How to calculate market share – a simple guide
5 tips to increase your market share
1. Find your niche
Make sure you find a way to stand out, whether through the type of product you offer, the technology you use, or design and branding. A clearly defined niche helps you build customer loyalty and sets you apart from your competitors.
2. Analyze your competitors
Keeping tabs on what your competitors are doing can help you identify emerging trends, new marketing opportunities, and pain points for your target audience. How does your product or service meet consumer needs? Can you suggest something new? Our competitor analysis and SWOT analysis guides can help you here.
3. Stay on top of market trends
Be innovative and keep up with changing customer behavior so your business can stay relevant. Maybe you can develop a new product or adopt a new technology in your restaurant that will make life easier for your customers. Organizing focus groups, reading industry news, and keeping tabs on Google Trends can provide great insight.
4. Get your price right
Set competitive prices for your products and keep in mind the impact this has on customers’ perception of quality and value for money. An introductory offer can be a great way to attract new customers without devaluing your brand. And don’t forget to watch your profit margin.
5. Attract online reviews
Positive reviews build trust and help grow your customer base through word of mouth. Whether it’s a rave review of your handcrafted product or your warm customer service, reviews give an authentic view of your brand and help you get noticed. Read our guide to getting Google reviews for more tips.
Do you have more questions about how to calculate your company’s market share? Let us know in the comments section below.