5 Ways to Increase Your Market Share
In 2007, Apple introduced the iPhone. The cell phone boasted a full touch screen, a slew of personalization options, and internet capabilities. These features were rare in the phone market before the iPhone, and having them all on one device was especially enticing.
Because of these innovative features, Apple built a reputation and loyal fan base in the first year of the iPhone’s release, earning the company a 3% market share.
Today, Apple has a 50% market share in the mobile phone industry. This means that half of phone owners globally own an iPhone.
As a business, knowing your market share tells you how you stack up against competitors. Ultimately, Apple needed to know its market share back in 2007, and continue to innovate and grow, to become a leader in the market today.
When we talk about raising market share, we’re talking about making informed marketing decisions that contribute to overall sales and customer retention. Here, let’s explore what it means to increase market share, and how you can do that, today.
What does it mean to increase market share?
To increase market share means increasing the effort you put into sales as a business, and using new or additional strategies to help you get there.
Market share is the percent of total sales in an industry generated by a particular company.
Simply put, market share is calculated by taking the company’s sales over a certain period of time, and dividing it by the total sales of the industry over that same period.
Basically, market share is how much you make as a company in the industry, and how that stacks up against others. So, to increase your market share, you need to make more sales than your competitors to increase your share in the industry.
Which is, of course, much easier said than done. How does one go about increasing market share? Let’s dive into that, next.
1. Find your niche and stick with it.
Your company should have a few characteristics that set it apart from the competition. For example, Apple’s logo and sleek design is seen on Apple’s entire suite of products.
Having that distinguishing brand characteristic — such as the Apple logo — enables people to more easily identify your company’s products across a line of similar-looking items. If your company is able to create a recognizable brand identity, while also producing higher-quality products or services than the competition (or products or services that serve a niche market), you’ll have a better chance of finding a larger piece of market share to capture.
For instance, I don’t know much about makeup, but I know a NARS blush when I see one because the design and logo of their products are so unique to the brand, and the quality of NARS products is undeniably good:
This strategy increases market share …read more
Source:: HubSpot Blog