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Market Share

The Race for Market Share

When you focus solely on valuation and market share, you win some and you lose some. When you focus on the needs of your customer and help them achieve their dreams, you win every time.

Dan Schulman
Market Share

On this occasion, I would like to talk about market share and how companies should always come up with a strategy to gain market share without forgetting the needs and wants of their consumers. To better grasp, this concept let’s dive right in!

What is Market Share?

If we browse the internet there are many definitions that come up, however, the Oxford Languages site provides a simple and clear definition. Market share is the portion of a market controlled by a particular company or product.

On that note, how can companies control the portion of a market? The answer is growth; growth is what drives companies to expand their horizons to see what else they can do, what markets they can potentially go after, and what other audiences they can reach to allow them to maintain their market share and hopefully increase it.

The whole idea of growth pushes companies to continue innovating to keep their consumers happy, and to keep themselves relevant to their consumers. They need to come up with strategies that will have a big impact on their consumers.

Healthy Competition on Display

Everybody knows Victoria’s Secret as the women’s lingerie giant but until 2018 a new player in the lingerie world appeared to rock Victoria’s Secret world. ThirdLove, an American lingerie company known for marketing body positivity and offering sizes in all sizes to ensure inclusivity, strategize a flank attack to take market share from the lingerie giant.

So what is a flank attack you may ask?

A flank attack is a strategy in marketing that helps identify the shifts or gaps in a market and the goal is to fill that gap. ThirdLove took the opportunity of a very bad interview given by at the time Victoria’s Secret Chief Marketing Officer, Ed Razek, about how they do not see the need or want to change with what these times are all about. To read more about the interview and open letter click here.

ThirdLove transformed it to its advantage and they openly wrote a letter to Victoria’s Secret and published it in The New York Times to tell them how untasteful the comments made by their CMO were, and how ThirdLove wants women of all sizes to identify with their brand.

ThirdLove flank attach to Victoria's Secret

ThirdLove flank attack to Victoria’s Secret

ThirdLove understood that in the last couple of years women wanted to feel good about themselves, and women wanted to feel identified by a company that values and appreciates them in all shapes, colors, and forms. Immediately after the interview by Victoria’s Secret CMO and the open letter by ThirdLove a shift in the lingerie industry started to happen. Companies that were more focused on filling the needs of all women started taking market share from the lingerie giant Victoria’s Secret.

This all shows how important it is for companies to keep their consumers at the heart and how important it is to constantly strategize to help push your company’s growth of market share.

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