Establish initial milestones for metrics that will allow you to monitor market share progress, like share of voice, likes, social shares, and attributed signups or transactions.
Research purchase triggers for your minimum viable target. Find out why, when, where, whom, and what accompanies a purchase.
- Why they’re buying the product. For example, I want to know why my copy isn’t working.
- When they’re buying the product. For example, I need a snack when going to work.
- Where they’re buying the product. For example, I need a drink when I am on the beach
- Whom they’re with when buying the product. For example, I’m hanging out with friends.
- What they’re buying the product with. For example, I need a drink that goes with French fries.
Provide your target market with a gift at the point of their purchase triggers.
These triggers create mental structures around the brand, allowing you to grow in market share. You need to show up when customers experience their triggers so that you can be everywhere where people tend to buy and tend to think of your product.
You can outsell your competition by showing up for longer, where they are not. Show up, go beyond the area adopters, be there for a long time. Share a generous, long- lasting gift to your minimum viable market – that’s the best way to make people notice you, trust you, and buy from you.
This mentality will help you prioritize activities that impact your success instead of chasing fruitless efforts or spending precious resources.
Elements that are out of your control include:
- Online algorithms.
- Competitor behaviors.
- The time it takes to realize results.
- Laws and regulations.
- What people say about your business.