WHAT DO YOU DO WITH A 60% MARKET SHARE?

You try to increase it. That’s another lesson from my Powershift Marketing philosophy, and Apple is a great example of this principle at work. The iPad represented more than 61.5% of world-wide tablet shipments in the third quarter (down from 68.3% in the second quarter, according to market researcher IDC). That’s why the Wall Street Journal reports that Apple is considering a smaller screen iPad at the same time they are preparing to announce a super speedy iPad3 in March.

A decline in market share should immediately alert you that you are not keeping up with your customers’ tastes and desires. In the past year, Apple has seen Samsung Electronics selling its Galaxy Tab in three screen sizes: a 7-inch, an 8.9-inch and a 10.1-inch. Amazon.com Kindle Fire has a 7-inch screen size with a highly competitive price point ($199) that makes tablets accessible to a whole new consumer. Apple realizes that they are falling behind.

Are you falling behind your competition? Another lesson from my book: It’s easy to read your own news releases and think you are doing just fine. But the real measurement of success is your customer’s acceptance of your product or service. Any decline in market share requires immediate action.