Being ahead in the innovative world of business is the number one critical point in order to surpass the competition and see the effectiveness of your initiatives. That be your advertisements, product development, marketing campaigns, and CRM programs. Market share is a marketers best friend and allows us to generate and forecast competitive measurements for our business’ success.
Let’s Simplify This
It measures the sales of a brand or product relative to the size of the overall universe. It is the percentage of a certain sector that your product, service or software is responsible for, calculated by sales. To get a better idea of how powerful your brand or business is within a particular division, market share is necessary to understand what marketing analytics have been reflected via your efforts to boost revenue and increase brand profitability.
Why is Market Share Important?
We want to remember that market share is a key indicator of your brand against the competitors in the segment you are generating revenue in. It enables executives to judge total market growth or decline, identify key trends in consumer behavior and see their market potential and market opportunity.
It is a great marketing tool in order to implement smarter and wiser business analysis and decisions. Acknowledging the strengths and weaknesses of your business and keeping tabs of your friends and foes in this world is pivotal to your short and long-term trends in market share and competitive presence.
How Can You up Your Game?
If you’re looking to customize your strategy, look no further. Here is a quick toolbox to review.
- Attract customers via advertising methods.
- Integrate the importance of CRM in your business.
- Create innovative quality products that stand out in the market.
- Swiftly lower your prices.
- Always consider new audiences, demographics, and geographical locations to expand.
Applied With My Knowledge
The field of aesthetic medicine is a growing market that has been valued at 86.2 billion in 2020. There are countless of medical device providers that tightly compete amongst one another in sales for FDA approved noninvasive procedures such as JUVÉDERM and VOLUMA. The popular demand for non-surgical procedures puts an emphasis on the desire for this specific audience to look and feel their best. Top competitors in the game include Allergan, Johnson & Johnson, Galderma, etc.
North American medical aesthetic sales reign in global demand as you can see with the illustration. 36% to be exact at a worldwide scale. This example of market share pertains to total revenue. Understanding market share at this level gives us a better understanding of the successful methods North America has implemented in 2020.
In my position as an aesthetics lead consultant for Ideal Image, I am responsible for building and implementing the strategic CRM approach in order to generate sales for my company in the North American market. I passionately develop relationships with clients to deliver real results for real people driven by medical experts all while driving profits for Ideal Image.