When analyzing your HVAC company, you are most likely wondering what exactly your market share in your respective area is? Market share is an important factor to look at when determining the health of your business. It gives the overall picture of where your service stands in line with the HVAC market as a whole in your city, county, etc. Having a healthy market share is vital to continued success for your business. If your market share is low, do not stress as there are multiple ways to increase it.
The first way to increase your market share is by introducing your marketing strategies in areas of the city or county that you are not currently doing business in. All too often, HVAC companies make the mistake of unloading tons of money in television and radio advertising just because they want to maximize their exposure and reach the most people. However, by doing so you are not focusing solely on those new, untapped areas or neighborhoods in your respective city or county. Increasing brand awareness by putting door hangers, flyers and offering special pricing promotions in those new, untapped areas are all great and cheaper ways of increasing your brand awareness in those areas.
The second way to increase your market share is by interacting with the consumers. All too often, HVAC companies go in for the sales pitch, acquire the customer, perform the work, and then leave. There is rarely any interaction after the job is done. To increase your market share, you need the customer to feel like part of the family. This will allow you to ask the consumer what they think of the work you performed and what they truly value in an HVAC company. According to Hubspot (Links to an external site.), “It’s a low-cost way to conduct market research and learn more about your place in the industry based on consumer perception.”
In conclusion, increasing market share is vital for any company’s sustainability. There are multiple ways to do so, but introducing new areas to your business and interacting with the consumers in those areas are some of the first steps you should take in increasing that market share.