I once went to a seminar on how small retailers could convince their competitors' clients to switch and do business with them. The speaker outlined several strategies for cultivating relationships with prospects loyal to other brands to eventually win them over as customers. How long should they keep trying these strategies, one lumberyard owner asked? "Until they buy...or they die," the speaker replied. If the construction-company buyer you were targeting died, of course, then a new buyer would be hired -- and you could start trying to win the company's business all over again. The process of trying to increase your market share is a continuous one. You can never stop trying to win new customers. After all, your competitors are probably trying to win your customers over right now. And in this economy, let's face it -- where else are you going to get customers than by taking them away from your competitors? This all came to mind as I perused author/speaker Ross Shafer's new book Grab More Market Share -- How to Wrangle Business Away from Lazy Competitors. The book lays out a slew of strategies for growing your business by stealing away competitors' customers. Here are five of Shafer's tips for snatching more market share, even now, when the economy is expanding by just 1 percent:
- Stay relevant through innovation. One great way to gain market share is to spot new... Read more