Market share is the most important metric companies can use to judge the effectiveness of any possible revenue generating effort, such as marketing campaigns, branding initiatives, or CRM programs.
The reason for this is simple – market share shows you how you are doing compared to your competition, allows you to quantify the impact your strategies and tactical execution have had on business results, and ask questions of your performance that were previously unapparent to ask. It tells you where you are truly winning.
However, until now, calculating market share in the retail, restaurant, and grocery industries has been restricted to academia, impossible to accurately calculate in reality.
The crude attempts at calculation have been, at best, restricted to global, macro-levels and have never been available at the levels of granularity needed by most organizations to make actionable decisions.
That was the past. Now, for the first time, there is a way to accurately and objectively calculate your market share.
Using unmatched insights only Buxton can provide, Buxton’s Market Share solution utilizes a unique set of data that cannot be acquired anywhere else.
Through a relationship with a credit card provider, Buxton is able to access both you and your aggregated competitors’ customers’ de-identified credit and debit card transactions, which enables us to accurately and objectively quantify your market share at all levels of your organization – from the very top down to individual locations.
By understanding your true market share, you have an unbiased metric that filters out market noise, allowing you to accurately and more deeply answer questions such as:
- Is the market growing or shrinking?
- Did my strategies and execution have a positive impact? Negative impact? No impact?
- Which markets did I impact revenue the most? The least?
- Was I able to drive new customers to my locations?
- Did I maintain transaction levels from my existing customer base?
- How effective were my advertising and promotions strategies?
- How much did consumer spending in the overall market increase? Decrease?
- Did I capture customer dollars from my competitors’ locations?
- Why did my revenue grow? Decline?
Boiled down, market share is a truth detector and a universal metric that can be applied across your entire organization to uncover hidden stories that are not always clear in revenue reports or other performance metrics – which is crucial to make the best decisions possible for your business in the future.
For more information about the importance of knowing your market share and how Buxton’s Market Share solution can help your brand not only survive, but thrive, download our report: Market Share by Buxton.