MARKET SHARE, WHAT CAN IT DO FOR YOU?
MARKET SHARE IS THE MOST IMPORTANT METRIC that companies can use to judge the effectiveness of marketing campaigns, branding initiatives, advertising campaigns, CRM programs and any other revenue generation effort. Market share metrics are more important than ROI measurements. The reason is quite simple. Market share is a relative measurement against external benchmarks. Market share tells us how we are doing relative to our competition.â€?
MARKET SHARE IS THE PRIMARY INDICATOR of how well you are doing compared to your competitors. It allows you to understand where you are truly winning. By silencing the noise of external changes in the market, market share allows you to QUANTIFY THE IMPACT your strategies and tactical execution have had on business results and ask questions of your performance that previously were not apparent to ask. With this understanding, you can OBJECTIVELY MEASURE pricing strategies, introductions of new products/services, promotions, management personnel, real estate decisions and other key business initiatives. Boiled down, it is a TRUTH DETECTOR that can uncover hidden stories that are not always clear in revenue and other performance metrics.
â€” FAST COMPANY 6 MARKET SHARE: KNOW YOUR IMPACT
Published on Apr 25, 2014