Market share is how much your business is controlling from the complete market size. If your industry has 100 potential customers, and 10 out of these 100 customers are buying from you, this means you have a 10% market share. 🔥

Increasing your market share is very important cause it subsequently means that you are increasing your sales. 👌🏼

There are tens of strategies to increase your market share, below is one strategy that is pretty agile and can be applied for many businesses.

Crossroads Targeting Strategy:

Th crossroads targeting strategy is a digital advertising approach based on running awareness and conversion campaigns in parallel so that the niche audience is expanded simultaneously while high intent prospects are targeted to generate conversions.

Simply put, so run such a strategy, you need to go through 4 main stages:

1- Identify Your TAM, SAM, SOM

TAM (Total Attainable Market) stands to the entire potential market, independent of your ability to reach and serve it yet. SAM (Serviceable Attainable Market) stands for the people you can actually serve with your business. SOM (Serviceable Obtainable Market) stands for the share and portion of the market that you can capture.

One you’ve identified your SOM, this will be your broad target audience for your campaign.

2- Activate Your Audience

Technically, you will be running 2 campaigns. the 1st campaign’s objective is awareness, primarily to achieve a high Ad Recall lift rate. The second campaign’s objective is to increase conversions, as much as possible.

Since each campaign has a different objective, you have setup your audiences accordingly.

Awareness Campaign

Your Awareness Campaign audience should be the SOM audience we’ve setup previously. This is a broad identification of the market which you can currently obtain within your campaign.

Conversions Campaign

Ideally conversion campaigns should focus on the niche audience which is more likely to buy. And since social ad managers mostly charge on a CPM basis, you’re better off identifying this niche as soon as possible so that you don’t spend money on an audience that is still not well nurtured to buy. *Nurture is keyword here. Keep it in mind. 👌🏼

So here’s what you need to do:

1. Breakdown your SOM to multiple niche audiences to use for your performance campaign ad sets.
2. You will realize that only one niche target audience will generate the most sales for you. 💥
3. In the meantime, deploy 80% of your budget on this niche target audience.

PS: In parallel, your awareness campaign should be active to engage with the other niche segments that are not purchasing (through the broad audience you first created). Let’s call them “inactive”. This is how you can nurture those people to be come active

3- Enrich Your Campaign

Your goal is to increase the engagement rate of those inactive niche audiences until the engagement rate is close to that of the active niche audience.

To do that, identify the demographics of the audience that is generating the most results from those inactive audiences. If you are able to identify this nice, you will get a much better understanding of the your customers.

4- Measure Your Campaign Outcome

With your KPis set in place, you will be able to achieve your business goals if you are able to have a good understanding of your customer’s. buying behaviors. At this point, rerun the conversion campaign across all niche audiences, and you will realize that you will have more than one best performing niche audience.

It’s because you have been nurturing your inactive audience in the background.

Now you’ve increased your market share. ✌🏻