How Can A Business Increase Its Market Share

Hello, and welcome to Hero TV today. I’ve got Sydnee Jacques. We’re going to be talking about how your business can increase its market share. So stay tuned. Hey everybody! I’m so excited to be able to share with you the principles that

I’ve developed on how to increase your market share. So, we’re going to talk about two different models and the first model that I want to start with is a very simple model that I’ve created that I wanna show to you right now. So, when I

was creating my engineering business, I knew that I had to have a quality product and service and so I had to define that what that was, what my niche was going to be, as I built my engineering business. And so, I created

this model. So this is the ZeroAccess. And, things get larger going this way. So if I have a quality product or service and I start with zero quality as I increase the quality, then my customer satisfaction would also go up.

So what I learned is that as, I increase the quality of my products and services, my customers were more satisfied. What I

learned also that surprised me was, there came a point of diminishing returns where I could continue to increase the quality and the customers wouldn’t notice and they wouldn’t be any more satisfied. So what I discovered is what I

have coined, the upper arrow. And this is where we have to find things in our business that will take our customers just from being satisfied, to…

being… extremely satisfied. So this is our goal as we go after more market share we want our customers to be extremely satisfied. So what I’m going to show you now is another model that I’ve developed and it

has five ways that you can look at your business and you can figure out, “how am I going to implement upper arrows to take my customers from just being satisfied to being extremely satisfied”. Because, ultimately we

our goal is for our customers to be loyal to us. As our customers are loyal, and they tell their friends then that’s how we capture more of the market share. So let me share this next model with you. So as we as we go through this model,

you’ll notice that everything that I’m going to talk about starts with the letter “F”. So, the first potential area that I want you to look at as you consider what could your upper arrow be

is food. Food, is something that… is… something that customers remember, and I just want to tell you a story. So, I built a multimillion-dollar engineering firm,

and when I was looking at this upper arrow model, trying to figure out what would set me apart, I decided I love to bake chocolate chip cookies. Now, how many engineers do you know that love to bake chocolate chip cookies? But, I knew that I

was dedicated enough to building my business that I would get up early every morning and baked chocolate chip cookies. So that was the upper arrow that I determined for my business. So as I started my business, I started taking

fresh baked chocolate chip cookies to all of my meetings. Do you know what happened? It was a way that really differentiated me. Yes, I provided quality product and service for my engineering firm, but it was something that helped us

stand out and people remembered us and that was an upper arrow. So, chocolate chip cookies I’ve seen many of the hotels that I stay at when I check in they have chocolate chip cookies there. Even my kids orthodontist has chocolate

chip cookies, when you’re checking out from the orthodontist. I think that’s a little ironic but, so chocolate chip cookies is just one way. There’s lots of different other ways that we can have food as an upper arrow because people

enjoy food. It brings comfort to them. It brings a happiness to them. So that might be one thing in your business that you might want to think, “is there a way that I can somehow implement food into what I do that would be an upper arrow?”

The second one, is freedom. What do I mean by freedom? I have to tell you one of my favorite things right now is I have discovered that I can go online,

and order my groceries. I hate going to the grocery store. So the opportunity to be able to go online, different grocery stores offer it and to be able to go online order my groceries from home, drive into the parking lot, have somebody

bring my groceries out to me and I don’t even have to get out of my car, to me that is just a whole new area of freedom in my life that I don’t have to spend that time walking up and down the aisles in the grocery store. Another area of

freedom that I love is I’m a costco fan. come on! most of the country is. I love the fact that I don’t have to keep track of my receipts at costco because every time I want to take something back whether it’s something I don’t want, or

something that doesn’t work any time I’ve ever had to take something back no problem. To me, that’s a real freedom that I don’t have to keep track of that receipt and I don’t have to worry if I bought this expensive item and I don’t

like it or if it doesn’t work. It’s an automatic freedom knowing that they’ll always take anything back anytime without a receipt and it’s fantastic. So, what are some ways in your business that you could offer people some freedom? Just

something maybe it’s more time freedom. Maybe it’s a freedom where they don’t have to have too many choices that you clarify things for them and you help keep things simple for them. What are what are some ideas of ways that you

could provide more freedom to your customers? As you do that, and they feel more free in this busy, busy world that we live in, you will attract more market share. The third one, is financial.

