A firm that maintains its market share grows revenues at the same rate as the whole market for a product or service. A corporation that expands its market share will also expand its revenues more quickly than its competitors.
One approach for increasing a company's market share is through innovation. When a company introduces a new technology that its competitors have yet to provide, consumers who want to possess it buy it from that company, even if they previously conducted business with a competitor. Many of such clients become devoted customers, increasing the firm's market share while decreasing the company from which they transferred.
A corporation can potentially increase its market share by cutting its pricing. Lowering prices will attract more consumers, broaden the client base, and improve sales, increasing the company's market share.
Acquiring a rival is a definite way to achieve dominance in an industry. By purchasing a rival, a corporation not only obtains access to a new consumer base, but it also eliminates competition and helps build control over an industry and boost market share.
Companies may build a sense of loyalty and increase revenue by engaging in customer bonding. However, along the road, they discover that there are a lot of other advantages to bonding with consumers. Receiving regular client input, for example, may help a firm enhance its products or services, making them more desirable to customers.