Volume 9 No. 1: How to build market share
Technology has given consumers more options than ever for every purchase they make.
Let’s say you're shopping for a new coffee maker. You used to have three options at your nearby retail store. Now there are endless choices, features, and brands to choose from—all just a click away.
How brands stand out and gain market share.
Each week, we break down another marketing trend so you can skip having a breakdown.
Technology allows consumers to actively search and find products from a wide variety of sellers. But the sheer number of options makes it tough for many brands to stand out.
46% of consumers shop for products within a retailer or brand site, rather than shopping at an online marketplace like Amazon. This limits their purchases to only the most well-known brands. And 61% of shoppers say they’ve found a product in-store, then purchased a similar item from another retailer online.
For many businesses, competition is rising, especially online. It can be hard to maintain, much less grow, market share.
But it’s those that stand out in a saturated market that find long-term success. This can be achieved through building a distinctive brand and pursuing innovation.
- Set yourself apart from competition. 94% of a brand's pricing power is driven by how it differentiates itself from competitors.
- Pursuing category creation can be an affordable and inventive way to put your brand in a class of its own. Category creators account for more than half of the incremental revenue growth on the Fortune 100 list of fastest-growing companies.
Key Takeaway: Consumers now have many options when it comes to making purchases, whether in-store or online. But finding your own voice and unique value will set you apart from well-known brands.
The Growth Lab
Question: Where do leaders get tripped up when trying to push their businesses to the next level?
We ask an experienced group of business leaders, marketers and statisticians about strategies for success.
Answer: "The biggest obstacle that trips up leaders in driving next level business growth is the fear of change. A successful leader must embrace change and use it to pull everyone together, not tear them apart. Celebrate the wins and learn from the losses."
— Clark Hjelmstad, VP Business Development
Clark enjoys helping brands grow with TV advertising and expanding his marketing and business strategy knowledge. Outside of work, he spends his time outdoors with his family.
Read: Shoe Dog
Here we celebrate books, podcasts, videos, and influencers that are actively pushing marketing into the future.
Marketers and entrepreneurs looking for an inspirational and informative story should read New York Times bestseller Shoe Dog. Phil Knight, founder and board chairman of Nike, brings readers along on his journey to building a multi-billion dollar company from the ground up. His memoir also teaches readers about various aspects of entrepreneurial life—from management and team-building to preparing for constant changes in the business world.
Our favorite insight? Knight defines the term “shoe dog” as someone who “devotes themselves wholly to the making, selling, buying, or designing of shoes.” He says it’s this type of commitment that helped him achieve success.
Share Change the Channel
Share this newsletter with coworkers, friends, and neighbors to show off your TV knowledge.