Market share shows market dominance of a particular product in the industry. If a business is growing efficiently and continues to increase its market share, they are keeping their competitors from taking business from them. Companies can increase their market share and build their brand’s reputation by consistently attracting new and retaining existing customers.
As we know, many people are easily influenced by popularity – either of a brand or a celebrity. A brand’s popularity gives a company leverage since consumers tend to follow and buy what is most popular. This can bring more revenue to a company without much effort on the part of the brand. Not only does market share increase profits, it also increases the familiarity of the products among a mass audience.