Knowing market share and focusing on ways to increase it can help brands retain customers.
This piece suggests ways in which brands can increase their market share to stabilize their position in the industry. The author recommends marketers should create a recognizable brand identity to enable customers to easily identify their products and services across a similar range of commodities.
Businesses can further survey loyal customers to get opinions on their products and services. Brands can then leverage the survey results to make necessary improvements. Marketers can also engage with their customers on social platforms like Instagram.
The article states marketers should think from the customers’ perspectives and focus on enhancing their buying experiences. Brands should also keep up the pace with the ongoing trends and innovations to stay relevant in their industry.
[6 minute read]