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I have often said this, if your business is not a force to reckon with in the particular industry or niche you belong, you are as good as dead.
In very simple terms, market share is the number of loyal customers your business or company has been able to retain over a long period of time.
The criteria is not how many people who bought from you, but rather how many people regularly buy from you.
If you have ever seen a football fan of a particular club, say Chelsea, Arsenal or Manchester, you’ll better understand this concept of market share. Market share is intentional, people choose you instead of others because there’s something SIGINIFICANT [unique, unusual, extra-ordinary, different, special] about you. You are not going to have them lining up behind your business as followers, so don’t bother waiting for them. The first step to creating your own share of the market by becoming a leader people want to follow is to differentiate your business. For example, all automobile companies manufacture cars, but not all specialize in particular areas. It is very erroneous to think all companies in the same industry or niche do the same business. So, your first task in creating your own share of the market is to carve out your own share of the market. In essence that, all clubs play the general game of football but all clubs don’t play the same way. In other words, “how” you create value is what matters and not “what” the market generally perceive as value.
So, creating your own share of your market begins by creating your own unique kind of value that is different from the general kind of value currently obtainable in the market. You’ll find this distinction by breaking down the value creation process and deciding on which area to specialize on base on your core competencies and available resources.
All of these questions are not obvious; they are hidden sometimes unknown to the customers themselves.
I know all these can be intimidating, but believe me when I say this, they are all common sense. You cannot attract the right kind of followers you want for your business if they don’t know about your existence. After all is said and done, it is the business, company, product or service that is known to the target customers that will gain a large market share.
Like I said earlier, market share is a numbers game so it calls for a lot of marketing efforts from you. I won’t talk more about this here, as I have written about this before you can read more about it here. Avoid missing the remaining articles of this exciting series on Business Growth, enter your name and email below. Great discussion on markets, I continue to appreciate the manner in which you simplify business concepts by providing simple, real-world examples which are easily translated to business and non-business individuals alike.
I imagine that market leaders in a certain area of differentiation – to use your example of Volvo, likely have, or at one point had a passion for said area of differentiation. Man, I can’t recall where this happened, but it was as forum a couple of years ago when I jumped into a conversation and basically corrected the group on what market share consisted of. It seems that I differentiate between others within my niche by being as truthfully myself as possible.

When I’m not being myself, then I tend to suffer and lack in many aspects and areas of life.
Being true to yourself and to others is equally a great way to stay differentiated in the market.
I have previously worked as a business coach and mentor, and the tips you have given in this post are spot-on. Unreasonable Lab Nigeria: In Search of 25 Unreasonable (Unusual) Entrepreneurs to Change the World! This year, we encourage you to go beyond the basics of marketing planning and deeply consider the answers to the following questions to help you focus on core marketing drivers. 1.  Who exactly are your best prospective customers, and do you have a clear profile of them? 2.  What are the four key marketing activities that will help you fill your sales pipeline? Depending on which stage your business is in, there will be 3-4 key marketing strategies that will help you keep your sales pipeline full.
3.  What is your current position in the market, and where do you want to be in 12 months from now? This question needs to be answered in measurable and specific terms so you can chunk your targets into monthly and weekly marketing and business development goals. Defending your position as the market leader requires different marketing strategies to offensive growth strategies engaged by those looking to become the leader in the market. Here’s an interesting article on Telstra vs Optus at the time of deregulation which discusses a defensive strategy case study.
Receive the topics you want to know about: Strategy, Implementation, Automation, Measurement… click here to choose! This position is not determined by a regulatory body, but by their market size – the number of customers these business serve on a consistent basis.
When your industry or niche is being mentioned, which companies come up as reference points?
After all, a share of anything is that portion which you can confidently call your own by virtue of title. Meaning, they have been converted from mere customers to disciples of all that your business represent. These fans don’t just like football, their love for football has transcended from the general game of football to a particular kind of football –the games played by their favorite club. Market share is all about preference; choosing to give your money repeatedly to a particular company or business over a long period of time based on certain factors that appeal to you personally. Differentiating your business means being able to clearly define the specific value creation processes of your business and deciding the particular area you want to specialize on. Volvo for instance focuses on safety by ensuring their cares are made up of strong body parts capable of protecting the occupants in the event of accidents.
As I’ve always emphasized, no two businesses are the same even though they operate in the same industries, just as no two siblings are the same even though they are products of the same parent. As I pointed out in the football analogy earlier, there is a general love for the game, but fans of a particular club don’t just love football, they love a particular kind of football, the kind played by their club. In the same manner, all automobile manufacturers make cars, but they don’t make cars the same way. You have to familiarize yourself with stuffs like motivation [what moves people to act] psychology [why do people do like they do], perception [how people receive and interpret information] and other areas of human natures.

You have to constantly put your business, company, product or services in the public’s eye. Get the story about your business, company, product and services out there where those you want as followers can find you. I really appreciate your thoughtfulness for bringing this crucial point out and your level of knowledge regarding business. Although I just recently discovered your blog I have enjoyed it immensely and look forward to reading more. When your customers or subscribers don’t repeatedly identify with what you are offering, then there is no such thing as them being your share of the market. In everything I do I do my best to be me – and then it seems the rest is taken care of. I'm the Chief Community Leader here and this is where we raise the bar of entrepreneurship. To connect with prospects and clients in a personalised way you need to gather data to help you understand their behaviours.  Where and when are they most likely to be open to engaging with your business?  What are the tipping points for them?  What matters to them, and what promotes or obstructs their actions? As result, safety conscious people choose Volvo cars instead of porche cars and speed lovers, prefer posh instead of Volvo. Its realizing that you all may be in the same industry or niche but don’t do business the same way.
You have to be able to clearly describe the problems, needs, dreams, desires and aspirations of your ideal follower as a leader. Put yourself in their shoes, think like they do, go to the places they go, do the things they do, value what they value.
If you operate on a local level you have to think going to the state level, from the state to the national level, from national to global. But if they do take what you offer most of the time, then you’ve got a share of the market. We are a TRIBE of Unusual Entrepreneurs, we are not your every day entrepreneurs who go into business to put food on the table and pay bills.
In the business world, your proof of market share ownership is the number of repeat [loyal] customers patronizing your business per time.
In other words, market share is about creating fans, followers, believers or addicts of your company, business, product or service.
The other is in the business of manufacturing fast cars, so they invest more on high velocity engines. So here is the question, how many people know about your business, company, product or service? People don’t become fans, followers, believers or addicts of businesses, they identify with companies. As the company was founded by aerospace engineers, aviation aspects emerged in the design of their vehicles. You can read this article on Content Marketing by Marcus for more information on how to do this. It is our means of doing what we love [passion], changing the world [purpose] and being financially rewarded for it [profit]™.

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