What do you do when the economy and your professional industry face a downturn? How will you pivot when the competition slashes their prices for their product or service? How will you solve issues with inflation or lack of resources? You, the answer is YOU. You can still grow your market share when you focus on how YOU WILL take responsibility and find a solution to win. Let’s talk some more about that.

50% Market Share or Bust?

Unless a company has cornered over 50% of its market share, increasing its market share will be harder to overcome than the industry’s downturn. The solution is understanding how the game has changed, and changing your game plan to ensure victory is the only solution.

In times of doubt and uncertainty, one can do a few things to increase market share. Often, it boils down to adding a new market segment or pushing the sales team to swipe customers from the competition. These are not revolutionary or grandiose skill sets but maybe untapped skills that even your veteran and top sales representatives have not previously used…at least for quite some time.

This is where YOUR job as the sales leader becomes more important than ever. It’s time to push your team beyond all comfort zones or egos by developing or sharpening their skills.

I get it; it’s easier said than done. But this is one of those ‘it has to be done or bust’ moments. I like to recall Helen Keller’s quote to remind me to be laser-focused on how I WILL win,

It all boils down to what you believe between your ears. If you are confident you will succeed, your mind will be open to new or reimplementing old successful strategies.

Fix the Leaks, Get that Market Share

Sales leaders tend to make a few fatal, common mistakes in times of concern. Here are a few traps to avoid.

1. Relying on your salespeople to know what to do because they have been selling for xx years or have always been on top.
2. Waiting for the market to change (and perhaps closing down entirely while you wait) because you’re afraid to adopt the “hire fast, fire faster” mentality. Anyone unwilling to bend and shift to hit those sales is not an employee you want on your team.
3. Victims blame others and ‘out of their control’ situations about their own situation in life and for their performance results. This mindset not only negatively affects your team but also you.

If at any point you find yourself or your team falling down any or all of these rabbit holes, do this:

1. Relying on your salespeople to know what to do because they have been selling for xx years or have always been on top.
2. Waiting for the market to change (and perhaps end up closing down completely while you wait) because you’re afraid to adopt the hire fast, fire faster mentality. Anyone unwilling to bend and shift to hit those sales is not a good employee.
3. Victims blame others and situations about one’s situation in life and for their performance results. This mindset not only negatively affects your team but also you.

Huh, Nathan? I’m telling you to cut those thoughts out. Reject them. Be your own victor by reflecting on your mistakes and swiftly moving to learn from them and then to fix them. As a great leader, remind yourself AND your team that though you cannot control every situation, you can control your response.

Final Thoughts

In my book, The Sales Leaders Gameplan, I highlight the following reality:

Unless you’ve monopolized your industry, there is always room to grow market share. It can be more difficult sometimes than others, but it can always be done. I guarantee that someone in your industry knows this and is hatching a plan. Don’t be the loser. Get out there, do what it takes to drive those sales, and be the victor.

See ya next week.