Understanding  Market Share Rank

As a digital marketer, you're always striving to stay ahead of the competition. One way to measure your success is by tracking your market share rank. This metric shows you how well you're doing in comparison to your competitors in terms of market share.

What is market share rank?

Market share rank is a metric that indicates your company's position in relation to competitors within a specific market. It's calculated by dividing your company's sales revenue or customer base by the total sales revenue or customer base of all companies competing in the same market.

Why is market share rank important?

Knowing your market share rank can help you understand how well you're performing in comparison to competitors. It can also help you identify areas where you may be falling behind and need to improve.

How do I calculate my market share rank?

To calculate your market share rank, follow these steps:

1. Determine your company's sales revenue or customer base.
2. Determine the total sales revenue or customer base of all companies competing in the same market.
3. Divide your company's sales revenue or customer base by the total sales revenue or customer base of all companies in the same market.
4. Multiply the result by 100 to get a percentage.

How can I improve my market share rank?

There are several ways to improve your market share rank, including:

• Developing a strong digital marketing strategy that focuses on content marketing and affiliate marketing
• Investing in ad tech and advertising to increase visibility and conversions
• Analyzing competitor data and identifying areas where you can outperform them
• Offering superior products or services with unique value propositions
• Building strong relationships with customers through excellent customer service

What industries benefit from tracking market share rank?

Tracking market share rank is beneficial for businesses across multiple industries, including:

• E-commerce and retail
• Technology and software
• Health and wellness
• Financial services
• Hospitality and travel

What are some tools I can use to track my market share rank?

Several tools are available for tracking market share rank, including:

• SEMrush
• Ahrefs
• SimilarWeb
• Alexa
• Compete

Tracking your market share rank is essential for digital marketing success. By understanding where you stand in relation to competitors, you can make informed decisions and take strategic actions to improve your performance.

References

1. Kotler, P., & Keller, K. L. (2016). Marketing management (15th ed.). Pearson Education.
2. Marshall, G. W., Johnston, M. W., & Brien, E. O. (2015). Marketing management: The big picture. McGraw-Hill Education.
3. Kotler, P., & Armstrong, G. (2010). Principles of marketing (13th ed.). Pearson Education.
4. Chaffey, D., & Smith, P.R. (2017). Digital marketing excellence: Planning, optimizing and integrating online marketing (5th ed.). Routledge.
5. Whinston, A.B., M.D., Siegel, J., & Choi, J.W.(2016). The Economics of Electronic Commerce: A Strategic Guide to Understanding and Designing the Online Marketplace. Springer Science & Business Media.