Well, to begin with, they understand they’re not alone.
They’re in good company.
Last year 96% of the companies in the Fortune 500 lost marketshare.
We’re living in unique ever-changing, ultra-competitive times.
So what are many of them doing about it?
Glad you asked.
Especially since – for once – I actually have an answer!
And especially since – once again – it’s the same simple answer I give in response to most problems.
And that simple answer is –
“Get back to the fundamentals.”
I know this seems way too easy.
But the fundamentals are never easy.
Whether you’re the manager of the Detroit Tigers at spring training, a teacher in a 2nd grade classroom, or a professional financial planner, it’s mastery of the fundamentals that’ll make the difference.
Premier marketers understand this.
This is why many of them approach their declining marketshare realities from the street level up, by re-clarifying the very purpose of their companies (AKA the problems they were created to solve) and by reconnecting with the real-world expectations of their customers.
At first, I thought I’d just see a host of activities rolled out to goose immediate sales; short-term measures like discounting, give-aways, and costumed characters waving signs at major intersections.
You know, the kind of stuff that works for pizza shops and tax preparers.
The kind of stuff we see all of the time.
But savvy marketers trying to rebuild marketshare understand they need to rebuild something else first.
If people aren’t even thinking about you, what are the odds they’re going to become paying customers?
So zeroing in on “mindshare” is the proper focus.
Mindshare is critical.
And fortunately, the secret sauce to boosting mindshare is something we all know well – engaging in conversations.
If you want to improve marketshare,
you’ve got to –
thoughtfully join in the conversations already taking place,
with the people WHO you want to reach the most,
about the topics they care about the most,
and WHERE most of the conversations are going on.
These are the fundamentals.
Not much more than this, really.
And I don’t mean to brag, but I think I’d be pretty good at engaging in conversations, too.
If only people would stop leaving the room once I show up.
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