Concept of market potential, market share & buying decision process
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Market potential can be defined as the total amount of possible sales in a market during a certain period. To estimate specific market potential, you need to know the number and strength of competitors in the target market area and estimate how much of their business can be taken. Market share is the percentage of total sales a company can expect to achieve from the total market potential, calculated by dividing a company's sales forecast by the overall market potential.
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Are you tired of seeing your business's online visibility plummet from hope to despair? When it comes to SEO tactics, many businesses find themselves grappling with challenges that lead them to abandon their strategies altogether. In a digital landscape that's constantly evolving, staying on top of SEO best practices is crucial to maintaining a competitive edge.
In this blog, we delve deep into the top 10 reasons why businesses ditch SEO tactics, uncovering the pain points that may resonate with you:
1. Algorithm Changes: The ever-changing algorithms can leave businesses feeling like they're chasing a moving target. Search engines like Google frequently update their algorithms to improve user experience and provide more relevant search results. However, these updates can significantly impact your website's visibility and ranking if you're not prepared.
2. Lack of Results: Investing time and resources without seeing tangible results can be disheartening. The absence of immediate results often leads businesses to lose faith in their SEO strategies. It's important to remember that SEO is a long-term game that requires patience and consistent effort.
3. Technical Challenges: From site speed issues to complex metadata implementation, technical hurdles can be daunting. Overcoming these challenges is crucial for SEO success, as technical issues can hinder your website's performance and user experience.
4. Keyword Competition: Fierce competition for top keywords can make it hard to rank effectively. Businesses often struggle to find the right balance between targeting high-traffic keywords and finding less competitive, niche keywords that can still drive significant traffic.
5. Lack of Understanding of SEO Basics: Many businesses dive into the complex world of SEO without fully grasping the fundamental principles. This lack of understanding can lead to several issues:
Keyword Awareness: Failing to recognize the importance of keyword research and targeting the right keywords in content.
On-Page Optimization: Ignorance regarding crucial on-page elements such as meta tags, headers, and content structure.
Technical SEO Best Practices: Overlooking essential aspects like site speed, mobile responsiveness, and crawlability.
Backlinks: Not understanding the value of high-quality backlinks from reputable sources.
Analytics: Failing to track and analyze data prevents businesses from optimizing their SEO efforts effectively.
6. Unrealistic Expectations and Timeframe: Entrepreneurs often fall prey to the allure of quick fixes and overnight success. Unrealistic expectations can overshadow the reality of the time and effort needed to see tangible results in the highly competitive digital landscape. SEO is a long-term strategy, and setting realistic goals is crucial for success.
#SEO #DigitalMarketing #BusinessGrowth #OnlineVisibility #SEOChallenges #BostonSEO
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Concept of market potential, market share & buying decision process
- 2. MARKET POTENTIAL • Market Potential can be defined as the total amount of possible sales in a market. • The estimated maximum total sales revenue of all suppliers of a product in a market during a certain period. • You figure out a customer profile (who you want to target with your marketing) and combine that with the geographic size you want to target (how many of those people are in that area). This is your general market potential.
- 3. MARKET POTENTIAL To get a more specific marketing potential, you need to know also how many competitors you have and their strength in the market area. You can then estimate how much of their business you'll be able to take from them (we recommend being conservative on your estimates), and that will be the market potential of your business.
- 4. MARKET SHARE • Market share is the percentage of total sales that a company can expect to get from the total market. • To calculate market share divide your sales forecast by the total market potential. • The proportion of industry sales of a good or service that is controlled by a company.
- 5. MARKET SHARE • Market share refers to the percentage of the overall volume of business in a given market that is controlled by one company in relation to its competitors. For example, if the total sales of a certain product in a market is Rs. 100, 000, and the company sold Rs. 20, 000 worth of that product, then the company had 20 percent market share.
- 7. Problem Recognition Information Search Evaluation of Alternatives Purchase Decision
- 8. Awareness • The consumer gets aware of the new product but lacks information about it. Interest • The consumer seeks information about the new product. Evaluation • The consumer considers whether trying the new product makes sense. Trial • The consumer tries the new product on a small scale to improve his estimates of its value. Adoption • The consumer decides to make full and regular use of the new product.
- 9. Participants in Buying Decision Process
- 10. Participants in Buying Decision Process A wife may ask her husband to pick up for their child a particular brand of biscuits suggested by one of her neighbouring friends. Here in this case, wife is the Initiator, neighbouring friend is Influencer, husband is the Buyer and finally, child is the User of the product.