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Sure Ways to Stealing Market Share From Competitors


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In today's business world where the competition is fierce, you need to take a few steps back from the crowd and come up with ways to make significant changes that will attract new customers and possibly get that of your competitors as well.
The following are six ways to apply in order to steal market share/customers from your competitors.

1. CREATE A NICHE FOR YOURSELF 
         Here you have to find ways to be significantly better. That is, creating new changes, something which you know your competitors wouldn't think of doing on a normal basis. So find out that thing which you know will be beneficial and carve out a niche for yourself in the market place.
2. BE SOCIAL 
       A lot of big companies are typically too scared to expose themselves or to give details about their products on social media. They are more concerned about how their competitors might use whatever information given out to their advantage than the needs of their customers. Now, this is where as a new business owner(small or medium-sized) you should take full advantage of this fear shown by these big companies and utilise to your benefit. Advertise and engage in all social media platforms and let people know about your brand/products.
competition

3. BE MORE FLEXIBLE 
        Most big companies are known to follow procedures or need lengthy approval to make business decisions, this then leave a lot of room for small/medium-sized businesses to come in and play. As an entrepreneur, you have to be ever-ready and flexible to use any opportunity to your own advantage.

4. BE CONFIDENT 
         In business, confident is key. People love confident business men and women, it tells them a lot about the strength of your business. Be bold! Do not be afraid to compare your offering with your top most competitor. Go all out and leave no stone unturn in persuading customers who already buy from competitors to buy from you instead.


5. WORK WITH YOUR INSTINCT 
          Most times, a lot of these big businesses are sadden with lengthy process and information paralysis, and without the help of data, research reports, and metric supporting systems, they remain domant.
          And typically entrepreneurs trust and work with their instincts and they know how to use it to achieve success. They rarely depend or wait on lengthy process before making quick decisions to benefit their venture. However, they tend to depend too much on their instinct and over look the need to take precaution which can lead to an unintended consequences in trying to take market share.
          In other words, there is need to first check your instinct and then weight the amount of risk you are prepare to take before diving in.

READ ALSO: Ten Factors to consider Before Choosing a Business Plan Software

6. RE-INVENT AND MARKET YOUR BUSINESS 
          Sometimes, customers get bore and they crave for new products or services. In order to stay relevant, you need to learn how to re-invent your business style from time to time. If customers notice your product or service is different and unique to that of competitors, they will give you their money.
          One major way to re-invent and market your business is by "packaging". Packaging is an effective way to get people to notice your product. The different way your product feels, look or perform and how it is accepted by consumers are what count the most.
         Above all, ensure to build your business reputation on good quality, quick delivery and of course excellent customer care service to keep the customers coming back for more.

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