how can companies increase market share 
a company can increase its market share by offering its customers innovative technology strengthening customer loyalty hiring talented employees and acquiring competitors innovation is one method by which a company may increase market share when a firm brings to market a new technology its competitors have yet to offer consumers wishing to own the technology buy it from that company even if they previously did business with a competitor many of those consumers become loyal customers which adds to the company s market share and decreases market share for the company from which they switched by strengthening customer relationships companies protect their existing market share by preventing current customers from jumping ship when a competitor rolls out a hot new offer better still companies can grow market share using the same simple tactic as satisfied customers frequently speak of their positive experiences to friends and relatives who become new customers gaining market share via word of mouth increases a company s revenues without concomitant increases in marketing expenses companies with the highest market share in their industries almost invariably have the most skilled and dedicated employees bringing the best employees on board reduces expenses related to turnover and training and enables companies to devote more resources to focus on their core competencies offering competitive salaries and benefits is one proven way to attract the best employees however employees in the 21st century also seek intangible benefits such as flexible schedules and casual work environments lastly one of the surest methods to increase market share is acquiring a competitor by doing so a company accomplishes two things it taps into the newly acquired firm s existing customer base and it reduces the number of firms fighting for a slice of the same pie shrewd executives whether in charge of small businesses or large corporations always have their eye out for a good acquisition deal when their companies are in a growth model market share exampleall multinational corporations measure success based on the market share of specific markets china has been an important market for companies as it is still a fast growing market for many products apple inc for example uses its market share numbers in china as a key performance indicator for the growth of its business apple s market share in china s smartphone market has varied over the years for instance in q3 2022 it had 14 of the market in q4 of 2023 it controlled 21 of the market 1