If you’re a business owner or employed under one, you might have heard of market shares.
Market Shares play a vital role in the overall development of your business. It is an important key metric that shows the effectiveness of your marketing & email campaigns, advertisements, and other strategies.
Despite such importance, many organizations ignore market shares and focus on other metrics like brand/product awareness, recognition, or leads.
In this article, we discuss the importance of Market Shares and Strategies to Grow yours.
What are Market Shares?
Market share is calculated by taking an organization’s total sales over a specific period divided by the total sales of the industry over that period.
For example- 800 products were sold by a company in 12 months as compared to 8000 products in the market. The company’s market share would be 10% of the total in the market.
Strategies To Grow Market Shares
Many organizations struggle to increase their market shares resulting in low revenues, profits, and limited growth.
But you can end this declining cycle by adopting these useful and effective strategies:
- Hire a Skilled Workforce: Hiring skilled employees or investing in extensive training sessions for your team members could skyrocket your organization’s market shares to a new height. They can carry out the tasks effectively and achieve the desired outcomes timely.
- Implement New Technologies: Innovation and using new technologies can uplift your market shares by providing your customers with reliable and advanced services.
- Build Customer Loyalty: By making adequate strategies for your existing customers would also make your brand more trustworthy, reliable, and responsible. Satisfied customers would spread positive feedback in the market helping you to attract new customers.
- Partnerships & Collaborations: When you partner with new businesses, it makes you enter into a new market and acquire their customers. Moreover, this would also help in the rapid expansion of your business.
- Advertise Your Brand: Develop reliable and adequate marketing tactics to advertise your products/services to make people aware of your company and services. Remember if it’s not visible, it won’t sell.
- Diversify Your Services: Diversify your offerings to enter new markets. It would boost your business revenues and profits. It can also generate unpredictable results, new customer churn, and steady incomes.
Gaining new Market Shares is necessary for your business growth. Developing strategies, hiring skilled employees, and approaching reliable consultants are some key factors in boosting your company’s market shares.
Wondering how can you develop Strategies to gain new market shares?
Hire Inthera Consultants!
Book a FREE Strategy call today!