Market share is one of the biggest indicators of business success. It can be used to measure the effectiveness of various revenue-generating efforts, from marketing campaigns to product developments, expansion, innovation, branding initiatives, and so much more.
Market share is simply the percentage of sales a company has in the overall market. Market share can be the most reliable way of judging the effectiveness of your revenue generation plans. It can point out whether your marketing campaigns, branding initiatives, or CRM programs are progressing as planned or need any tweaking or a mid-course adjustment.
Market share is also a great way of measuring the success of your enterprise vis-à-vis your competition. Based on your share of the total business in a specific niche, you can measure the effectiveness of your strategies and its strategic execution.
Yet, despite its apparent and critical importance, market share is not given the importance it deserves. If you’re looking to scale your company and focus on profitability, you should really pay attention to increasing your market share. And here’s how top companies do it:
It doesn’t matter what people are looking for, whether they’re on the hunt for reputable retail stores that offer free shipping, companies that offer online cash advance or clinics that could take online booking appointments, everything they need is in the tap of their fingertips. Their strategy is that wherever users go, Google search is not hard to do.
Organizations struggle with prospecting because many salespeople are not comfortable with it. Whether you’re a multi-million dollar company or an army of one, it’s your sales force that needs to go the “last mile” in attacking and capturing new markets. Fortunately, cloud technology can be very effective in scouting business prospects.
Whether you’re relying heavily on technology or a human team, make a refined strategy. Who’s responsible for leading the charge on prospecting? How are you measuring success or setbacks when it comes to reaching your market share goals? Develop a calendar and goals that fit your business needs and check in on a monthly basis. Are you hitting your business goals – why or why not? At the end of each month, reevaluate your approach, work with your sales leaders and tackle the issue head-on. You can always work with a Results Training Coach if you feel that you need an outside perspective on how to succeed.
It may sound bizarre, but really, the best people equipped to sell your product and make it popular are not the marketing agencies, consultants or salespeople you’ve hired. They are the ones who actually purchased your product. But being able to turn your customers into effective advocates for your brand require great customer engagement strategies.
Develop a unique brand position and be consistent
We can all agree, Coca-Cola is one of the most known brands in the world. That red and white colour has been known across the world for over 130 years. And that level of consistency, from their products to their marketing strategies, have made them stand out. Owning 48 % of the beverage market share, Coca-Cola managed to produce numerous products under different names and brands. But their iconic can of Coke still remains untouched.
Your business is not an island. You depend on others to make your business work (e.g. your suppliers and your customers). But have you thought about building a mega partnership with another business? You might think that your business is too small or too niche or too new to build a partnership and expand share. That’s where you’re wrong. It’s all about finding the right fit.
Market to smaller groups or niche
Steve Pfeiffer of Talisman Casualty Insurance says while it may seem counter-intuitive to target a small market when you are looking to increase your market share, the one thing many businesses don’t know is that money is in the niche. “When small markets are combined together, they really add up. Focusing on one product, one idea, and one group at a time helps you find real customers,” he summarised.
A number of factors can impact the market share of an organization. Finding a need and filling that need or, in other words, the ability to address a specific need of the market in a simple way can help create a distinctive position for your brand. A touch of exclusivity in everything you do can help attract audience attention and do wonders for your sales numbers.
Your marketing team must work out of the box to create a distinct image for your brand and position it exceptionally. Then communicate your forte at every opportunity. This will make it easier to attract new customers and also keep the existing ones hooked.
The process of increasing your company’s market share is a long and continuous one. By employing some of these tried and tested strategies of some of the most successful businesses in the world today, you can also scale your company, increase your market share, and bring more profit into the table.
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