business, while some may be trying to find a balanced portfolio.
- Improving your digital marketing to increase brand awareness: This is even more apt at this time, as it doesn’t just help to penetrate the market, but could be very cost effective.
- Modifying your products to specifically solve your customer’s problems: Many products are being modified globally because of COVID-19 to respond to the new normal. So businesses that adapt quickly will penetrate the market faster
In the next edition, we will be discussing strategies to employ to maintain profitability during a recession
Watch out!