- Kevin Smith
In this week’s Ad Math video, we’re going to walk through how to calculate Market Share.
Why Market Share Matters
The main goal of marketing is to attract and retain customers by promoting why your product or service is better than your competitors. So, to measure if you’re successful in that goal, you need to assess your performance within your industry or category. That’s where market share comes in.
Your Market Share should factor into a lot of marketing planning, and it should be analyzed consistently throughout the year to better understand the various sources of performance.
How To Determine Your Market Share
Determining your market share is relatively easy assuming you know how many sales for your type of product or service has occurred within the industry in a given time. Let’s take a look at how to figure it out: