Last week we discussed why your industry may slow down next year even if it hasn’t yet (Refer to last week’s article – Recession Coming? Gain Market Share, Part – 1)! My business has NOT slowed down this year. My November ’22 numbers were up in 4 of 5 categories over November of ’21, and sales and profits will end 2022 higher than 2021. But when I plan for next year, I must assume my industry will slow down, so if I want to keep my volume up and feed my family and those who depend on me, I MUST gain market share. So today, we will talk about the most effective way to do just that, and I will use my business, Commercial Capital Limited, as an example.
Step 1. Figure out where most of your business comes from now. The EASIEST way to gain market share is to INCREASE WHAT IS ALREADY WORKING! For me, it is referrals. So we must ask, “What can I do to increase referrals?” Answer-increase the number of times they see or hear from you AND IF POSSIBLE, TRY TO MAKE THIS HAPPEN FROM YOUR OWN STRENGTHS. Let me explain with my example.
Step 2: Increase what is working! Look, if something is working now, do more of it. The weeks I send out my tips, I get double the leads as the weeks I do not. Right now, I send them out twice a month. So next year, I will add 1 week-send 3 out a month instead of 2 and try to make them more powerful. That one simple thing, adding one more tip, will increase my deal flow. It’s an extra 30 minutes a month-simple. So find out what is working -whatever it is, ads or whatever-and do more of it. This is the easiest path to gaining market share.
Step 3: Stop what is NOT working! You only have so much time in a day and so much money to deploy to grow your business. You MUST stop the things that are not working. If you are running an ad somewhere and can not trace even one deal or source of business to that ad, then CHANGE it or kill it. Start with changing the headline, which is the highest impact you can make in changing ads. But again, know your business, look at where it is coming from, and then KILL or tweak things that are not working. Don’t be prideful-if it stinks, kill it! You must analyze EVERY dollar spent and DEMAND results, and if not, tweak or kill it.
Step 4: Add 1 NEW VERTICAL IN Q1(1st Quarter). What I mean by a vertical is a new marketing method, a new group to go after, or a new strategy to bring in sales- a new revenue stream. I get most of my business from referrals, but they don’t all come from my tips. I also am a Chairman’s Club member of the Gwinnett Chamber, a member of a local Rotary group, and in a smaller networking group that meets monthly-I get referrals from all these sources. I do training sessions for real estate offices and brokers. I have past and current clients and a system to follow up with my clients in the process of getting business from them. Each one of those is vertical that feeds into my database, which brings my tips. So I have many verticals feeding my business. These systems are all in place. Over the years, I have applied a new vertical a quarter, and when they work, I systemize it and make it automatic. You can do the same thing.
So what is my new vertical for 2023? I will display it at a conference to market my Private Money Fund. If it works, I will do one a quarter. If it doesn’t work, I will analyze and decide if it failed because of the message, the group, or some other reason. Then I will either tweak or kill it depending on what I decide.
At the end of each quarter, ANALYZE what is working or not working, and act accordingly. You can add one new vertical a quarter if you want. Just try it small before going large. If you want to try Internet AdWords, for example, start small, analyze messages and follow up and mediums to go in and once you find what works, then go large by pouring money and effort in! Test small, go large.
It is really that simple, but it does take THOUGHT, time alone, and knowing yourself. I don’t try to do too much because I like my leisure time and my life to be under control. My plan to gain market share next year is to add one more tip each month and to present and display at a targeted conference once a quarter. That, and of course, continue the systems I have in place.
AND ONE FINAL TIP: Don’t forget to work on yourself. Improving your sales skills, relationship skills, or product knowledge WILL increase your market share. So set a little time aside each week to work on you-and that includes eating and living healthy, so you have high energy each day.
THESE FOUR SIMPLE STEPS CAN BE DONE REGARDLESS OF WHAT HAPPENS IN THE MARKET. They take time alone, knowing yourself and thinking. And then, of course, application-DOING it. But if you do this and apply these things, you can not only SURVIVE but THRIVE and gain market share and prominence.
Commercial Capital Limited is a commercial lending broker and private money lending source. We offer direct private and bridge loans. We now have FIXED RATE SBA 7A LOANS for real estate AND business-only deals! And the rates are smoking under 7% FIXED! Most 7A loans are variable tied to prime and are in the 9’s and going up again later this month. But WE CAN FIX your rate as much as 2% LOWER, which is fixed-for-business loans! So e-mail Commercial Capital Limited at Commercialcapital@newtomedia.com to run your deal by us and capture these SUPER low fixed rates on SBA loans.
