In the last few months, businesses have heard more bad news than good. Rocketing inflation, weakening rupee, share market collapse, cash flow pressures, petrol price hike, increasing shipping rates... all these has brought businesses, both small and big - worldwide - into a very difficult situation.

The time is really tough now and the situation demands businesses to fight back. It is not the time to wait and watch, neither to start a voyage. It is the time to make the best of your limited potential - the resources you already have, and, most importantly, to get the best of your marketplace. Just 'stoop to conquer' and try to increase the share in the market you are operating at present - nothing else could be a better way to break the back of the beast.   

There are several strategic options you can pursue to increase your market share- the proportion of the total available market that is being serviced. There are three main ways -

Sell more to existing customers: It is easier to sell to your existing customers. But still you need to get the marketing right to make them come more often. Enhancing the quality of your existing products or services, promoting their benefits, personalized communication with customers, simplification of the purchasing process - all these can play a key role in getting your existing customers come more often and thus to sell more to them.   

Increase the average spend: Try to find out ways so that you can increase the value of every transaction after a customer chooses to buy from you. For example, you can offer volume discounts or offer a reduced price of a product when a customer buys another product. This kind of strategies to get your existing customers through the door to spend a little more amount is most likely to increase your sales and profit.

Expanding the customer base: Not an easy thing to do, expanding the customer base demands a business to analysis the market carefully and find out which groups of customers are not yet targeted. This step also involves understanding the market competitors, implementation of enhanced marketing and promotional methods, product development, etc.   

Before you start maximizing your market share, it is very important to fully understand your customer base, who are your potential and existing customers, what and when they buy, how and why they buy, what is the budget of the existing customers and  who else could buy from you. Try to find out the future trends of the market so that you could be the first to exploit a niche in the coming days. It is not easy to predict with certainty but predicting future developments in your marketplace could endow your business with a great edge for significant development.

To conclude, think positive. It is your moments of decision that shape your destiny. Difficulties are a part and parcel of business - let them weed out your competitors. Make the best of your existing market and limited resources to get your business through the tough times. The world is not going to stop, neither people will stop shopping. Just keep your eyes open and be on the ball - the world will be yours.