3 Ways to Grow Market Share

With marketing budgets still feeling the pinch of a down economy, senior management teams still are pushing for growth. Sometimes the goals are unattainable, given that last year, most organizations were flat or retrenched in loan portfolios, slowed or stalled in deposits, and grew 1-2% net in membership.

So how does a marketer plan to support achieving the corporate goals when they seem unrealistic and there is fewer budget dollars to use for lead generation?

Here are three ways to get creative to grow your market share:

  • Enhance your brand value. If you want to grow market share, you’ll need to be above your competition. If you want to maintain market share, you’ll need to match your competitors. This applies to the amount of money spent in marketing as well as the quality delivery of your products and services. Ask your staff, what can we do to get members to refer us to their friends, families, and co-workers? Provide more financial counseling, get friendlier (out from behind the desks or teller lines!) and find other ways to demonstrate there is more value in doing banking with your organization.
  • Focus the frontline (both in person and call center) for cross-selling. The people that are in contact with members/customers are the most likely to be able to suggest additional ways to help them “save money” or “make money on their money!” Incentives are a good way to shine the light on what you want the frontline to do, so train them how to suggest.  Plus, give them business cards to ask members to tell their friends, families and coworkers about the great products and services.
  • Tell your story and live the tagline. Often a positioning statement or tagline is attached to the corporate logo that is meant to capture the essence, the personality of the organization as a competitive advantage. However, the full story behind why the tagline fits is sometimes forgotten. Create more interest about your organization by having staff members write a short note about how they have lived the tagline (helped a member, counseled a young couple about a new home mortgage, etc.). It can also be captured on video to be able to play on the website or flat screens in branches. Once the staff can tell the story and live the tagline, this is an inexpensive way to build more connection with members and have them help you build market share!

What other creative ways are you using to grow your market share?

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