Coaching Strategy on How to Grow Market Share

As a business owner, you’re always on the lookout for fresh opportunities, no matter

how successful your company is. But the more time you spend sitting around

wondering how to seize these opportunities, there are competitors out there who are

already acquiring your potential clients.


How to Grow Market Share

At the same time, the market is evolving. This indicates that the age-old sales tactics

are not as successful anymore. You have to embrace new strategies for growing your

market share as per the evolving needs of the customers.


How to Grow Market Share:



How to Grow Market Share

Step 1: Determine Your Current Market Share

Your market share is the proportion of the whole market that you control. In other

words, it represents your share of your sector's overall sales. Market share can be

divided into two categories: value and volume. While volume market share is

determined by units, value market share is determined by revenue. ​


By dividing the total revenue in your industry over a given time period by the revenue

of your company over the same time period, you can calculate your value market

share. Similarly, if you take the number of units that you sold and compare it to the

total sales of units of that product, you’ll get your volume market share.



How to Grow Market Share

Step 2: Solidify Your Brand Identity

People are better able to recognise your company's products amongst a line of

similar-looking items when you have a distinctive brand character. What qualities

make your business stand out from the crowd? For instance, think of the Apple logo.


You'll have a better chance of finding a bigger market share to seize if your business can establish a recognisable brand identity while also producing better-quality

products or services than the competitors.



How to Grow Market Share

Step 3: Find new ways to connect with your customers; get personal

In the world of digital media, connecting with your customers one-to-one has

become easier than before. It is imperative that businesses capture this opportunity to

communicate with their customers. Find where your customers congregate,

understand their pain points on a one-to-one level and be a part of their journey.



How to Grow Market Share

Step 4: Turn latent demand into new prospects

The best way to create momentum in your business is to tap into the untapped market.


Find new ways to connect with your potential customers, create a fan following for your product/service and increase your brand recognition. Get your sales team to not only focus on the active demand but also on the latent demand and find new ways to reach potential customers.



How to Grow Market Share

Step 5: End the guesswork, hire a coach

Numerous firms have reduced their workforces as a result of the recent economic turmoil. Businesses are being forced to do more with less now that markets are growing, such as generating 20% more revenue with 20% fewer employees. You must balance your resources with the level of demand if you want to increase your market

share.


A business coach can help you take charge of these uncertainties while making an

effective strategy for growing your market share. Business coaches are industry

experts who understand businesses from the inside out. Working with a coach can

help you understand your current standing in the market, identify your niche and

expand your market share in the best manner possible.



Every day, you have a number of opportunities at hand to not just maintain but gain

market share. As the business owner, you have to understand the value that a strong

market share offers to the continued success of your business.