A company’s market share is the percentage of a company’s total sales in relation to the total sales of a specific sector.

Let us take an example to better understand this concept: if about 100 million apples are sold annually, of which 25.5 million are sold by a specific company, the market share of that company would be 25.5%.

We can also define market share in economic terms. Either way, both definitions are valid as long as they are based on real, official data.

What is the importance of defining the market value of a company?

The market value of a company is an indispensable element in order to be able to see the importance of the brand or a certain product in the market. By doing so, you can establish more easily who your competitors are, determine which are the leading companies in the industry, the incoming threats and even create strategies that help increase the number of customers and sales.

In fact, multiple studies have determined that one of the main factors involved in business profitability is a company’s market value.

This explains why the higher the market value of a company, the higher its scale economy or, in other words, the higher the efficiency of its projects and the higher its level of competitiveness. 

6 strategies to increase your market expansion

There are different ways to increase a company’s market expansion. To do so, it is essential to focus on strategies that allow us to significantly increase the number of customers our company has, as well as on actions that help us to retain and lengthen the life cycle of those customers we already have. Among the best strategies to achieve these objectives, we have:

Offer services or products that satisfy a need.

The best thing to do is to try to offer services or products that are really useful and necessary for your customers, and then market them. Ask yourself these questions: What needs do my products meet? How often do they consume my products? What are their consumption habits? To be able to give the best answers, the optimal thing to do is to meet with your team and share information and ideas together.

Creativity in this aspect is very important, since the aim is to create new concepts and implement new ways of communicating your company’s current commercial offer.

Let’s take for example a company that produces coffee and decides to give a new use to its coffee waste. Some of the ideas and options they could come up with range from creating compost for plants to soaps or exfoliating products, among others.

Look to diversify your products

One of the best strategies to implement is to focus your attention on new business areas that you had not previously considered and that can mean new sales possibilities, growth and new sources of income in those products that were not previously considered in your sales catalogue.

Survey your potential customers to find out their preferences.

Knowing the opinion of your potential customers is very important. Do surveys that include questions such as: What is your opinion about our products or services? Are you satisfied with our catalogue? What factor do you pay more attention to when deciding to buy? (It can be price, quality, design, technology, etc.).

Once you have gathered all this information, you will be able to better analyse the products you are currently offering to the market and, if necessary, make the appropriate modifications that will allow you to achieve a more attractive and relevant proposal for the general public.

Create marketing campaigns

Marketing campaigns are essential if you want to make known the new changes you make in your sales catalogue, products and services, as well as to show how and why they should be an essential part of the life and tastes of all your customers.

Wide-ranging marketing is ideal

One of the main strategies to improve the market expansion of any company is to use techniques such as mystery shopper and focus groups, which are techniques that allow you to know in a more specific and detailed way your consumers, how are their shopping experiences, which are the products they like and which are not.

All of these are extremely important resources that will allow us to learn about the consumer habits of our customers so that we can make the necessary changes to our business proposal.

 Know the market niches

Don’t be afraid to consider entering new market niches that you have not previously addressed, as there is a possibility that they may have special consumption characteristics that imply large sources of money and purchase volume for your business.

Let’s take the same example of the coffee factory, which has a niche market never explored before among young consumers of organic coffee. Now imagine that these young people consume even three times more coffee than a regular coffee drinker, so this new niche offers a great possibility to generate significant profits. Have you ever thought about which territories your business offer is not yet exploring and what would be the implications of starting to cater to these new niches? If you have not yet done so, don’t waste any more time, as it is an indispensable factor to increase the expansion of your market.

Put yourself in the hands of EPBS and expand your company’s market.

We are well aware that expanding your company’s market is not exactly an easy task, as good planning and strategy are necessary for success. But every effort has its rewards and you can achieve a better market presence among your customers and competitors.

So don’t waste any more time and, as an entrepreneur, ask yourself the following questions: Do you want your business to grow? And do you have the tools to achieve this? Ideally, you should be clear about how far you want to go and have the determination to achieve those goals. 

If you need help in the process of expanding your company’s market, EPBS can help you. We have qualified staff in the area who will be happy to assist you.

Contact us and grow your business!