HOW TO INCREASE MARKET SHARE | No matter how successful your firm is, you’ll need to find new chances. Your organization must grow rapidly or stagnate. Markets change. Passive “farming” sales methods no longer work. You need new market share strategies.
Reaching outside your company can help you identify efficiency inside. How can I increase my market share? We provide definitions and strategies.
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WHAT DOES MARKET SHARE MEAN?
You control a percentage of the market. It’s your industry’s sales proportion. Value and volume market share exists. Revenue determines value market share, while units determine volume market share.
Your value market share is your company’s revenue divided by the industry’s revenue during a given time period. If you sold $50,000 of left-handed scissors in a year and total sales were $500,000, you would have a 10% market share.
Your volume market share is calculated by comparing your unit sales to the total unit sales of that product. If you sold 10,000 scissors and 50,000 altogether, you would have a 20% market share.
WHAT ARE THE BENEFITS OF EXPANDING YOUR BUSINESS’S MARKET SHARE?
Market share growth benefits your business. Market dominance gives you an edge. You can sell more with less effort because customers like your brand. You could negotiate better vendor prices. You’ll also make entering your industry difficult.
Apple exemplifies market share. Apple led the US smartphone market with 42% in 2021, ahead of Samsung and others with less than 10%. Because to its market dominance, Apple can manage its supply chain, negotiate better music and media deals, and charge greater pricing.
What’s the market share? Your business success depends on your capacity to compete and win.
TACTICS FOR INCREASING SALES PERCENTAGE
PERSONAL
Today’s social marketing can help your firm build many one-on-one client contacts. One long-held principle still applies: Leads are rarely contacted.
To gain market share, you must grab prospects your competitors neglect. Targeted social media marketing might help you gain market share. Social-media-savvy team members can observe how other companies attract clients. Never miss a lead by having your team respond to customers on social media.
Get on social media. If you want to grow your market share, you can’t ignore social media.
BUILD MOMENTUM
Every day you sit around wondering, “What is market share?” without taking action, someone else is taking your market share and money. A good sales team prioritizes latent demand over active demand. How can you contact clients during the quiet season? How do you build a rabid fan base that encourages people to recommend your brand? That’s how your business can gain market share and momentum.
DEVELOP EFFECTIVE LEADERSHIP
Salespeople are uncomfortable prospecting, thus companies struggle. Whether you’re a billion-dollar firm or a one-man army, your sales crew must go the extra mile to win new markets. Cloud technology is great for prospecting.
Make a detailed strategy whether you’re using technology or people. Who leads prospecting? How are you measuring market share goals?
Check-in monthly with a business-specific calendar and goals. Why or why not? Reassess and address the issue with your sales executives at the conclusion of each month. If you need help growing market share, a Results Training Coach can help.
MAXIMIZE EFFICIENCY
Many companies have downsized due to economic insecurity. Businesses must now drive 20% more revenue with 20% fewer workers as markets expand again. To increase market share, match resources with demand.
Hence, what is the market share for a tiny business? Don’t overwork a small team to achieve an impossible goal. Expect less. You want to boost productivity and support your staff. You prevent burnout and get great outcomes.
FORM A MEGA-PARTNERSHIP
Your company is interconnected. Your business relies on people (e.g., your suppliers and customers). Have you considered a mega-partnership with another company? Your business may be too small, niche, or new to partner and develop market share. You’re wrong. Jay Abraham reminds us that perfect collaboration can solve everything financial capital can purchase.
Fit matters. Your business’s financial situation shouldn’t limit its possibilities. If you can give expert labor to make another business work better, you can focus on growing market share by contacting a larger business. Know your company’s strengths to grow. Next, make a clear offer to another business. You don’t need money to participate. Capital is your business’s complete might.
Get an endorsement to form a giant relationship and grow share. According to Jay Abraham, mega partnerships benefit both corporations. An endorsement could provide your company legitimacy and help another develop.
GLOBALIZE
The world has become one gigantic market overnight. Training, reviewing, and managing sales teams across continents is difficult, but the advantages might outweigh the costs. Your company can expand globally through managed expansions or channel partner connections.
Hiring local market sector specialists in-house can make global operations feel more personal. This team leads can communicate with your business’ global representatives in their local language and report back to you.
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