In our guide to winning market share, the experts at 1WorldSync provide you with insight and guidance to increase your market share in a sustainable manner that empowers increased growth, profits, and innovation.
What is Market Share, and How Do You Win It?
Market share is the portion of a market controlled by a particular company. You can calculate your market share by dividing your sales by the total sales of your industry over a set period.
When determining market share, you’re always viewing your numbers compared to those of other brands within your industry. So to increase your market share, you must make more sales than your competition.
Below, we give you our best practices that empower you to increase your market share.
1. Find Your Niche and Evolve with the Consumer
Winning market share is all about competition. To win, you must stand out from competing brands in your industry. And the most effective way to do that is to find your niche and focus on it.
Shoppers are smart. They know when a brand has authority and expertise and when they do not. By focusing your efforts on refining and innovating what you’re good at, you have a higher likelihood of creating exceptional products that consumers want to buy.
Consider Apple and its smartphones. Apple is a household name and may be the most famous example of winning market share today. When Apple launched its first smartphone in 2007, their product was revolutionary. A touch screen, internet capabilities, and a sleek design set it apart from other phones at the time.
Since then, Apple has continued to dominate its market. In the last quarter of 2021, Apple controlled 56 percent of the U.S. smartphone market share. That number is up a staggering 16 percent from 2020 when it controlled 40 percent.
Apple didn’t earn the majority of their market shares through stagnation. They continue to innovate their products to meet the needs and anticipate the desires of their audience. The company serves as the ideal example of finding their niche and evolving their products with the consumer.
2. Understand the Competition
The reason you don’t possess 100 percent of your market share is because you’re competing against other brands and businesses. The secret to winning market share lies in understanding the competition.
By conducting a competitive analysis, you can gain insight into how and why other brands in your industry are succeeding. This research also allows you to better analyze your position within your market, as well as the steps you can take to see growth and increase your share.
There are two types of competitors, your brand competitors – which are those that your business development team encounters and are usually top of mind. Then there are your online competitors – which are typically those within Google that are taking search share by ranking for the search terms you are targeting. In many cases, these two types don’t overlap. This makes it vitally important to understand both sets to gain market share across all channels.
– Bill Ross, Founder at Linchpin SEO
3. Consider an Acquisition
In the point above we emphasized the importance of evaluating and understanding competing brands. Knowing your competition allows you to make strategic moves to gain an advantage in your market. In some cases, acquiring a competing brand is the ticket to winning market share.
Acquisition of a company that aligns with your products or services allows you to take control of a larger market share. And while company acquisition requires significant research and resources, it can significantly reduce competition and increase your momentum in your market.
When considering an acquisition, you want to look at brands that offer similar solutions to yours. For example, Disney acquired Pixar in 2006 for a cool $7.4 billion. At that time, both companies famously produced animated content for families. Post-purchase, the powerhouse team has continued to create billion-dollar content that proves the acquisition was a profitable decision.
In addition to increasing market share, acquisitions provide opportunities for collaborative efforts and give you the resources and perspectives of an entire brand, which can empower you to further innovate and grow.
4. Provide Rich Product Content
Product content is everything in today’s e-commerce market. According to 1WorldSync’s 2021 report, 87 percent of shoppers are buying online the products they previously bought exclusively in-store. Brought about by the pandemic, this shift to online shopping has become permanent for the majority of consumers.
Because consumers have taken to online channels to shop for goods, brands and retailers must provide buyers with the rich product content they need to make an informed purchase. Our research found that 81 percent of shoppers believe quality product content is more important than even brand recognition in their purchase decisions. And more than half of respondents say high-quality media, such as 360-degree images, persuaded them to buy something they didn’t think they needed. Bottom line: rich product content drives your sales and increases market share.
Quality product content gives users an in-store experience in a world where online shopping is the norm. Because online consumers can’t turn over a product in their hands or examine the details in-person, they rely on brands to provide specs and features for them.
1WorldSync knows that to win greater market share, businesses must provide an abundance of informative, accurate, and quality product data. In a recent survey, we asked consumers which types of content on a product detail page have the most positive impact on their purchasing decisions when shopping online. Below are the responses.
- Product descriptions (55 percent)
- Product specs (49 percent)
- Customer reviews (48 percent)
- Product photos (45 percent)
- Product features (44 percent)
In the same survey, an overwhelming majority (73 percent of respondents) said poor product photography or too few images would cause them to leave a product detail page altogether. 1WorldSync provides quality image capture services, from traditional photography to spin imagery, that captures your products in the best light. Our 360-degree product photography gives shoppers an up-close, all-angles view of your products, so they can make a confident and informed purchase decision.
The more product data you provide to your shoppers, the better their shopping and purchase experiences, and the lower your online return rate. Expansive product detail page content allows you to take hold of a greater market share while boosting customer satisfaction with your brand.
5. Syndicate Data across Channels
Brands and retailers operate in an omnichannel market. 1WorldSync’s Consumer Product Content Benchmark Report shows that 80 percent of shoppers conduct their own research in-store, on a phone. Given this, brands and retailers must provide consistent data across all channels to optimize the customer experience.
Product data consistency is crucial in the e-commerce market. Accurate, consistent data cultivates trust and communicates professionalism. Conflicting product data raises a red flag for consumers. When inconsistencies crop up, shoppers will usually abandon their search and look elsewhere for a more consistent, stable brand.
Data syndication empowers you to take hold of and grow your market share. 1WorldSync’s ContentCast allows you to seamlessly deliver your brand experience in real time, sending detailed product information to retailer sites instantly. Our product ensures there’s never inconsistencies in your product data.
As brands operate in omnichannel commerce, data aggregation and disbursement become a drain on your company’s resources. But through ContentCast, these processes are completed automatically. You have access to 1WorldSync’s more than 3,000 global retail partners, where you can syndicate your product content with ease.
By building, managing, and syndicating your product data through ContentCast, you streamline your processes ––which saves time and money –– and you provide a superior customer experience, empowering you to win more of the market share.
Conclusion
At 1WorldSync, we provide the tools and resources your brand needs to win. Contact us today to learn how our solutions put you in a position to increase your market share and boost profitability.
Related Posts
