What is the Market Share?

Market share is a term used to describe the percentage of the total sales in a given market that a company or product holds. In other words, it's a way to measure how much of the market is being dominated by a particular company or product.

Why is growing your Market Share important?

Growing your market share is crucial for businesses that want to remain competitive in the market. A larger market share means that you have more control over the market and can potentially set prices, influence consumer behavior, and overall increase your profitability.

How to grow your Market Share

Here are some of the key points you should consider in order to consolidate and grow your market share:

Offer unique and high-quality products

One of the best ways to increase market share is to offer unique and high-quality products that are not available from your competitors. This will help you stand out and attract more customers to your business.

Use online marketing campaigns

Online marketing campaigns such as search engine optimization (SEO), pay-per-click (PPC) advertising, and email marketing are great ways to reach potential customers and grow your market share.

Focus on customer retention

Implementing automation, loyalty programs, and referral programs could help you preserve your market share, build a loyal client base that would make you less susceptible to competitors’ actions, and grow your market share organically, through word-of-mouth.

Engage in offline marketing

Offline marketing, such as billboards and local events are also great ways to reach customers and grow your market share. For example, a local bakery can offer special promotions during a neighborhood festival to attract customers.

Build strong relationships with customers

Building strong relationships with your customers is key to retaining them and growing your market share. Offer excellent customer service, provide helpful information, and show appreciation for their business to encourage customer loyalty.

Monitor your competition

Keeping an eye on your competition is also important in growing your market share. Analyze their strategies, find ways to differentiate yourself from them, and identify opportunities to capture their customers.