Thursday, April 16, 2015

Taking Market Share - Step 1 - Identifying Market Size

Welcome back Fellow Movers and Shakers!  The date is April 16th, 2015.
Today’s Blog:  “Taking Market Share; Step 1 – Identifying Market Size”

 
In a business setting, I truly enjoy hearing someone say “the pie is big enough for everyone”.  You can be sure that if they are a competitor of mine, they now have a bullseye on their back!

In order to compete aggressively in this world you have to believe you can take 100% of the market (of course our country won’t let you due to fair labor practices, anti-trust rules, etc. . . ) but you have to proceed as though you have the opportunity to “take it all”!

Step 1 – Identifying Market Size
There are a number of vehicles available to determine just how big the market is.  You can certainly try the internet for that information

This is what I would try.   Lets assume you are already in that business/market.  If this is the case try using your relationships with your existing customers and potential customers to ask questions.   You’d be shocked at what people will tell you if you would only ask. 

Ask a variety of questions in various ways.   See who are the major players, are they “x” times bigger that the second largest player?  Is most of the market split between 2-3 customers, or 7-8?
Before investing your time chasing, you need to figure out what it is you’re chasing. . . .Otherwise you will have no way to gauge your success.   You could be celebrating a $10,000 win, but then find out the opportunity should have been $50,000.

It is only when you determine the size of the market that you can effectively devise a plan to take your fair share.

My name is Bill Miranda.  I can help you develop World Class Customer Service organizations, Marketing Strategies, and Dynamic Sales Strategies and Tactics. 
E-mail me for more information, and a free telephone consultation.
Next Month:  “Taking Market Share; Step 2 – Competitors and their Strengths/Weaknesses”


2 comments:

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  2. Good article, Bill. Many years ago when Coca Cola had gone as far as they thought they could when they controlled 46% of the soda market, a new CEO came in and asked a new question. That question was how much of the total drink market do we control. The answer was only about 2-3% of all beverages. Coke had a lot of work to do and in consequence had a break out year.

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