Plant: How to increase your market share in 2023
by Shawn Casemore
There are three areas to consider if you want to increase your market share, despite the economy.
Photo: DifferR / Adobe Stock.
When I was younger, we spent many Saturday afternoons at the toboggan hill. Despite how much fun the ride down the hill was, it was the climb to the top of the hill that was always a challenge.
The steep incline and slippery conditions required considerable concentration to avoid falling and sliding back to the bottom. There was also the dodging of out-of-control sledders who hurtled down the hill at breakneck speeds, often having little control over their toboggan’s direction. Despite the challenges navigating the climb, the view from the top of the hill was breathtaking.
Recently, I was reminded of this experience while speaking to a group of sales professionals for an international packaging manufacturer. We discussed proven methods to find and capture market share in 2023, a common theme among the many companies I’ve been speaking to.
There are three areas to consider if you want to increase your market share, despite the economy.
- Re-engaging past customers
- Engaging new customers
- Increasing share of wallet with existing customers
Most of the companies I’ve worked with have ideas on how to accomplish number three, increasing wallet share. However, it’s the first two that have them stumped. Moreover, when you consider that B2B buyers are spending less time engaging with sales, even getting a foot in the door of a past client can be a challenge.
This article originally featured in Plant. Read the full version here.
