5 Techniques to Gain Market Share for Construction Equipment OEM’s
Every construction equipment OEM has to be concerned with market share because if you aren’t gaining you could easily be falling behind. And that’s dangerous news for your bottom line. But carving yourself a bigger piece of the marketplace pie isn’t easy. The competition is tough, and customers are more demanding than ever.
You have to be proactive. Market share is never a given, never static. You need marketing that’s strategically planned and carefully targeted with techniques to gain market share. You need a marketing plan and content that attract both prospects and existing customers and keep them engaged, so you can learn more about them and build valuable one-on-one relationships with them.
It’s an ongoing process because everyone is at a different stage in their buying process. And you need long-term customers, not just one-time sales, to gain market share.
So how, exactly, do you go about creating relationships that grow sales? Here are five proven techniques to gain market share:
1. Become a blogger.
A significant majority of businesses across all industries now rely on their blog as the key tool in their marketing arsenal. You can write your own articles, invite guests or staff to contribute, share content from others. The range of topics is virtually limitless, making it easy to be useful and interesting for all your various target audiences.
2. Offer downloads.
Helpful information is the key to building credibility and a sense of value, things that customers expect when they’re investing in construction equipment. They want to know your products are the right choice, and they must be confident you’ll be there with them down the road.
While blog articles are short, you can provide in-depth information via whitepapers, e-books or PowerPoint presentations. Downloads enable people to click-and-receive something the minute they see it but actually read the material when they have time.
3. Use social media.
The proliference of sites can leave you paralyzed with confusion. You can relax, though, because as a construction equipment OEM you only need to focus on two or three. Your marketing team knows which platforms make the most sense for you. Using social media exponentially expands your marketing reach, and it enables you to establish an individual as well as group conversations with your audience.
4. Reward repeat business.
are becoming commonplace, because they work. Everyone appreciates a thank-you, especially when it comes with tangible value rather than just a pat on the back. As an OEM, you should be rewarding your dealers and also your financing partners, because their association with you substantially affects your market share.
Your dealers undoubtedly have a program of their own, to reward repeat customers for everything they buy. Incentives can substantially improve the results of upselling and cross-selling efforts.
5. Coordinate traditional advertising and digital marketing.
Savvy marketers are now cross-promoting using traditional and digital tactics. You can incorporate a QR code in a print ad that leads to a website landing page. Create an infographic that does double-duty as a shop poster or ad. Pique interest about your new product launch in print and tell readers to visit a special website or landing page for “the rest of the story.” Increase your customer base by finding the right balance between traditional advertising and digital marketing techniques to gain market share.
When they respond electronically, you can capture their email address and other contact information. That starts the all-important engagement process so you can nurture those leads and guide them toward sales.
The more ways you have to reach your audience, the more likely you are to succeed. These are just five ways you can establish the kind of valuable, personalized relationships that drive sales and keep customers coming back to build market share.