Identifying the biggest competition: By calculating your RMS, you can identify who your biggest competitor is and research their brands, products and strategies.
There are several key benefits to calculating your business's relative market share: Companies may measure their relative market share for specific products, brands, product categories or entire company sales. Market share is the percentage of revenue a company makes within a particular market, so the relative market share is one company's percentage compared to the percentage of the highest earner. Relative market share, or RMS, is the amount of market share that a company has compared to its biggest competitor. In this article, we define relative market share, discuss its benefits, explain how to calculate it and provide an example to use as a guide. Learning about relative market share can help guide you toward solutions that may increase sales for your organization.
Relative market share compares revenue earnings against the competition, evaluating how close a company is to having the highest earnings within an industry. There are many methods companies can use to measure the success of their business.
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