Calculating market share requires an artist’s touch. Understanding your piece of the pie can be a guessing game of sorts. Let’s try.
Compare your revenue to all reported revenue for your competitors. Ba da bing, ba da boom!! There’s your market share.
Suitable substitutes, interchangeable solutions, and sourced supplier contracts make a calculation of “relevant” market share difficult math problem. Revenue serves as a quick and easy alternative, but this big number tells us very little.
Critical to market size, or market share are relevant statistics. Stats, metrics and measured marketing should help us get relevant and keep and increase market share. We should take a poll. Who among us pulls together stats that generate relevant market share?
A sobering truth today is that we struggle to define market share, or our piece of the pie. We can’t abandon the metric, but we should use caution. Perhaps you’re losing market share to the competition. Maybe you’re increasing market share because you are promoting and selling your product better than the other guy. Maybe we have no idea what these numbers mean.
Our playground–the marketing space–must evolve in a way that would make Darwin proud. We should pay more attention to the size of your universe. How else would you track world domination?
Captured stats are better than no stats at all, but it does throw noise into the creative process. Companies that implement marketing solutions like Eloqua, Unica, and Aprimo pick up loads of statistics. Those same companies craft new processes that put these numbers to work for their marketing and operations folks. We dig it. Make it happen. Let’s go. Bring on the numbers!!
