How To Increase Your Market Share ? [ Increase the products or develop existing products ? ]

Search for new markets

Your product development

Find new customers

Provide special services to existing customers

And maintain them

To increase market share, developing the existing products is a better idea. 

That depend on the market, type of products, competition and the market environment. You may also target other groups in your market.

1. Stay relevant through innovation. One great way to gain market share is to spot new trends ahead of competitors. Listen carefully when you're chatting with friends, watching the news, or listening to kids talk about what they like. Think about how new technology might change your industry -- that was Netflix's opening to crush Blockbuster. There may be a change in the wind your business can jump on.
2. Respond to customers -- fast. Remember when leaving a voicemail recording that says, "I'll get back to you within24 hours" seemed responsive? Not any more. In this age of real-time Twitter customer-support, shoppers are increasingly loyal to the company that can fix their problem right now. Check out how fast your competitors respond, and then be faster, and customers will take notice.
3. Use customers' ideas. Companies such as Threadless have thrived by putting customers at the center of their business and letting them design their t-shirts. Keep an open channel for customer ideas -- one of them might be your next hit product.
4. Snap up competitors. Sometimes the easiest way to get more customers is to simply buy them. Watch for competitors that might be up for sale and purchase their customer lists. Shafer loves Baron Rothschild's famous quote, "The time to buy is when there is blood in the streets." Capitalize on today's economic chaos to solidify your business's position.
5. Be more flexible. Are your competitors still expecting workers to warm a chair from9 to5 in their office every weekday? You could steal their best people by simply offering more flexibility in how and where people work.

Market share is a measure of the total percentage of business your company has relative to your competitors in a particular market. Since market share is directly associated with profitability, increasing market share is a common goal for companies large and small. You can increase your market share in a variety of ways, including making changes to your product or service, pricing and promotional methods; increasing your marketing and advertising; and streamlining your distribution and logistical methods.

1. Sell More to Current Customers

   • It can often be easier to increase your market share by selling more to existing customers than acquiring new customers. Try applying the "80/20" rule, which means you should focus on selling to the20 percent or so of customers who make up80 percent of your business. While this principle may not apply to every business, the key is to focus your selling efforts on high-value, repeat customers. Use targeted mailings, emails and online coupons and discounts to entice these customers to buy more from you.

   Get Back Former Customers

   • Another way to increase market share is to try and win back former customers. To do this, you need to understand why these one-time clients no longer do business with you. Contact your former customers, and offer them a coupon or discount for filling out a survey. Ask them several questions about why they don't do business with you any more, and what you can do to get them back. Many will provide honest feedback that you can use to get them back in your customer base.

     1. Try Different Types of Channels

        • Using different types of marketing channels also can help you increase market share. For example, if you have been using direct mail as your primary marketing tactic, try using other channels like television, radio, print or online. Experiment with different marketing and selling channels like networking, cold calling, loyalty programs and social media marketing.

        Target a New Market Segment

        • Try targeting a new market completely. For example, if you currently sell primarily to women between40 and45 who don't use technology frequently, you can try selling your product or service to a new market consisting of women under30 who use technology frequently. You will need to use marketing channels that appeal to these various segments if you are going to try this strategy. People who use technology frequently will be more likely to respond to online forms of advertising.

        Diversify

        • Diversification means coming up with a new product or service idea in your market, or making an improvement to your existing product or service. It is important to note the risk/reward nature of this strategy though. While coming up with a new product or service or overhauling your existing product or service can lead to a large increase in market share, it is also expensive and carries a large amount of risk