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How to Stop Competitors from Eating Your Market Share

One of the most crucial rules of running a successful business is to know why you started it. Finding your ‘WHY’ or the purpose of your business fuels you towards success.

Here’s the thing.

You can sell goods or products to your customers in the short term, but without a real strategy, you can only go so far and achieve short-term results. Many sellers use manipulative tactics or short-term tools to sell more but this is short-lived.

If you don’t know why you do what you do, then what you do will not matter. It’s because -- ‘People don’t buy what you do; they buy why you do it’.

Make a Difference in Your Customers’ Lives to Win Greater Market Share in Your Industry

Let us understand this philosophy with an example –

The APPLE brand is known for its innovative products and commands fierce loyalty from customers. Their products go beyond WHAT they do and are all about WHY they do it.

Interestingly, iPod was not the first mp3 player in the market. Singapore-based Creative Technologies was the pioneer. However, APPLE soon became the category leader while earning heavy margins.

Creative Technologies sold its mp3 players with ‘5 G.B. capacity’ (WHAT), while Apple sold its iPod with ‘100 songs in your pocket’ – a strong (WHY).

Apple integrated its iPod with iTunes and allowed users to download a single track instead of an entire album, giving more reasons to buy – the WHY.

Your Competitors Give You a Golden Opportunity to Stand Out

As a women’s apparel retail business owner, do you worry about the growing competitors in your industry?

Do you fear that your competitor brands will eat into your market share and take away your customers?

Here is the reality –

If you know the reason behind running your business and offer the WHY to your customers, you won’t have to worry about your competition.

If you offer top-class products and superior services to your customers, other apparel stores will only help you stand out.

Your customers will get the opportunity to judge you, compare you with others and finally, choose you over them.

Are you ready for your competitors to help you to win customers and expand your market share in the women’s apparel business?

Then follow the steps mentioned below --

Bring Constant Improvements:

Your customers want and deserve the best products and services. Keep improving your products, and give your customers what they deserve, and they will buy from you.

Offer Innovative Products:

Innovation is the key to serving your present and prospective customers. Show your customers what they want and satisfy their inherent needs and desires better than your competitors.

Get Referral Customers:

When you offer the best products to your customers, they will stay with you forever and refer you to others – which is one of the best ways to get a regular flow of orders.

Closing Thoughts

Success in the apparel business, or any business, comes from clarity of thought and consistent action. If you know why you are running your business, you will offer your customers tangible benefits and convert those benefits into money-making conversions.

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