Growing a business market is nothing like being in the consumer marketplace. But the complexity of business deals shouldn’t make you think that businesses don’t gather information in the same way as consumers. They also conduct research and weigh up their options against their needs. Here are some useful ways to increase your B2B market share.
Develop a unique brand position
Market share results from various factors, such as the ability to address needs in a way that no-one else can. Mapping your brand position involves more than just developing unique products or services. You need to create a distinct brand personality and a plan to communicate this at every opportunity. Consistency on every channel is one way to attract and keep B2B customers.
Hone your list
Each business on your list will have some kind of digital footprint. This enables you to conduct a search to gain insights on their potential needs. For example, if a company is consistently hiring, that’s a good indication that it’s growing rather than remaining stagnant. This means it may be in the market for your products or services.
Maintain a 24/7 presence
B2B leads expect to find answers they need online and if you expand your operating hours, you may increase your total market share. Make it easy to get answers to questions at any time and to learn how your products or services work. One of the B2B marketing trends is for company to use chatbots to handle simple inquiries. They usually integrate these chatbots with their knowledge base.
Expand your geographic reach
You may find that there are certain geographic areas that none of your competitors are covering. Even if your business is a small one, it may be worth your while to consider serving these areas to grow your market share.
Map out all potential touchpoints
Businesses appreciate engagement just as much as your average consumer. Look at every point where customers might want to engage with you and make sure you have the functionality to make it happen. If you have multiple channels for customer engagement, you can expand your market share.
B2B marketing works best when you’re able to deliver content best suited to each phase of the buyer’s journey. Podcasts with Q &A style discussions, how-to videos, webinars and case studies are all content forms used widely in B2B marketing.
Market to niche audiences
As a niche market is smaller and more specialized, it may seem contradictory to suggest marketing to niche businesses. By marketing to several niche markets, however, you are able to develop large footprints in these smaller marketplace segments.
Each market may be small but when they are combined, they represent a large market. For example, if you’re selling accounting software, you could position it as a solution for start-up businesses, niche service providers, local retailers and small businesses.
Make innovation part of your marketing strategy
Don’t just innovate for the sake of it but do it to address needs. Innovation can come in many forms, such as creating new products or improving service delivery models or customer support. If you can distinguish your offerings from those of your competitors, you will be seen as a leader in your industry and other businesses will consider your company worth staying with.
Use data to your advantage
Unless you use data to help you personalize your messages, they are likely to have little relevance to recipients. When you analyze data, you gain insights to make the changes and improvements you need to keep your messages relevant to business buyers.