Market Share for tiny businesses

[samuelcrockford]

Hello Marketers,

Should I care about tracking market share for tiny service-based businesses (one-person outfits, etc.) that only cover a single town and a few surrounding villages? Or is there a better way of helping a really small business understand how big their slice of the local market pie is?

I understand this could be a full tutorial so if you have any areas to point me in to learn more, I would be most grateful.

Thanks for your time.

 

[Paul Carmen]

No, it's untrackable, unless you somehow have access to all local competitor sales data!

If you're running digital marketing efforts; e.g. PPC, SEO etc, then you can track share of voice, impression share, keyword/GMB rankings etc if you have the right tools.

Many small businesses and clients of marketing companies are interested in this, but in general it's somewhere between a poor metric and a complete waste of time in isolation. What businesses should be tracking is sales/leads by keyword/channel, profitability by keyword/channel etc, ROI on keywords and marketing in general are the real insights that help you optimise, scale and make money...