How do you gain and retain market share?

1 Understand your market

Before you can design a digital strategy that helps you gain and retain market share, you need to understand your market. Who are your customers, what are their needs and preferences, how do they behave online, and what are their pain points and goals? You also need to analyze your competitors, their strengths and weaknesses, their digital presence and performance, and their value proposition and differentiation. By conducting a thorough market research and analysis, you can identify your target segments, your unique selling proposition, and your competitive advantage.

2 Define your objectives and metrics

Once you have a clear picture of your market, you need to define your objectives and metrics for your digital strategy. What are your specific goals for gaining and retaining market share, and how will you measure them? For example, you might want to increase your brand awareness, generate more leads, convert more customers, increase customer loyalty, or reduce churn. You should also set SMART (specific, measurable, achievable, relevant, and time-bound) objectives and key performance indicators (KPIs) that align with your business goals and reflect your digital strategy.

3 Choose your channels and tactics

Next, you need to choose your channels and tactics for your digital strategy. Which digital platforms and media will you use to reach your target audience, communicate your value proposition, and engage them with your brand? How will you optimize your website, your content, your social media, your email marketing, your SEO, your paid ads, and your analytics? How will you integrate your online and offline marketing efforts and create a consistent and coherent customer journey? You should select your channels and tactics based on your objectives, your budget, your resources, and your market research.

4 Test and refine your strategy

Finally, you need to test and refine your digital strategy to ensure that it is effective and efficient in gaining and retaining market share. You should monitor and measure your results, analyze your data, and identify what works and what doesn't. You should also conduct experiments, such as A/B testing, to compare different versions of your website, content, ads, or emails and see which ones perform better. You should also collect feedback from your customers, prospects, and stakeholders and use it to improve your digital strategy.

Gaining and retaining market share is not a one-time event, but a continuous process that requires a digital strategy that adapts to the changing market conditions, customer expectations, and business goals. By following these steps, you can create a digital strategy that helps you gain and retain market share and grow your business.

5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?