As a business, be it you are involved in simple carpet cleaning or complex eCommerce, knowing your market share tells you how you rank against your competition. For you to grow, you must increase your market share. When we talk about raising your market share, we are talking about making informed marketing decisions that help in contributing to the overall sales and customer retention.
Increasing market share entails increasing the efforts you put into sales as a business, and making use of new and additional strategies to help you get there. Market share refers to the percentage of total sales in an industry that is generated by a particular company. Market share is calculated by taking the company’s sales over a certain period and dividing it by the total sales of the industry over the same period as well.
Essentially, market share is how much you make as a company in the industry, and how it stacks up against others. To increase your market share, you must make more sales than your competitors and increase your share in the industry you are involved with. This is much easier said than done, but to do it, here’s what you can do.
Find your niche and stick to it.
Your company needs to have a few characteristics that set it apart from the rest in the pack. You need to have a distinguished brand characteristic that enables people to more easily identify your company’s products across a line of similar-looking products. If your company can create a recognized brand identity, while at the same time producing higher quality products and services than the competition, you stand to increase your market share.
Innovations are very important if you want to stay current in your industry and increase your market share. While some design elements such as log remain the same, you must be able to make system upgrades from time to time, on the products you have on the market. As society continues to grow, you want to delight your customers with new products and give them a reason to continue using your products.
Engage with customers
Customers already know what they want and so, one way to reward them is to ask them questions on what they need. You need to come up with a carefully crafted survey that you can send to your loyal customers with questions about design, features, and updates they would want on the next product. Engaging with your customers makes them feel very much appreciated and valued, and you recognize them as a valuable contribution to your company.
Continue to delight your customers
You need to go above and beyond to create loyal customers and do more to ensure they are always delighted. There are bare minimum expectations your customers will have on you, and you must ensure those expectations are fully met. Additionally, to grow, you must think about acquisitions. You can increase market share by acquiring other small and rival companies and making them part of your process. You will need to be diligent and perform a lot of research to identify the best mergers which would give you the maximum force.