Strategies and tactics for capturing more market share by providing better customer experience and lowering prices
The strategy aims to capture more market share by enhancing customer experience and implementing competitive pricing. It encompasses actions like conducting customer satisfaction surveys, training staff on customer service, and introducing a loyalty program. For instance, streamlining the checkout process and using CRM software personalizes customer interactions, ensuring a better shopping experience. Regular feedback collection and a responsive support system also play pivotal roles.
Another key aspect is competitive pricing. This includes conducting market research, offering limited-time discounts, and using dynamic pricing tools. For example, a price match guarantee can assure customers they are getting the best deal. Monitoring price impacts ensures strategies remain effective.
Additionally, the strategy focuses on boosting brand loyalty. Creating a brand ambassador program, holding events, and enhancing social media presence help engage customers. Encouraging user-generated content and developing referral programs incentivize customer loyalty and trust, further solidifying the brand's market position.
The strategies
⛳️ Strategy 1: Enhance customer experience
- Conduct customer satisfaction surveys to understand current pain points
- Implement a robust customer service training programme for all staff
- Introduce a loyalty programme to reward repeat customers
- Ensure a responsive customer support system with multiple channels (phone, email, chat)
- Regularly collect feedback and make improvements based on customer suggestions
- Streamline the checkout process to make it as quick and easy as possible
- Utilise CRM software to personalise customer interactions
- Organise regular webinars or Q&A sessions to educate customers about products
- Ensure a user-friendly website with easy navigation and relevant information
- Conduct regular audits of customer service processes to identify areas for improvement
⛳️ Strategy 2: Implement competitive pricing strategies
- Conduct market research to understand competitors' pricing strategies
- Analyze cost structures to identify areas to reduce expenses
- Introduce limited-time offers and discounts to attract new customers
- Regularly review pricing strategies to ensure competitiveness
- Develop a value-based pricing model to showcase the benefits of the product
- Implement a price match guarantee to assure customers of the best price
- Use dynamic pricing tools to adjust prices based on market demand
- Bundle products or services to provide better value for money
- Communicate the value of lower prices to existing and potential customers through various channels
- Monitor the impact of price changes on sales and market share and adjust accordingly
⛳️ Strategy 3: Boost brand loyalty and community
- Create a brand ambassador programme to engage passionate customers
- Encourage user-generated content and testimonials to build trust
- Establish a community forum for customers to share experiences and tips
- Hold regular events (online and offline) to build a community around the brand
- Offer exclusive access to new products and beta programmes for loyal customers
- Develop a referral programme to incentivise existing customers to bring in new ones
- Enhance social media presence to interact with and engage customers
- Collaborate with influencers and partners to extend brand reach
- Create and share educational content related to the products
- Monitor and engage with customer reviews and feedback on various platforms
Bringing accountability to your strategy
It's one thing to have a plan, it's another to stick to it. We hope that the examples above will help you get started with your own strategy, but we also know that it's easy to get lost in the day-to-day effort.
That's why we built Tability: to help you track your progress, keep your team aligned, and make sure you're always moving in the right direction.
Give it a try and see how it can help you bring accountability to your strategy.
