Are You Getting Your Fair Share?

Are You Getting Your Fair Share?

Most businesses can name three or four of the “big dogs” in their market when it comes to competitors. Whether you have a jewelry store, are a real estate broker, sell eyeglasses or pizza, you probably know who the leader in your market is. If you are fortunate, you are among them.

Market leaders generally have some things in common. They likely have been in business for a while and have built terrific name recognition. They will likely have a good reputation and have branded themselves well. These are all things to consider if you are not the market leader.

But just what is your “fair share” of your particular market.

Thankfully, with the internet and a little detective work, you can at least get a general idea. Here’s how.

Let’s say you have a pizza place.

You can Google “How much money is spent on pizza each year” and be blown away by the numbers. We found that Americans buy about 3 billion pizzas per year and that adds up to about $38 billion in sales. That is interesting, but it doesn’t quite yet help on a local level.

Now, we know that there are about 330 million people in the United States. That would mean the average amount of money spent per person in the United States on pizza is $115 each ($38 billion spent divided by 330 million people.)

Now, you are getting close!  If you have 100,000 people in your market, in total, they are probably spending about $11.5 million annually on pizza. (100,000 people spending $115 each). Based on your sales you can now figure out what is your “piece of the pie”. Additionally, you can find out how many pizza places there are in your town and divide it by the total market. Let’s say in this example, there are 75 pizza places listed. When you divide the total market sales of $11.5 million by the number of competitors (75), you can determine, all things being equal, each would have $153,333 in annual sales.

There are a number of ways to come at your total market share, but it will usually boil down to determining what the average person spends on your product and service each year and multiply it by your market population. It may not be exact, but at least it will give you an idea.

This is often inspiring for those who just don’t realize how much money is being spent locally each year in their business segment.

Have some fun and give it a try.

While you are crunching numbers, make sure you are getting the best coverage and rates on your business insurance. Contact one of our independent business insurance experts for your free quote.


Do you have questions about your insurance? Find an insurance agent near you with our Agent Finder

Search All Blogs

Generic filters

Buzz Your
Insurance Agent

Search for a local agent with our agent finder map.

Agent Finder

Want to learn more about our blog writer?

Read more about KayLynn's background.

Click Here

Search All Blogs

Generic filters

Read More Blogs

The Halloween Legacy: Protecting Your Family’s Future with Life Insurance

A thoughtful guide to life insurance as a legacy for your family.

Don’t Get Spooked: Navigating Halloween Night with Your Auto Insurance

A guide to safe driving and auto insurance on Halloween night.

Beyond the Goblins: Protecting Your Home from Halloween Night Risks

A guide to protecting your home and managing liability risks on Halloween night.

October Adventures: 5 Must-Do Activities for the Fall Season

A guide to 5 fun and unique activities to do in October.

October Operations: Protecting Your Business for the Rest of the Year

A guide to fall business insurance review and risk management for entrepreneurs.

The October Promise: A Time to Secure Your Family’s Future

A thoughtful guide to understanding life insurance and securing your family’s future.

October Driving Prep: Get Your Car and Your Policy Ready for Fall

A guide to preparing your car and auto insurance for the fall season.

The October Home Check-Up: Securing Your Home for the Fall Season

A guide to fall home maintenance and home insurance review for the month of October.

The Wanderer’s Playbook: The Art of Traveling on a Budget

A practical guide to finding and saving money on travel adventures.

The Entrepreneur’s Toolkit: From Startup to Success, Insuring Every Step of the Journey

A phase-by-phase guide for entrepreneurs on the essential business insurance policies they need.