Market share refers to the percentage or proportion of sales a company captures in a specific market. This metric is important because it can provide insight into a company's competitiveness and position within its industry. One way to increase market share is through list building, which involves actively compiling and managing a list of potential customers. By targeting these leads , a company can expand its customer base and ultimately increase its market share.
Some of the benefits of tracking your Market Share include:
1. Allowing you to see how well your sales team is performing relative to your competition.
2. Helping you make strategic decisions about where to allocate resources and how to grow your business.
3. Identifying new sales opportunities, spot potential threats, and gain insights into customer buying behavior.
4. Keeping you ahead of the competition.
5. Allowing you to better understand your customers.
6. Helping you make more informed decisions about sales and marketing strategies.
7. Giving you a bird’s eye view of your industry.
8. Allowing you to track changes in your market share over time.
9. Helping you identify emerging trends in your industry.
10. Ultimately, helping you grow your business.
There are four main types of market share: unit, value, customer, and channel.
1. Unit Market Share: This is the percentage of units sold by a company compared to the total number of units sold in the market. For example, if Company X sells 100 widgets and the total widget market sells 1,000 widgets, then Company X has a 10% unit market share.
2. Value Market Share: This is the percentage of revenue generated by a company compared to the total revenue generated in the market. For example, if Company X generates $10 million in sales and the total widget market generates $100 million in sales, then Company X has a 10% value market share.
3. Customer Market Share: This is the percentage of customers that buy from a company compared to the total number of customers in the market. For example, if Company X has 100 customers and the total widget market has 1,000 customers, then Company X has a 10% customer market share.
4. Channel Market Share: This is the percentage of sales made through a particular channel (e.g., retail, online) compared to the total sales in that channel. For example, if Company X sells 10% of all widgets sold online, then it has a 10% channel market share for online sales.
Founded in 2016, SalesHive has grown from a team of two to now employing hundreds of US-Based sales development reps, while simultaneously building one of the most innovative approaches to modern sales development, all without raising any funding. By combining our highly experienced team and groundbreaking proprietary technology, we’ve booked tens of thousands of meetings for over 200 B2B clients across every major industry.
We built SalesHive on the premise that modern sales development was flawed, and the companies building outsourced programs were only contributing to that. Our unique approach empowers clients to build industry leading Sales Development programs that deliver real results with the assurance of total transparency, flexible month-to-month contracts, and flat-rate pricing.
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