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To start with, what is market share? According to HubSpot, market share is calculated by taking the company’s sales over a certain period and dividing it by the total sales of the industry over that same period. Essentially, market share is how much you make as a company in the industry, and how that stacks up against others. So, to increase your market share, you need to make more sales than your competitors to increase your share in the industry. There are several examples of companies that have increased their market shares over time, and you can learn a great deal from them. One of such companies is Apple Inc. According to HubSpot, today, Apple has a 50% market share in the mobile phone industry. This means that half of the phone owners globally own an iPhone. In this article, you will learn how to increase your market share in five ways.
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Find Your Niche And Stick With It.
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When people see your logo or hear your company name, they should know what you stand for. This will also include having a distinguishing brand feature such as your logo which will easily help people identify your brand name. For example, Apple’s logo and sleek design are seen on Apple’s entire suite of products. Moreover, the greatest way to lead in the market share is by living up to the brand name by offering quality products and an amazing customer experience.
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Understand Your Direct Competitors.
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Innovate As Society Does.
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If you look at leading companies that have remained ahead in their niche, at the core of their operation is persistent innovation. A good example is Sony. Sony’s PlayStation owns 68% of the home console market share. Since 1994, Sony has been discovering ways to innovate and update their video game consoles faster than their competition. These innovations are necessary to stay current in the industry and increase market share. There are various ways to innovate. You can add new features to existing products, and remodel existing signatures such as logos and taglines, and even colours.
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Engage With Customers
Got a suggestion? Contact us: editor@connectnigeria.com
You might also like:
- Boost Your Business Visibility with Connect Nigeria’s Christmas Deal
- How to Build an Effective Email Marketing Strategy
- Top 7 Strategies to Grow Your Email Subscriber List
- Why Successful Business Owners Prioritise Email Marketing
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