How to Dominate Your Market through Advertising
Friday, July 31st, 2009Entering the market isn’t the easiest of decisions for any business. Any business considering this tactic should carefully review a variety of key factors, and as corporate management training dictates, every detail is essential for determining the plan which is to be undertaken in the pursuit of additional market share. Such choices as when, where - and what degree of expense, are all pivotal factors in the potential success or failure of any business enterprise.
The key to this understanding is that when making a move for market share, strive to be in the limelight - so everyone, potential customers and competitors alike, can’t avoid your presence even if they tried. 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 businesses which are able to differentiate themselves from their competitors are the real champions of their industry, and they are, without doubt, the market leaders. They receive focused customer attention and special privileges over everyone else in their market.
These next activities can be undertaken by a business to increase its presence throughout the marketplace:
- 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 the fundamental method for reaching out to potential customers everywhere. 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 scope of this advertising and how many individuals it targets usually depends completely upon the amount of money which is 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!