Why is Mindshare Important?
You start winning the battle when you start winning your prospects’ mindshare. – #DemandGeneration Tweet Book
Many brand owners often talk about market share and deem it as the most important factor in measuring the success of their organization. If you are one of them, chances are you are planning for your brand’s short-term profits and not taking into account the factors that would ensure long-term success and positive brand positioning, which is measured through mindshare.
Simply stating, market share refers to the brand’s share of the target market, which is calculated via firm’s sales and revenues. Mindshare, on the other hand, is calculated by the percentage of consumers who prefer a brand or a product over a number of given choices.
As you would have made out, market share is an eventual reflection of mindshare – more the people liking the product, more will it be its market share. Thus, capture the mindshare and market share will inevitably follow, as rightly put by Libby Gill.
Basis of Earning Mindshare:
Make note – you have to earn the mindshare; not to buy it. For this, you have to connect with your audiences and have to analyze how they are connecting back.
With sustained marketing efforts and making exclusive offerings to your clients, create a distinctive and sustainable competitive advantage. Work towards creating a positive brand image and positioning in minds of your audiences by creating awareness about your offerings, providing authentic value, motivating the audiences to act, and building long-term customer loyalty based on trust and respect.
Continually and relentlessly connect with your clients and prospects to know how often and how good they talk about you. This will let you know whether you have earned positive mindshare or have lost mindshare. For this, you can check out comments left by your audiences on social-media channels, soliciting their feedback through Email and telephone, and by analyzing the number of referral leads you receive.
3-step Approach to Earning Mindshare:
By thoughtfully and religiously following this three-step approach, you can make sure you are on top-of-mind of your audiences, so that whenever the time of making a buying decision comes, your prospect or client considers you the foremost.
- High-quality and unique offering
Today’s complex economy has made present consumer’s buying decisions more complicated. They are now not looking for low-priced products or services but are on a lookout for innovative and socially-conscious offerings, which can address their real pain points. Quality is the foremost for contemporary consumer who does not mind spending money on something that provides superior returns. Such a consumer is also pro-innovation and always prefers products which are full of features previously unavailable. Just think of why Apple wins the game for mindshare among its audiences. This is because every year in its almost similar phones, it comes up with a ground-breaking feature that claims to make the lives of people better.
- Continuous availability
Going by the maxim of ‘out of sight, out of mind’, make sure your product is always easily accessible to the customers. If not, you will quickly lose the mindshare earlier established or lose on the current opportunity to make a mark on prospect’s mind to your competitor. Availability also implies making sure you are striking fruitful engagement with your customer regularly through various physical or online channels. Also, be accessible whenever your audience needs to talk to you, be it on social media or directly via Email or phone. Many-a-times, prospects don’t take the first step in buying just because they lack enough information on the offerings and benefits they will reap henceforth. At these times, they need assurance about features as well as guarantee over quality and hassle-free services of the company. Thus, make sure your audiences have you at times of need so that they can make purchasing decisions confidently and with as little resistance as possible.
- Excellent customer service
All the efforts made by building great product, rendering matchless services, and being continually available can easily go waste if you do not get the customer service component right. Not to mention, the hard-earned mindshare will be easily lost, as well. Excellent customer service refers to lending a personal touch to your Emails and also making the customer talk to a real person rather than an automated system whenever he reaches you. This can be a real game-changer as a customer will feel he is getting personal attention and customized offerings. Remember – every contact a customer has with your company is an opportunity to earn more mindshare. If the customer is calling to appreciate your product or service, thank him earnestly. If he is resorting to social media to complain, clear the air and own up to the mistake, if lacking is at your part. If he is emailing you regarding a problem faced, let the best person present him with an immediate solution.
Now, as we know that earning mindshare is more important than capturing market share, let’s get active in establishing multiple contact points with our audiences, not for profitable business but for rewarding relationships.