of course we all care about our bottom line. So, what ways can you financially reward your clients? Now remember in the principle of the upper arrow we don’t just want satisfied customers, we want them extremely satisfied. If they’re

extremely satisfied then they’re going to be with us for the long run they’re going to be loyal to us they’re going to become a part of who we are. So, ways that we could reward them financially maybe you have the opportunity

that you could create a often texting plan. I have a lot of different places that I shop and they’ll send me a text and say, “hey today, twenty percent off. Come in!” and that’s a financial

reward. Where I feel like, by being a part of their tribe that I am able to benefit from that financially. Obviously we can have certain times that we put things on sale or, maybe it is the idea that the

more you shop the more you save. I know a lot of the department stores if you come in and shop and then you get the bonus bucks where you can come by, come back and you can save more in the future. So what ways could you really offer

financial benefits to your customers? everybody cares about the bottom line. And, the last one on this section is fulfillment. in this day and age people are much more concerned about how are they feeling. How are they contributing

towards society. There’s a great sandwich shop that actually started in the salt lake city area here. And, I know the owners of it in their shop is called even stevens and it’s based on the idea that as you buy a sandwich they will

donate a sandwich to the homeless shelter, to people in need in that area and they’re very careful in identifying the needs and where they go to. But, that idea of fulfilling people’s social responsibilities that, “hey, I can go to

lunch. I can buy a sandwich and I’m also helping somebody at the same time”. How simple is that? I have watched them grow tremendously in a short period of time and it comes back to this fact that people want to be fulfilled and the

things that they do. So what can you do? maybe, some of the organizations that I work with it’s just a few times a year organizing some sort of a drive. Right now, one of the clients that I work with they have a dry of collecting winter

coats during spring cleaning so that they can donate those to the women’s shelter. Or maybe, it’s organizing a blood drive where your employees and you know everyone can come together to really show that your company is here to

fulfill a bigger purpose and how can you translate that to your clients? the last one and I put this at the bottom as the base because, this is truly the most important. This is you have to plan for

the future. As we go after more market share, we have to create a client base that knows we want to be with them in the future. I don’t just want one time transaction. I want to utilize different upper arrows so that I’m creating the

expectation that you will be back with me in the future. One of my favorite places to eat is the restaurant called cafe rio and I remember the first time that I went there with a friend I’ve never been there before, I’d never

experienced it before, and the first time that I went there they handed me a punch card as if I was going to come back ten times and I said, “well, I don’t think I need this” and they said, “oh yeah you’ll be back after you eat your lunch today

you’ll be back”. So I took the punch card kind of unwillingly and put it in my purse. And then, I sat down and ate my lunch and I loved it and I thought, “you’re right I will be back” And so, what can we do to create that expectation

that we want to be with you in the future. We want you to be extremely satisfied, we want to create this partnership. We want to create this tribe where you are a part of our experience and we want you here in the future. Maybe

it’s with the punch card, maybe it’s with the text in options where you’re part of a specific group that has the opportunity to take advantage of special deals. But, we always need to be planning. How are we planning for the future? How

are we creating this opportunity and setting the expectation that we care enough we’re going to serve you and take care of you here and every time we have the opportunity to interact with you so that you will

want to be with us in the future. So, as we utilize these five different principles of the upper arrow of how you really differentiate yourself, you’re going to be able to capture more market share. A couple things I want to think

about strategically as you do this, is, do you need to look at expanding the services that you offer? So in my business, I provide engineering consulting and we built that up and then we decided that training was a niche

that we could go after. Because, we had a specific set of skills that most engineers honestly don’t have. So we actually launched a new division in our company where we could serve the same clients with a new product and service.

Another thing you might want to look at, is, do you need to expand geographically? Do you need to go bigger than you are? Maybe use the internet to do online marketing. So there’s a lot of different ways that once you have this, and you know that you

can serve your customers and you can give them that upper arrow that will really set you apart, then you can go after more market share. So, I hope you’ll look at this, figure out what you’re going to do to get started, and get a

work and get it done. Thanks so much for watching hero TV today, and thanks so much Sydney for teaching these principles. I’ve got a lot more information about Sydney below, in the description. Be sure

to subscribe because, we’ve got new episodes every single day. Remember to live on purpose, make a difference, and be the hero.