Alexandra Levits Water Cooler Wisdom How to Steal Market Share from Your Competitors

Alexandra Levit's Water Cooler Wisdom How to Steal Market Share from Your Competitors Gaining market share is the process of growing your business by winning business from your direct competitors. To make this strategy work for you, you shouldfirst understand your rivals and why customers buy from them, andcommunicate to those customers why your offerings are more desirable. Today’s small-business owners realize that to sustain momentum over time, it’s essential to be perceived as a major industry or geographical player and to have the numbers to support that status. I spoke with three ownersâ€"John Crossman, president of real estate firmCrossman Companyin Orlando, Florida; Eli Goodrich, CEO ofGame Changer Salesin New York City; and Timothy Trudeau, CEO ofSyntax Creativein San Diegoâ€"about how they approach the market share question. Timothy Trudeau:[To] be honest with people, even when our competitor had a better offer. Also, sometimes people are willing to pay a little more if they know they are working with someone they can trust. Most industries are communities. People talk. If we didn’t come through for a client, others in our field would know. So we prided ourselves on doing what we said we’d doâ€"and doing it better. Word of mouth has done more for me than anything else. Eli Goodrich:I just designed a model and launched a unique service. I established ground by defining our company strategy and outlining our delivery tactics. Our prospects hear my vision and plans and that is what they focus on, not who else is in the market. After three years, we still have not faced a competition issue. John Crossman:At first, the strategy was survival. We wanted to find a small group of clients and serve them well. We still getrepeat businessfrom that core group of clients and continue to push ourselves to provide excellent service. Have you managed to gain market share over time? Share a technique you’ve employed to make that happen. Crossman:We are very focused.We don’t try to do everything.We handle leasing, management and investment sales for shopping centers. We don’t claim to be a generalist, and this has accelerated our growth. Trudeau:I am in an extremely crowded space. Every month, the publications are talking about the flavor of the month and getting people excited about something new. But after the hype dies down, people go back to their normal lives and look for thequalityand consistency that theyve known and loved. I provide that consistency through active listening, which is simply regurgitating back to the person what they said in my own words. This makes it clear to the person that you are listening and that you understand. Goodrich:We currently generate about $5 million in revenue. Our competitors’ revenue seems smaller or in line with ours. However, defining a specific market size is difficult due to the fractured nature of our target audience, which is composed mostly of startup or early-stage international companies. Also, many companies are not broadcasting that they use external teams to drive client acquisition. What do you do on adaily basisto make sure you are the best at what you do in your industry or local area? Goodrich:A rigorous schedule of education, study and prospecting is key to our success. I divide the day into these specific functions and rarely deviate from the plan. There are limits to time, but to be the best requires a balance of continual education and revenue growth. Trudeau:I am a voracious reader. Books on business, leadership, economics, politics and history not only keep my attention, but they help me get better at my job. I’ve also assembled a team of people who are each good at something different. Id rather have our creative director be in charge of making things look pretty than trying to do that [myself] while I am working on landing a large contract. Crossman:My goal is simply to serve: serve my clients, serve my employees and serve the industry. For the rest of the piece, head over to the AMEX Open Forum.