Get Market Share & Business Resilience

97% of the New Zealand businesses are in the small and medium sectors so market share is one essential element contributing to business resilience.  Market Share is a measure of customers’ preference of service and products over other similar services and products and it usually follows that businesses with higher market share sell more, with less effort and are more resilient to competitors.  Business Resilience refers to crisis management and continuity planning strategies in a business.  It is a business’ ability to change rapidly and adapt to unforeseen circumstances such as we are experiencing with COVID-19. 

We gain market share through:

1. smart hiring practices
2. powerful employee experiences
3. solid supplier relationships
4. strong customer relationships
5. innovation
6. competitor acquisition.   

This BLOG explains 1 & 2. 

Smart Hiring Practices
1. Promote the vacancy accurately to current employees, the open market, and the passive market to ensure you are screening the best candidates ‘available’ at the time.
2. Be thorough with your screening process so not waste time interviewing unsuitable candidates.
3. Have a knowledgeable and experienced person conducting interviews. 
4. Before hiring conduct reference checks, in a legal manner. 
5. Employ and onboard new hires correctly to set them up for success.   

How do you secure existing market share and grow it with smart hiring practices? 

If you have made smart hiring decisions your people will nurture your customers with the quality of service required to retain and encourage repeat customers to purchase with frequency and increasing purchase values.  These customers will also provide you with word-of-mouth marketing that will grow your market share.   

Powerful Employee Experiences

The creation of employment environments and experiences that motivate employees to work willingly in the best interests of your business, thereby increasing their productivity and your business’s profitability. 

Powerful E Ex also cause employees to speak favourably of you as an employer thereby improving your Employer Brand and it will cause them to be positive ambassadors of your brand, products and services generating business you may not have otherwise gained. 

There are many ways you can strengthen your E Ex and they do not need to be big, daunting, or expensive.  There are several VLOGs posted earlier this year that will give you greater detail on the topics covered in this BLOG so please take a look. 

Our team is ready to engage with you and cause change for good in your business so reach out to us and let us help you make great hiring decisions and create powerful E Ex.