Increase Your Online Market Share

Increasing your online market share is extremely important, especially as people start browsing more or using comparison sites to shop for them. Here are the 6 best ways to help you increase your online market share in a cost-effective way. Putting these methods into practice can result in a much larger number of sales, and help to both retain current customers, and get new ones.

1. Research your market.

First and foremost, you will want to do in-depth research on your market. You will want to research two main aspects of your market: your competition and your potential client base:

  • Competition: You will want to research what type of competition you have online within your specific market. Who are your main competitors? What are they doing right? What are they doing wrong?
  • Potential Client Base: You will also want to get to know who your potential customers are. What keywords are they using to search for products like yours? What type of online social behaviors do they have? Are there any specific products they like that you should start offering?

Working to answer all of these types of questions (and many others) will help you to better understand your market in more depth, which will give you right footing when determining what you need to do to increase your market share. You can either work to do these analyses on your own or you can hire an internet marketing company to do a professional online market analysis report for you.

2. Emulate some of your competitors’ features.

While you should be trying to innovate as much as possible, sometimes a competitor does something that could be a great fit for your website or your entire business. When you’re doing your market research mentioned in number 1 on this list, take a minute to look through your competitors’ websites in detail and see any features, tools, products, specials etc that they are offering that you might want to also include in your offerings. If there is any way for you to improve on what they are already offering, by all means do so. Just make sure you balance this out with creating innovations of your own. Remember, it’s about emulation, not complete duplication.

3. Use analytics to better spend your online budget.

Studying carefully the kind of behavior a buyer has on your site can do a lot in determining where you need to spend money advertising, and how best to orient your site. While analytics can tell you most of the story, you will still probably have to test out things yourself, but you can run these tests based on the information you glean from your chosen analytics tool.

4. Get your website’s name where buyers can see it.

Advertising in the right places can do wonders for your online market share. You want to be in front of as many targeted eyes as possible, yet you will probably only have a limited budget to do this with. There are many sites and tools to help with this problem, one of them being SiteScout, which allows you to run your own ads on thousands of different websites and ad networks. Knowing where the buyers congregate is important in online advertising, since it is easy to spend a lot of money very quickly and have relatively little to show for it if you are not careful.

5. Encourage interaction with visitors.

Visitor interaction will keep people coming back to your website time and time again. While they may not be a customer the first time they land on your site, or the second, or even the tenth time, you have a better chance of converting them to a paying customer than if they never came back again. One of the best ways to encourage people to interact with your site is to open up comments on your products and let people give their own reviews. This has the dual benefit of drawing more people in via search engines since your SERPs should rise as people come to your website in order to see what other people are saying, and it helps retain those visitors since they know that anything you offer is being talked about by other people on your site.

6. Offer more on your website than you do now.

Using your website as more than just a placeholder for information and items is essential in growing your online market share. You might want to think about have online only specials so that you gain at least a temporary influx of visitors and buyers, some of which will remain and will shop on your site again long after the promotion has ended. The key to pulling this off successfully is moderation. Having too many sales will hurt your margins and become the new status quo, while not having enough in the way of special offerings makes people lose interest.

[box_light]Nicole writes about the latest in online marketing strategies. She loves helping website and business owners learn more ways to better compete and find success online, including everything from the newest SEO tactics to the best online marketing research processes.[/box_light]