4 solutions to increase your market share
We all would love to increase the number of customers and to expand our market. It is everyone's dream, no doubt!
Below you can find some solutions based on facts and real business stories and not theories or assumptions:
Lesson learned: Excitement
Amazon is focusing on one-day shipping for its Prime members. It seems that even in 2019 the price of Amazon share got lower due to massive investment in infrastructure and logistics but recently Morgan Stanley analysts claimed that this investment will increase higher than expected profitability in 2021. So, Amazon is not killing the investment but it seems that they have long-term vision.
The note said that it is raising Amazon's operating profit estimate by 8%, or $2 billion, for 2021, and its price target by $100 to $2,200 per share - adding that "this build phase too shall pass" for Amazon.
Amazon is simply smart! They haven't forgotten a simple rule which is keeping and expanding the level of excitement. When we order something online, we are excited about it no matter what age and no matter what product. Now, imagine that you receive it the same day with minimum delay. This is a great solution for one of the biggest problems in online shopping. There are many other advantages too. Imagine that you would like to give that product as a gift and in case you don't like it, you still have enough time to return it and to order something else and so on.
If you wish to keep and expand your market, you should also think about doing something extra to make your customers more excited.
Lesson Learned: Accessibility
Previously, in one of our videos, we explained the reasons of Thomas Cook bankruptcy. Recently, almost the same issue happened to Flybe in the UK. But this time the company is trying to get a loan from the government. This is what we know until now about the loan.
The question is that "Why Thomas Cook couldn't even negotiate for the loan but in the same scenario Flybe is able to negotiate?"
The reply is "Accessibility". Flybe is connecting many towns and cities in north of the UK which doesn't have a satisfying condition in terms of infrastructure and if the airline shuts down then people get into trouble. Many people are living in the north and for business are flying during the week. They can leave home Monday early in the morning and get back Friday late evening easily and if they cancel these flights, trains will kill their time by moving one day before or after!
Accessibility and easy life for customers, specifically a big number of them, create negotiation and bargaining power for businesses.
This accessibility during the years made Flybe's market share so big that the UK government cannot easily forget the need of people!
Lesson Learned: Keep it fresh
If you follow IKEA product list, periodically they add new items to their list. This makes the business fresh, creates new buzz around the company and shows people that they care about needs.
Renewing your product list, brings a great motivation to your employee too. It engages them and gives them a feeling of progress.
Lesson Learned: Experience Creation
Business is not about providing service or product only. Good experience makes customers to be back with other friends, family members and partners.
Emirates from the first touch point on the website tries to give you the real experience. You can see the cabin design on different classes on 3D either on A380 or Boeing 777. You experience it before you touch it physically. It's the same with their service and flight. They don't serve you actually, they create the experience!
These are the first four solutions if you wish to make a change. We can think about many more but before getting there, let's evaluate where we are.