Business Chops Tip #102: Do You Know Your Company¹s Share of the Industry?
The large red "you-are-here" dots on city transit schematics or shopping complex maps offer valuable orientation to a geographical area. Analogously,
industry market size and segmentation reports provide insightful context for determining one's own market share. Having firm perspective on your
company's position in terms of market penetration, or "footprint" is
illuminating in terms of growth implications.
In today's modest at best economic climate, increasing market share is one way to grow. For already dominant companies, protecting market share is vital, and growth can often occur more easily by expanding to new markets. How will you map your firm's growth?
Author's Note: Creative and technical professionals (from musicians and actors to designers and engineers) rely on their "chops": those skills and techniques that they use to be successful on the job. Stiernberg Consulting coined the term Business Chops to encompass those skills, experience, and tactics that you rely on to be more successful. Whether you are a dealer, manufacturer, distributor, rep, or design firm, this series includes tips and techniques for optimizing sales, profits, and growth of your Custom Retail business.