Money Talk: How Do You Grow Market Share?

Growing market share is an admirable goal, but getting it done can be daunting. Paul Reilly of New Direction Partners has these eight important tips to keep in mind:

1. Measure sales activity with the same vigor you measure production activity.

2. Set a growth target, prepare a plan, act on that plan, measure the results.*

3. Become a strategic product-focused or customer-focused printing firm.

4. When developing your growth plan, have those who are required to execute it also responsible for its implementation.

5. Monitor plan results and adjust actions to stay ahead of your competition. Never stop.

6. Be different.

7. Target high growth industries.

8. Purchase competitors’ firms (buy market share).

(*BOLD indicates most important items)

Regardless of market niche, geographic territory, or historic track record, it’s important to plan for growing market share. Implementing a plan with accountability assigned and responsibilities clearly defined will help pave the way for success.

Stuart Margolis, CPA and partner at MargolisBecker LLC, provides information that helps firms operate profitably. Find information at www.myprintresource.com/10164246.

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