If you own or run a pallet company, you likely have a number of goals, but expanding pallet market share is likely at the top of your list. Growing your market share is a process, and it can take a lot of time, determination, and focus to see results. Depending on your service area, competition, and other market factors, various challenges can determine your rate of expansion and market growth.
Thankfully, there are some methods that pallet companies can use to expand market share and overcome common obstacles faster. If you’re looking for ways to increase your pallet market share, below are some tips and tricks you can use to get ahead:
Even though the world of pallets, raw materials, manufacturing, and logistics has everything to do with the physical, the world of sales, marketing, and customer service revolves around the digital these days. Investing in your company’s online presence is one of the top things you can do to increase your market share, as resources like your company’s website, social media channels, and marketing partners can help your brand reach more potential customers through the power of the Internet.
If you haven’t already done so, building a pallet company website for your business should be your first step when investing in your brand’s digital presence. Your company’s website serves as a central hub on the web where potential customers can learn more about your products and services as well as your company’s vision.
After your website is established, you will want to invest in digital marketing services like search engine optimization (SEO) and content marketing. You can also look for opportunities on social media to connect with audiences and showcase your products and services. The pallet market is segmented, and social media can be a good resource to reach various segments on a granular and local level.
You can also consider using paid ads in your digital strategy. Paid advertising on the web is usually done using a pay-per-click (PPC) model. The way these ads work is fairly simple once you have the basics down.
First, you need to select the keywords for which your pallet company should be found on the web. Next, you bid on these keywords against other pallet companies. If you win the bid, meaning you have the highest bid, your ad will be shown when people search on a particular ad network or platform for those keywords.
You pay your bid amount plus any fees for each click your ads receive. In most cases, if you don’t get any clicks, you pay nothing other than an insertion fee or associated fees from your ad network provider.
Paid ads can be effective, but if you don’t have experience working with them, you might consider consulting with a professional digital marketing agency. Attempting to handle your own PPC ads without having the research to back up your decisions could result in wasted ad spend.
“It takes a village.” This is a saying that implies no one reaches success on their own, and this tends to be true in the pallet business. Despite having resources, experience and talented experts on your team, you may not reach your true potential if you’re not striving to forge beneficial partnerships.
These can be partnerships with local businesses, suppliers, distributors and professional organizations, all of which can move you closer toward your goal of expanding market share. When you form partnerships, you have the opportunity to potentially do more business in more places, but you also build brand authority. People want to do business with companies they can trust, and having professional partnerships in place demonstrates that others within your industry trust your company and look to it for solutions.
You can also gain word-of-mouth marketing opportunities from partnerships. You never know when a partner of your pallet company will run across an opportunity that your brand may be a good fit for. When you have your company’s name in more places, you stand to gain market share simply by serving as a reliable provider of quality service.
If you’re not sure where to start looking for partnerships for your pallet business, conduct a market analysis that takes into account key players. It’s worth pointing out that forming partnerships with established major players will typically be a longer and more involved process compared to forming partnerships with smaller companies, but larger potential partnerships should remain on your radar.
It’s important not to limit your efforts in this area either. Logistics and supply chains are global, so you can look for partnerships in North America but also the Asia Pacific region, Latin America and even the Middle East. When your goal is to gain market share, you should never limit your opportunities.
Another way to increase market share is to expand your product offerings. If you only supply wood pallets, your market share may be limited to customers seeking these pallets. If, however, you expand your capabilities to include wooden and plastic pallets or wood plastic pallets, you can leave a bigger footprint in the pallets industry.
Of course, expanding your product line isn’t as simple as flipping a switch. You’ll want to consider the costs and time investment involved in adding new tools and equipment required for manufacturing and shipping various products.
Additionally, you’ll want to look at the pallets market size in your current service area as well as the service areas you want to target for growth. If a market is saturated with one type of pallet, you may end up wasting time and resources in these areas by offering the same thing that already exists.
If you’re going to introduce new products, one of the challenges you may run into is increased costs for materials. You can potentially offset these costs in several ways.
First, work with suppliers to see if you can create a better deal through which you receive a discount on bulk purchases. Many raw materials suppliers will provide such discounts if they know they can count on your company for ongoing business. Be aware, however, that securing this kind of deal may involve long-term or restrictive contracts, so you will want to weigh your options carefully to avoid being tied to a particular deal.
Second, conduct an efficiency audit to look for ways to cut costs. Small costs add up over time, but when you’re busy with “business as usual” in your day-to-day operations, you may not realize that your pallet company can save a lot of money by reducing many small expenditures.
An efficiency audit can identify areas where your company can complete work more efficiently and potentially reduce costs in the process. These savings can either be passed on to your customers or used to offset the increased costs incurred when adding new products.
Technology is one of the most important investments modern pallet companies can make in their futures. We’ve already covered digital marketing as a way to expand market share for your pallet company, but you’ll also want to have a strong technology foundation to support your operations.
Pallet company technology consists of both hardware and software solutions. On the hardware side of things, you have all kinds of digital tools that incorporate artificial intelligence (AI), machine learning, and other autonomous technologies.
On the software side, you have solutions like customer relationship management (CRM) software and financial modeling software. These solutions are often available in the cloud, meaning you don’t necessarily need to hire an IT team to manage your tech stack.
The benefit of investing in technology when trying to increase market share is that tech tools can allow your business to scale more quickly. Because of the speed and efficiency these tools provide, you can get more done in a shorter period of time. This results in expanding as needed and picking up more market share when opportunities present themselves.
Your unique selling proposals (USPs) are things about your pallet business that make it unique among competitors. For example, if your company strongly emphasizes using recycled materials and supporting sustainability efforts, this could be a USP.
You can promote USPs to gain an advantage when expanding your market share. Promoting your USPs can also be particularly beneficial when expanding into new markets. However, you need to be careful to focus only a little on general or vague USPs, as these could easily cause your pallet company to be overlooked or lumped in with your competitors.
For instance, if you tout your company’s dedication to customer service but provide no additional details about how your approach to customer service sets your business apart from the competition, this isn’t really a USP. Instead, you will want to consider things like your company’s money-back guarantee or warranty program.
You can also gather and compile customer testimonials to include on your website and in marketing materials. These can be added to your USPs to lend credibility and truly set your pallet company apart from your competition.
When using USPs to expand market share, you want to clearly communicate why your pallet company needs to be the top choice of customers in your service areas. To do this, your USPs must contain clear language and messaging.
Overly-complicated USPs that require a lot of thinking don’t work well. Instead, simplify complex concepts into bite-sized pieces of information that potential customers can easily understand and digest quickly.
Remember that growth takes time regardless of how you plan to increase your market share. This is even more true when competing against established pallet companies. In such a situation, having partners you can rely on becomes much more important as your partners can offer assistance and help guide your growth. With time, hard work, and investment into your company’s future, there’s no limit to how far you can scale your pallet market share.
Pallet company owners are overwhelmed these days, and many turn to the experts at Pallet Marketing Co. for help. We provide SEO for pallet business websites, strategic growth rate planning, and more to help during your forecast period. Schedule your personalized consultation with our experts today by scheduling a call or reach our team online using our contact page right now!