Market share is quite a common terminology that most of us have come across and are even aware of. This term is of immense importance to entrepreneurs since it represents the percentage of the target market’s share that your startup holds over a given period. A quick math to explain the concept would look something like this: It’s the value of your company’s sales over a given period divided by the total sales that happened across the same target market during the same period of time.
Why is market share such an important value?
Increasing market share is incredible news for you. This means you are making money! It also means that your startup will definitely attract more investors. Moreover, this value indicates that your startup has a strong position in the market and is super competitive. With increasing market share, you can confidently look for options to scale up and introduce strategies that can help you capture a greater share of the market.
What are your options to increase your market value?
Well, that’s quite clear, right? Just find ways of connecting with your customers through the following approaches:
- Meaningful innovations
- Customer retention
- Effective digital marketing strategies and implementation
- Inspiring workspace environment and talent management capabilities.
You’ll need help with incorporating all these elements in a symbiotic manner to achieve the best results. Do connect with a trusted business mentor or business coach who will guide you through a focused strategy and well-monitored implementation plan.