After a firm has seen growth in its business and reaped profits from it but the business has now become stagnant and growth slowed down. The business needs to expand its horizon to increase its market share to increase its profit. Some of the strategies to increase market share are as follow:
1. The firm should look at the customers it presently has as an asset and should do all the efforts to sustain them. If it tries to look out for new customers and doesn't pay attention to the present customer base then acquiring new customers is of no use as the firm still has same or even less customers as old customers have left them.
2. By the expansion of geographic area business may acquire new customers and expand its market share. They can do it by expanding their sale to new state or even new country by means of export.
3. The firm can tap new customers in the present geographic area who are not using their products by way of schemes and promotion.
4. New uses of the same product can be found out and suggested to the market via advertising like does Dettol.
5. New variants of the product can be brought for capturing different tastes and interests of customers like Colgate introduced many variants of toothpaste like colgate maxfresh, colgate total, colgate herbal, colgate active salt, etc.
6. Up-gradation in manufacturing process for manufacturing upgraded product according to the market demand helps in increasing market share.
7. Exploring new niches is always a good way to increase market share.
8. Product innovation of products in demand helps the company to stay ahead in the competition.
9. Strengthening the brand image and making it popular among customers automatically pulls the demand of products.
10. Customer relationship management helps in sustaining the current customer base and bringing new customers via word of mouth communication.
11. Brand or product promotion via advertising, contests, sponsorship, CSR, helps in increasing sale of a product.
1. The firm should look at the customers it presently has as an asset and should do all the efforts to sustain them. If it tries to look out for new customers and doesn't pay attention to the present customer base then acquiring new customers is of no use as the firm still has same or even less customers as old customers have left them.
3. The firm can tap new customers in the present geographic area who are not using their products by way of schemes and promotion.
4. New uses of the same product can be found out and suggested to the market via advertising like does Dettol.
5. New variants of the product can be brought for capturing different tastes and interests of customers like Colgate introduced many variants of toothpaste like colgate maxfresh, colgate total, colgate herbal, colgate active salt, etc.
6. Up-gradation in manufacturing process for manufacturing upgraded product according to the market demand helps in increasing market share.
7. Exploring new niches is always a good way to increase market share.
8. Product innovation of products in demand helps the company to stay ahead in the competition.
9. Strengthening the brand image and making it popular among customers automatically pulls the demand of products.
10. Customer relationship management helps in sustaining the current customer base and bringing new customers via word of mouth communication.
11. Brand or product promotion via advertising, contests, sponsorship, CSR, helps in increasing sale of a product.
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