You wouldn’t really expect to find Yeti in the Mojave, Sasquatch in the Caribbean or Nessie in Lake Michigan. And many companies are not expecting to find dramatic growth in revenue during these trying economic times when overall spending is being reduced substantially by many companies.
But, the companies that will emerge from these challenging times the strongest, are those that are growing their market share, even if the total market is shrinking. Many companies are growing their market share one customer at a time. They are focusing on increasing their “share of wallet” with their current accounts. The aggregate effect of growing your share of wallet with your existing accounts, of course, is to grow your total market share.
Easy to say, but hard to do? Maybe. But, what if you knew how loyal your customers were to your company and to your competitors? What if you knew that for each individual account? What if you knew the names of your truly loyal customers who were not at all loyal to your competitors? Talk about targeted selling…that’s like hitting a bullseye with a shotgun.
The better you understand your customers and their perspectives about you and your competitors, the better equipped you are to grow your market share and emerge from these doldrums a winner.