Companies in the BevAlc industry are always looking for ways to increase market share. One of the best ways to do that is through continuous learning. Providing sales teams with an online sales training program teaches sales teams how to recognize and leverage opportunities and respond to customers' needs with effective solutions. Continuous learning not only gives teams the skills, tools, and expertise they need to be successful, but those same skills can help amass more market share.
Market share is the benchmark businesses use to determine their marketing effectiveness. It is an external metric, as opposed to internal metrics like revenue growth, customer satisfaction, or loyalty. Market share is a quantifiable indicator of your relative position among your competition. It is measured as a percentage of an industry's total sales attributable to any one company.
So, how does a higher market share put companies at an advantage? An increased market share facilitates higher profitability and increased operational scalability. Higher market share can lead to more buying power, as larger orders result in better pricing from suppliers. The more market share a business garners, the more competitive advantage it earns and the more appeal it has for investors.
Alcoholic beverage sales in the United States totaled over $250 billion in 2019. The race for market share is highly competitive. There are several strategies businesses can use to increase market share, like lowering prices, increasing advertising, or acquiring competition. However, two of the most impactful ways to increase market share involve providing innovative products or solutions that no one else offers and ensuring an exceptional customer experience from pre- to post-sales.
Innovation can entice even longtime customers from competitors to experience something new. Many recent trends in the BevAlc industry have shifted the market share in the last year. Some of the most notable include ready-to-drink canned wine and spirits, healthier alternatives such as lower alcohol drinks, fruit-forward beers and seltzers, and even harder seltzers with 8% alcohol by volume compared to the typical 5% ABV. Consumers are also attracted to new celebrity spirit collaborations.
A strong customer relationship is insurance for maintaining market share. A satisfied customer base can also increase market share, particularly when many salespeople promise the world and fail to deliver, leaving customers looking for a more reliable, trustworthy source. Taking a fact-based selling approach can help build key relationships critical to sustained growth. This type of selling relies on recent, relevant data and insights to assist customers in their buying decisions rather than vague promises of increased sales volume.
Many companies with the highest market share in their industries often have a secret weapon in common. Skilled and dedicated employees power their operations. They attract the best candidates by providing a structured methodology to ensure they have the right people in all positions, including customer-facing roles like sales and customer service. This is done through not only hiring top talent but retaining them with a culture of continuous learning.
The factors that attract top talent and keep them engaged include:
These techniques empower your employees, ensuring they have the aptitude and skills for success. Today's employees seek companies that will provide opportunities for continuous growth and learning, along with tangible, actionable feedback to help them improve. Providing online sales training allows them to learn at their own pace during times that work best for them. Teaching them to take a consultative selling approach helps your salespeople build relationships that can increase market share.
The BevAlc industry is highly competitive. The companies that come out on top are the ones who recognize that a culture of continuous learning is critical to their success. It helps to attract top talent and keep them engaged as they grow their skills and capabilities. Continuous learning ensures your teams keep current on emerging trends, gain a thorough understanding of the market, recognize the drivers for the trends, and employ a consultative approach to selling that can propel them to new levels of success.
By hiring the right people, continually assessing their growth, and giving them unfettered access to education and coaching, sales managers create energized, high-performing teams that are challenged and empowered to continually exceed their goals and create new ones. By providing an online sales training program that delivers continuous learning to your sales team, you can help ensure increased market share.