Why is knowing your market share important?
Most companies and businesses ignore the importance of market share and choose to focus on other metrics such as satisfaction, loyalty, revenue growth. Looking at it from an internal and financial perspective. All these internal metrics are important in their own way.
But, sometimes can paint an unclear image of the status of the company or business.
There can be great results when looking at internal metrics, but without an assessment of how the company stacks up against competitors, the full image is not tangible. That is where market share comes into play.
Measuring market share is important, so the company can judge market growth (or decline of it). Pinpoint the consumer trends and behaviors, pricing tactics they implemented, and how new campaigns and strategies are helping or hindering the success.
If you have a business that is on a large market, for example, retail and hospitality but are specialized in one specific kind of service you provide, your percentage of the entire market share can be small. But if there are no other companies providing the exact specialized service you do, it is 100% success, when looking in regards to the true market you belong to.
How can you improve the research and understanding of your market share?
Besides the apparent reason for using geo reporting since it is visually oriented and provides a simpler overview of the data that needs to be analyzed, there is a couple of others. Geographical reporting shows the results of your campaign, product, or service by presenting their performance by the country where the respondent is located.
When you have a global audience and you offer your services and products on a number of locations throughout the world, having a chart presenting your success rate on all those locations can be crucial in leveling up your business.
Can you use geo-reporting as a way to better understand your market share?
Expanding your market share is mostly done by analyzing and understanding the market share itself. Also, there are benefits to researching and understanding the market share you have currently. Reporting on, and calculating the market share can be done in other ways. Not just by using the standard calculation based on how you stack up against competitors and the industry as a whole. When you have a market share in many locations you need a tool to help you keep track of the market share in all the countries and regions.
Having data presented in a clear visual way can make it much easier for you to see where the performance is at its peak and where the weak points are. This can guide your campaign in a new direction. Identifying possible new markets or showing where you could withdraw your marketing and workforces if there is not a lot of positive, or even any kind of feedback.
How can you implement geo reporting in improving your market share?
When you have a market share in, for example, Canada and Brazil, and you have made more efforts to market the product or company in Brazil, but you see better results in Canada. That could mean that you should invest more in Canada and focus your campaign on that market. It also opens new doors to expand your market share, by targeting regions close to the one where you see the most success coming from.
Maybe you have arranged the marketing strategies or workforces on locations where you thought would provide profitability. But, by using geo reporting, you will be able to see and be sure where the services you provide are the most needed or where they are accepted the best.
Should you implement geo reporting on a regular basis for the analysis of your market share?
Including geo reporting in your regular analysis can allow you to monitor the increase or decline of the product and service you provide. It can also help you paint a better picture of how you rate on the market next to your competitors and how your market share fluctuates. You will be able to follow the trends, change as the market and consumer behaviors change, and use that knowledge to improve all aspects of your business.
On MetricsFlare we offer geo reporting measurements of performance daily, weekly, monthly, and for the past 3, 6, or 9 months. On our reports and charts page, you will be able to find several reporting charts. Amongst those reporting charts, there will be the geo reporting map. There you can find a highlighted country where the respondent is located. The number of responses on each of the locations, and the overall score of the responses.
An easily accessible and user-friendly interface allows you to follow the geo reports regularly and with ease. When you decide to implement changes to the business, you can follow how they are progressing in different locations and see if all the right steps were taken.
And of course, rearrange them if needed.
With MetricsFlare you will have access to the answers from your respondents, regardless of were they using NPS, CES, or CSAT, shown in real-time. Besides the regular charts, you will see our Geo Chart that will allow you to follow the geo reporting on your market share.