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You should never underestimate the power of statistics in business, and knowing your company’s market share can be a great way of determining your strength in the market.
In fact, Harvard Business Review goes as far as to say that it is the most crucial marketing metric that you can determine for your business.
This blog post will explain what market share is, how you can use it to grow your business, how to calculate it and how to find out the market share of your competitors.
Market share is your company’s total sales in relation to the industry you operate in. This statistic can be calculated either yearly or quarterly.
For example, Coca Cola currently has a market share of 44.3% in the US drinks industry, with Pepsico having a market share of 24.9%. This makes them the two market leaders in the industry.
Market share can give you great insight into your overall presence, let you discover how large your company is, and how you are faring against your competitors.
Once you know your market share, there are a lot of things you can do with the information to improve your sales and marketing strategy, and potentially increase your market share even further. These include:
To calculate market share, all you need to do is work out your total sales and total sales in your industry across the same time period. Then divide them to figure out what your percentage of the market share is.
There isn’t a right or wrong answer to this question. Ultimately it depends on the industry your business is in, as well as the size of your business. For example, a market share of 5% may be great if you are a small business with 50 employees, but not so great if you are a national company with 2,000 employees.
Finding out your total sales is easy; all you need to do is to get this information from your accounts department. However, finding out the total sales in your industry is a lot harder to do. This is where we can help.
We are known for supplying vital information about prospective and existing customers in order to grow your sales, but did you know that we can also provide you with information about your competitors?
We will supply you with details about other businesses in your industry, including financial details. You can take this information to calculate your market share, as well as the market share of your competitors, giving you the statistics you need to turbo-charge your business.
This information comes from our ‘Megabase’ of British businesses which is updated with over 700,000 changes each month, meaning that the data that you receive will be as accurate and up to date as possible.
We take our financial data from a range of high-quality, reputable databases including Dun & Bradstreet and Companies House, and combine this with several decades of sales and marketing experience, making for the most detailed market share for your business.
As well as financial information we can provide you with other competitor information including turnover, number of branches and number of employees, so you can determine how large your business is in comparison to others in your industry.
Contact us today to find out more about how we can help give your business the edge over your competitors!