Market share is considered on a particular product, company, business or brand. It is the portion of sales it owns in relation to overall sales of that niche specific to a region and time period. Its calculation is dependent on your business type. Market share can also be calculated in terms of volume.
The exact way of calculating market share is on the basis of the total sales of your company, product or brand and divide it by the total sales of that particular industry. It gives you the average of your company and the position that it stands.
In India, the telecom industry is dominated by three big names Jio, Airtel, Vodafone Idea. The rest is owned by the government sector BSNL as of March 2020.
- JIO -33.6%.
- Airtel – 28.4%.
- Vodafone Idea – 27.6%
- BSNL – 10.4%.
Essential Factors for Increasing Market Share:
Always be active in the market: it is very much important to be an active participant in the market so that people recognize your company. Your presence builds trust increases the popularity of the of the product amongst consumers. Innovation is a must to sustain in the market, and all these lead to improved market value and share.
Consistency: a brand should always be consistent with its product or services. It should focus on the maintenance of the already launched products and the quality test of new launches. This helps the companies to maintain healthy customer relationships and to build a name in the market.
Salesforce: to gain popularity in the market, various promotional and sales activities should be carried out. Salesforce plays a vital role in building and maintaining a market share of any company.
Market share is an important factor for any business, product, or brand. However, owing to the full market share could lead you to risk the total investment. Change is a constant thing in a market. Fashion, climate, trend and many other factors change the demand in the market