Do you want to expand your market share?
When you have a large market share in your local target market, it is time to expand your business to additional target markets.
Whether that means expanding your market share across your province/state, region, Canada, United States, or all of these, you need to make sure your business is ready to expand its market share.
Here are some of the main clues that expanding your market share is the right strategic choice:
- You feel ready to expand your target market to additional locations that you have not served before (or currently have little market share in)
- Your business is financially stable and you are anxious to capture new markets by expanding the area your business serves.
- Your business has experienced great results and feedback from your current target market and you are ready to apply what you learned to new target markets.
- Your business has a large market share in your current target market(s) and you are ready to grow your business by tapping into new geographic locations and target markets.
- Your business has done well and has more than enough margin to reinvest in growing your business nationally.
- You are ready to increase your income and know that the best way to grow is to expand geographically to new markets in order to achieve this.
- You want your brand to be recognized nationally.
After expanding their market share, our clients have reported benefits such as:
“We had a large local market share and we were trying to get the last part of the market and acquire them as clients, but we were spending a lot of money and getting little return on investment so we started to look at expanding our market share across western and central Canada. We had served a few clients in that area but did not have a large part of the market share. Over time, we found that our return on investment was significantly higher than trying to get the final few clients in our local market area. Now we have branches across those regions and our revenue has increased significantly. ”
“Our company’s growth was getting stagnant and our sales team was mainly focusing on our local target market, but sales had started to slow down. After analyzing our market share, we realized we had a significant chunk of our local market and that it was time to unleash our efforts on growing in new geographic regions, since then, our sales have grown significantly and we’re capturing more market share in these new geographic areas.”
“We were getting great feedback from our local customers and whenever national competitors were trying to take our customers, our customers would let us know and they would actually stick with us because they were very happy with our service. When we realized that we could compete against these bigger companies in our industry, we knew it was time to start to grow nationally. We had some capital saved from our last funding round and decided to invest that in rapid growth. Now we have been crushing our competition and gaining a lot of market share nationally. We’re glad that we recognized it was time to start significantly growing.”
“We were doing great in our local market and had a large market share, and to be honest, we weren’t looking to grow more because we were satisfied. However, customers outside of our geographic region consistently were asking for our for us to serve them and we did. From there, we were getting more requests, so we saw that there was a good opportunity and we had the margin to be able to take advantage of that opportunity by growing from city to city across Canada and in the United States.”
- operate your business on a larger scale and increase revenue.
- expand your customer base.
- increase awareness of your brand and it’s product/services to close more deals.
- help you to better understand your ideal target market and their needs across multiple regions so that you can continue improving your products/services and stay competitive.
- take advantage of sales strategies that worked well in your local market to a greater scale.
- mitigate the risk of natural disasters by serving multiple geographic locations to make sure you have constant revenue.
- leverage your business relationships with national clients to get national deals and serve them in multiple geographic locations (not just your local area, but wherever your clients have branches).
- increase your sales by expanding into additional geographic locations.
- leverage your local testimonials/reviews to grow you business into new regions
- get your national competitors’ customers to buy from you and not from them so that you can use the revenue to grow your business (not theirs).
Ready to expand your market share? Do this first.
Before you get started, you must first ask yourself:
- Are you planning to conduct all the sales efforts yourself including generating leads and closing sales?
- Do you have time to increase your sales efforts internally with you managing an internal sales department?
- Do you have little or no time at all and need to hire an experienced self-managed salesperson or sales team?