When you’re trying to grow a business (and most businesses are trying to grow), you have two general paths to take.
- You increase your market share within the existing market
- You grow the market
Most of your marketing efforts are probably aimed at increasing your market share. You are comparing yourself with your competitors, telling people why you are better and why you deserve their business. You’re filling an existing need with an existing customer base.
That kind of marketing takes time. It can be expensive. And it can get dirty between companies who are desperately competing with one another for the same audience. Think Pepsi and Coke, who’ve been fighting for the same customers for a long time (granted their customer base is larger than yours).
Growing the market can be an extremely effective way to position you for stronger, more sustainable growth. But it’s not easy.
First, you need to identify who your existing customers are. What need are you filling for them?
Then you need to identify other consumer groups who either have a similar need that you can fill, or who may not have identified the need yet, requiring a slight marketing push from you to get them interested.
Manhattan Mini Storage is a good example of a company attempting to grow the market through marketing. Instead of competing for the same consumers with similar storage companies, they use ads to push people towards storage units.
Not, looking for a storage unit, try us. But, you just moved to a new apartment that can’t hold your stuff and you want to keep it, you need a storage unit from us.
See the difference?