Strategic and tactical decisions can be implemented at all levels of the organization from accurate market share analysis. As a strategic partner, we see market share data able to drive high-level strategic decisions such as entering or exiting markets to more tactical day-to-day efforts to deploy sales and marketing resources at specific defined opportunities to increase share.
These uses of market share data prompted Principia Consulting to want to dig deeper. We recently surveyed business management professionals at all levels within manufacturing and distribution companies serving the building materials industry to identify preference and usage views related to market share statistics in managing their businesses.
Importance of Market Share
The survey results prove that market share data is an important metric for companies to measure performance and gauge their success in the market. Where and how this data is generated and the accuracy of the data leads to how to leverage this information to drive specific programs around product, price, channel and customer to create a winning strategy.
As shown in the figure above, respondents believe market share statistics are an important metric to measure. Over 65% of building materials and construction industry executives believe market share statistics are of equal or the most important metric used to gauge their position and success in the market.
Additional Findings on the Use of Market Share
A summary of the additional findings from the market share survey are available for download. These findings include:
- How market share data is used within an organization
- Other metrics used for measuring company performance
- Frequency of tracking market share
- Sources of market share
- Challenges of using market share
To access the full summary, please click the download button below.
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