How to Increase Your Market Share in Wireless Retail
Dave Cherrie
Apr 1, 2021
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Employee analysing business statistics
It’s time to take a bigger bite out of the market. You know your team can do it. You have the resources. Now you just need a strategy— a plan to build your numbers by year’s end, increase your store’s buying power, and give you the edge over the competition. Here are just a few tips we’ve gathered for increasing your market share in wireless retail.
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Boost Loyalty
By the very nature of the business, most wireless buyers are not new to the market. When a contract is up, they consider it a time to reevaluate, and cost is a major factor in their decision to keep their current plan or move on.
The trouble is, you might not be in a position to set the lowest price. Whether that’s due to corporate-set pricing or because one of your competitors has a more powerful slice of the market share, it’s sometimes out of your control. The solution is loyalty. Forbes reported that 71% of customers care about loyalty programs when deciding which brands to choose.
Loyalty-based incentives can be a strong foothold for retaining your customers while finding new ones. For a relatively small cost to your store, you can get yourself some market share “insurance.” Small discounts on accessories, a few free months of protection plans, even something small like a free tee shirt or coffee cup— these can all go a long way toward securing your customers for life.
Reward Reviews
Pew Research found that 96% of all Americans now own a mobile phone. No one is trying to decide
whether
to buy a phone and plan. They’re all deciding
which one they’ll buy
. With such saturation, a huge part of the marketing effort is out of your hands. It’s up to what buyers hear from their
peers
.
In-store, you can build your reputation by always making the customer happy. Even
smiling
can give customers a feeling of warmth, according to the Cambridge Handbook of Workplace Affect. But that’s just basic sales.
You can also build that reputation off the sales floor. Customers read online reviews, and you can encourage your happy customers to review their experience with simple giveaways, discounts, or even drawings. Give customers tangible rewards for clicking a few stars and saying a few words, and you’ll soon have a solid reference of great reviews for any new customer to find.
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Play to Your Strengths
It’s no good trying to be a jack of all trades. Be a master of one. Find out what you do best and play to it. Maybe it’s the way your reps greet each customer at the door, making sure to answer all their questions without applying too much pressure. Maybe it’s your excellent repair desk, and they way they put worried customers at ease with quick turnaround times and free loaners.
It could even be something fun like Free Latté Friday or an environmental element like a distinctive overhead playlist. Find out what customers love about your store and do more of it. They won’t want to leave empty-handed.
Another important tactic for boosting market share in wireless retail is the ever-essential up-sale. Accessories, protection plans, stronger contracts. Check out our infographic on how to encourage more up-sales and cross-sales for more specific ideas.
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Dave Cherrie
Dave is part of the Growth team at Arcade.