There are many short-term tactics to bolster your market share, but a consistent and sustainable digital marketing strategy is the key to growing – and more importantly maintaining market share.
Very few manufacturing companies have adapted to the digital age. The industry is synonymous with lagging in the digital marketing department, preferring to remain with their “tried and tested” traditional methods.
Very few brands achieve dominance in their markets like Nike or Apple. But with the right digital marketing strategy, you can consolidate and scale.
In this GrowTraffic blog, we’ll discuss the importance of market share and explore the digital marketing tactics you can deploy as a manufacturing company to release yourself from “old” methods.
What Is Market Share?
A company’s market share is the percentage it controls of the total market for its products and services. Companies can increase their market share through innovation, strengthening customer relationships, smart hiring practices, and acquiring competitors.
Why Is Market Share Important?
Market share is one of the most reliable metrics for determining the strength of a brand and judging the success of a marketing strategy. It shows how your performance compares to your competitors, provides a benchmark to reveal the impact on business results, and highlights trends and possible threats to your position.
How To Increase Your Market Share
Here are 3 strategies manufacturers can implement to gain market share:
Define Your Brand And Study The Competitor
From your company’s logo to its mission statement (Bio for social), defining your brand instantly connects and encompasses your characteristics. Ensure you have researched your target market, defining what values, traits or attitudes best exemplify your ideal customers.
Once you have defined yourself, you need to research the market you’re in or if you are a new business, which market you’re entering. Research what your competitors do well and more importantly better than you.
Define a strategy to improve on what your competitors doing well, whilst still working and improving what you do better than your competitors.
Connect With Your Customers
You can think you’re doing everything right as a business, but if you fail to assess your consumer’s needs or directly engage and acquire feedback from them, you’re practically guaranteed to lose market share in the long run.
The better you can define why your customers are satisfied with your products or services, the better you’ll comprehend what’s working and how you can improve in regards to your company’s market share gain.
Be Innovative And Creative
If you want to expand your market share, make innovation a key part of your digital marketing strategy.
Innovation comes in many forms: new products, customised solutions, service delivery models or customer support. Look for a way to distinguish your offerings from your competitors, and you’ll be seen as a leader—and a company worth staying with over the long term.
Reasons Why Manufacturers Need To Utilise Digital Marketing
Change In Buyer Behaviour
Gen X and millennial consumers are taking over purchasing roles within companies. Over 60% of millennials influence or directly make the decision to purchase goods or services, therefore your manufacturing company needs to reach and target them through their way of buying.
Give The Customer Flexibility
The global pandemic fundamentally reshaped how customers purchased goods, and the manufacturing industry was no different. B2B buyers using in-person channels expect access to digital marketing channels and platforms to enhance their experience.
Digital Channels For Big Items
Despite the widespread belief that in-person contact is necessary for the higher-value purchase, 20% of B2B buyers said they are willing to spend more than £350,000 either remotely or digitally. This means manufacturers need to utilise digital sales methods to attract customers and close deals.
The need for digital marketing for manufacturers will only increase. You can either lead the pack or get left behind… it’s your choice.
Expand Your Market Share With Digital Marketing
Here at GrowTraffic, we do what it says on the tin, maybe not the tin; the web, but you get the gist. We are an award-winning digital marketing agency and web traffic growth experts!
We specialise in SEO. We offer an array of digital marketing services, including social media management, email marketing and content marketing – all of which will contribute to your market share percentage.
If you are looking for more information, send us an email at email@example.com. Alternatively, if you would like to chat, give us a call on 0161 007 0121.
For more tips and advice on SEO, please head over to our blog page.