To increase market share, it means businesses must work at increasing efforts put in sales, and using new as well as additional strategies to get to the level they want, in terms of revenue and number of customers interacting with them. Market share is a percentage of total sales in an industry that is generated by a particular company. It is calculated by taking the company’s sales over a certain period and dividing it by the total sales of the industry over that same period. Market share is how much you make as a company in an industry, and how much that stacks up against others. To increase market share, you need to make more sales than your competitors and increase your share in the industry.
Here are some sure ways to go about it when you need to increase your market share.
Find your niche
Your company needs to have a few characteristics that set it apart from the competition. A good example is how Apple has its logo and sleek design in its entire suite of products. Having that distinguishing brand characteristic is what enables people to easily identify your company’s products across a line of similar-looking ones. Your company needs to create a recognizable brand identity while at the same time producing high-quality products and services better than the competition. That way, you will project yourself way better to find a larger market share to capture.
For businesses to stay relevant, they must look for ways to innovate, stay current, and delight their customers with new products all the time. Innovation is very important to stay current in the industry and increase your market share. A product can have some design elements that stay the same, but the most important is to have some upgrades made from time to time. See an example of what Sony has been doing when it comes to the gaming industry, particularly the development of play stations. A lot of advances have been made in the gaming industry and Sony continues to innovate all the time. The company has a keen eye on what gamers want and this is what makes it always have a huge market share.
Engage with customers
Customers always have a good idea of what they want to see in new products or services being brought to the market. One way businesses can increase market share is by asking customers what they want and providing the same to their customers. A well-crafted survey that is sent out to loyal customers with key questions on issues such as design, updates, and features can be very helpful in visualizing tangible ways of improving a product or service. This can have a huge impact on market share. If you don’t want to use surveys, you can engage with your customers on social media platforms such as Facebook and Instagram stories. You can also go to the source and ask your customers where they would be willing to spend their money.
You can increase market share through mergers and acquisitions, with any company that aligns with your products and services. This will require some level of research, but will ultimately produce something meaningful. Companies usually acquire others to gain a larger market share and expand their suite of products. A good example is how Microsoft owns LinkedIn and GitHub, with each of these smaller businesses working their best to increase market share in their perspective industries and expanding the overall market share of Microsoft.