What is market share, goals, types, and strategies
Doing business online in the pandemic era is a necessity. Many people who had not been doing business, then tried to do business. However, for beginner business people, it’s a good idea to pay attention to what business you want to get to go. Then, look for the niche market. The last is to know the market share.
Often, business people make business just want to try. Without thinking about concepts, strategies to business goals. What happens is when successful, only in a short time. After that, it fell. Therefore, to anticipate this, one of them through the market share.
Is that market share?
Market share is usually called market share. To find out market share, usually a variety of products will be divided into categories with certain customers. For example, starting age, gender, social status, education level, to income level.
Besides, market share can be interpreted as a percentage value of the total sales of all products in certain businesses. Market Share is important because to find out the graph of sales of certain products. Also, knowing customer diversification in choosing a product.
The goal of the market share
One indicator shows good or not your business through market share. To find out the indicator, you can use a metric tool that measures the level of sales. Besides, it can analyze any best-selling products on the market.
So, in this way, you will find out how the latest market trends, what customers are doing, and how competitors work. Of course from the business you are running, often similar to what competitors have. However, you have the main product.
So, it will be an advantage in your business. However, what you need is careful enough is that the market share cannot be used as the main benchmark. However, only as the beginning. From this base, your business ecosystem will be visible, and it is different from competitors.
Types of market share
When you have analyzed product sales, you will know what shortages and strengths on your business. Well, to analyze it, you need to understand the types of market share. There are two types, namely:
The entire market share will be calculated from total sales in price form. So, you will calculate all data from total sales based on prices.
The entire market share is calculated from total sales in the form of the number of products. So, you only focus on how to calculate all data from total sales based on the number of products.
Strategy to increase market share
If you recognize the advantages and disadvantages, you can analyze it with the concept of SWOT (Strength, Weakness, Opportunity, Threat). However, how do you improve the market share strategy? There are several strategies including:
- Choose a business with products that are still minimal competitors
- Determine the vision and mission for business
- The need to analyze competitors
- Monitor the latest trend movements
- Search and create market networks to get more customers
When you have understood what market share, goals, type, and how strategies to improve it, you are ready to run a business. For your business to grow and increase the number of customers you don’t forget to advertise through the Froggy Ads service, you can start by advertising your product, so that later you can improve visitors in your online business portal. FROGGY ADS is an online advertising service that can help you control all your product campaigns. Helps you target the targeting target you want and give you many choices to market your product.