Once there is consensus on what needs to be done to achieve a Quick Win, get to work. However,
more important than implementing changes is measuring your results.
Compare the results in the period after the changes were made, with the data recorded at the
beginning of the process. If you notice a positive impact, congratulations, it’s a Quick Win .
Quick Wins are simple solutions that produce rapid and positive effects for your business. Finding
and implementing them can be the differentiator needed to change the level of your business, all without imposing large investments.
Now that you understand what Quick Wins are, how about continuing to learn about optimizing your
company’s internal processes? In this article, we’ll cover everything about productivity and how to be
more productive at work . Go now!
No matter how innovative a company is, it is expected to have competitors with whom it competes
for greater market share.
This participation, also known as Market Share , represents —among several particularities— the
portion of the public that your business was able to conquer, which is directly proportional to the
income generated by that part of the market.
Do you want to learn more about the importance of the concept of market share, understand how to
calculate it and even get tips on how to increase this indicator for your company?
We show you all that below!
What is market share? apply-the-proposed
We can understand the idea of market whatsapp number list share from several aspects. Whatever
parameter is used, the objective is to determine, through percentages, to what extent companies
in the same field of activity stand out from others .
If we imagine the potential market of a company in a certain sector as if it were a pizza, the market
share would be the slice of that public that consumes your products and services.
In this case, it is about brand penetration , an important piece of information for planning and
evaluating the company’s marketing actions .
We can also evaluate market share from the point of view of sales volume or even the number of
users , if the company operates in the digital asset industry.
Another way to look at market share is as a reflection of the size of the company’s operation
compared to its competitors, something that is closely related to the value of the brand ,
and of the company itself, in the market.
To give you an idea, in the search engine industry , Google has a market share of around
92% , while Bing has about 3% and Yahoo has almost 2%.
This says a lot about the strength of Google, which is the preferred search engine in the vast majority
of countries and considerably dominates its opponents.
Why is market share so important? apply-the-proposed
By tracking how that engagement increases excellently technically constructed e-commerce website or decreases over time, organizations have a good indication of whether their marketing strategies and strategic planning actions are having the desired effect or not.
While increasing market share may be a good sign, declining market share may mean that steps need to be taken to contain competitive pressure .
Analyzing the business in this aspect is a way to understand how it is performing, taking into account the ecosystem of other companies.
When we evaluate growth only by internal indicators , checking the increase in net profit from one quarter to the next, for example, we have a comparison factor between the results of the organization itself.
By calculating and examining market share on a regular basis, we find incentives to focus on company objectives or to create new ones and we have an extra incentive to look for new opportunities or identify company weaknesses .
Even companies with greater market share often enjoy competitive advantages , such as negotiating power with suppliers and credibility to establish alliances.
How to calculate this indicator? apply-the-proposed
Now let’s look at three agent email list ways to calculate market share.
Target audience
If we cross-reference internal customer base data with demographic studies and statistics published by organizations in Latin America, it is possible to have a very close notion of the company’s market share.
Let’s say an organization sells products targeted at women ages 20-34 and operates in a region that has 200,000 women in that age group.
If the company has 10,000 registered customers, we can divide that number by the number of potential customers and we will reach a market share of 5% (10,000 / 200,000 = 0.05 = 5%).
Market share = Customers gained by the company / Potential customers in the company’s area of operations
Income apply-the-proposed
Calculating market share based on revenue may seem straightforward, as we only need to divide the company’s revenue by the total revenue of its industry over the period.
Market Share = Company revenue / Total revenue of the most relevant companies in the sector
The problem is that, depending on the industry you are in, that information may not be readily available.
In that case, it may be necessary to make estimates or commission studies to obtain a minimally accurate calculation.
Market value apply-the-proposed
The calculation with the market value follows the same reasoning as the previous criteria.
Market Share = Market value of the company / Total market value of the most relevant companies in the sector
If your company is valued at 50 million pesos and in your sector there are only four other relevant competitors, priced at 25 million each, your market share will be: 50 / (50 + 25 + 25 + 25 + 25) = 50 / 150 = 0.33 = 33%.
Brand penetration apply-the-proposed
Brand penetration is now a more subjective factor, which will require worthy market research tools.
There are ways to conduct such a study by promoting surveys and interviews with consumers on your own, but the ideal is to hire this service from a specialized company.
In this case, the calculation of market share is more complicated, as it will involve the margin of error and statistical concepts that go beyond the scope of the post.