It’s hard to overstate the importance of a high market share for a business. Being a leader in your industry has many significant advantages, including buyer trust, the ability to charge higher prices, and a unique position to expand your offerings and propel your company forward.
But for any of that to matter, you must also understand the best digital marketing strategies you should use to maximize your profits and maintain the dominant market position you currently hold. After all, someone holding a strong position in the market will have to think differently than a new company that’s just beginning to enter the market.
So, how can you drive growth even further when your company is already doing well?
Let’s look at a few key strategies you should consider below.
When you have a high market share in your industry, you probably have plenty of interest in your products and traffic on your website. In fact, increasing the number of interactions you get without greatly expanding your marketing budget might be a challenge, especially if you already have multiple marketing campaigns generating qualified leads for your business.
Because of that, the most productive way to boost your digital marketing efforts and drive more sales might be to focus on converting as many people that visit your website as possible. And that’s why you should work with a top-tier CRO agency that can help you figure out how to get your website’s visitors to take the actions you want them to take.
An experienced CRO agency can bring a fresh outlook on what you’re currently doing, helping you identify gaps in your funnel, issues with your messaging, or growth and engagement opportunities you might have missed.
By applying proven and tested methods for boosting your conversion rate, professionals can help you discover new ways to get more people to convert into customers, allowing you to dramatically increase your earnings potential without having to spend more on generating leads in the first place.
Improving your conversion rate has numerous direct benefits to your revenue, but they have secondary benefits that can be just as powerful. Namely, when you convert a high percentage of your site’s visitors, you can become more confident when investing in driving traffic to your offers using paid ads.
And that’s when it will be a great time to consult with an experienced Google Ads agency that can help develop relevant, targeted, and value-driven campaigns that will get the right people in front of the well-optimized offers you want to focus on. An agency can help you calculate how much you can allow spending per click to become profitable, allowing you to become more aggressive in your paid ads campaigns and pursue more expensive search queries.
As a company already enjoying a high market share, you must be more daring when looking for new lead sources. Optimizing the performance of your conversion rate and Google Ads campaigns is a powerful combination that can provide you with a virtually endless stream of new customers.
One of the best ways to take advantage of your strong position in the market is to actively use it as part of your digital marketing messaging. Whether you’re running ads, creating content, interacting on social media, or sending emails to your list, you should find ways to emphasize the trust that a large number of customers are putting in your brand and products.
Seven in ten consumers will buy more from brands they trust, so showcasing your dominant position in the market is one of the best ways to emphasize that your company can be relied on and is worth choosing over the competition. You can do that by highlighting the positive experiences your current customers have with your brand and making testimonials and customer-centric messaging a key part of your digital marketing efforts.
Influencer marketing is becoming one of the best ways to promote products and services online. It can work at any stage of business development, but it’s especially powerful if you already have a strong reputation that the influencers can highlight in their promotions.
When you have an industry-leading product or service, that will make creating authentic content with influencers much easier. They can use the fact that many people already trust your brand as a key point in the reviews and posts, giving more credibility to their claims and making it easier to convince the followers to try your products.
What’s more, when you already have a high market share, working with influencers with different audience segments will allow you to expand your reach even further, reaching prospects that you might not have engaged before.
Having a strong position in the market is a great advantage for any business. But in order to maintain it, you must be creative in how you approach digital marketing, using different opportunities to leverage your situation to expand even further.
A great first step is to use the expertise of conversion optimization and paid ads agencies, which can help you quickly boost sales performance and provide additional traffic. You can also make your brand’s popularity a crucial part of your messaging, working with influencers to further cement your place as an industry-leading authority.