How and Why Some Businesses Grab Market Share in Tough Economic Conditions

When many businesses are talking about ‘tightening things up’ and ‘how can we cut costs’ to cope with tough economic situations, others look to rapidly increase their market share at the expense of others. The traditional and all too common approach is to cut back on marketing and training and with that goes market share. Meanwhile smart competitors approach tough times somewhat differently.

So, what is their approach?

• They know their USP’s and why customers and potential customers should buy from them and not the competition (and it isn’t price!)
• They don’t let the climate dictate their thinking – they set audacious goals that capture the hearts and minds of their team allowing them to ‘picture’ the future
• They adopt a positive and not limiting mindset – instead of saying ‘we need to cut back to hold our position’ they say, ‘how can we improve our market position while others are struggling?’
• They ask this question of their employees and give those employees the chance and space to think creatively and then the opportunity to share these creative thoughts with the group
• They implement the best of these ideas
• They search for ‘know how’ amongst their team and beyond that don’t limit further search activity to their own markets. They look for ideas in other sectors and markets which could be transferable with a little adaptation

These tenets are all part of our Triangular Thinking process that has delivered immense growth in tough times for many SME’s.

Have you got a GROWTH mindset – do you want to increase your market share while others go backwards? Are you brave enough?

For a free one-hour chat with one of our Experts get in touch with us at ignite@tinderboxbusinessdevelopment.co.uk or call us on 0116 232 5231.

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The Tinderbox Team