Mindshare is when your company’s brand or product is the first thing that springs to mind when a consumer thinks of your industry. It reflects the connection between you and your target audience. In contrast to market share, the success of mindshare is challenging to quantify. Instead, it is about the buzz or popularity that surrounds your brand. A way to measure mindshare is to think about a popular product or service that has grown synonymous with its verb. When a brand becomes the go-to for a product or service, they have high mindshare.
Consider Google. When someone says they are going to Google something, they are referring to the brand Google. Because of mindsharing, the brand equity is exceptionally high. On a smaller scale, simple brand knowledge is also mindshare.
When does Mindshare happen?
Marketers and entrepreneurs often handle mindshare activities. For example, if a worldwide media firm has a client with a new product, it may achieve brand recognition via mindsharing to its global audience.
How Does Mindshare Work?
This type of marketing is highly psychological. Mindsharing occurs when your brand connects with human emotions, eliciting nostalgia, and acquiring permanency. Mindshare may often dominate a market because people get comfortable with brands and are fearful of change.
The first step in attempting to mindshare your brand is to map out how to position your brand. Your customer, from the first encounter, must understand your message. You will not get mindshare if you do not clearly implement your company’s goals.
Your positioning will alter depending on your organization’s size, the kind of market, and your overall goals. For example, if you want to be the dominant player in a large market, your strategy will be different than if you want to be a small or local mindshare market owner.
What are the Advantages and Disadvantages of Mindshare?
There are advantages and disadvantages to becoming the top mindshare brand in any industry.
You have subconscious ownership over a product if you mindshare it effectively. For example, when someone uses a Kleenex from the brand Kleenex, the brand not only sells the products but also personifies the market. This is the same as Coke selling Coke and Apple selling Apple products.
On the other hand, these companies may find it difficult to modify their brand identity. What if Kleenex started selling things that weren’t in their line of business? The customer has already become familiar with the items and brand; mindsharing cannot return someone’s thinking to its original form. When a business has mindshare, it can be a struggle for them to develop and evolve.
Can a Small Business Gain Mindshare?
Small businesses, unlike Fortune 500 companies, find mindsharing difficult. However, a small business may still mindshare; it simply takes a different strategy to succeed.
There are three key techniques for increasing your small business’s mindshare at the corporate level: develop a defined plan for your brand, identify your target audience, and build a solid and dependable team.
How do You Mindshare the Message of a Brand?
When it comes to developing a final message for your brand to express, less is more. Your company’s aim should have a clear, compelling statement. Having more than one clear message will confuse your consumer and weaken your competitive edge. Strategic marketing and influence will become more natural once your organization has a clear goal.
Marketing your products or services to consumers is crucial, but you must demonstrate that you care about your customers with excellent customer service and ensure product availability.
How Can I Make my Customer Service Stand Out?
If a consumer has a product, service, or brand question, your business should reply quickly with solutions.
Companies of all sizes are increasingly adopting social media as a customer service tool. Let’s take Nike as an example. They have a strong customer support account on Twitter that they respond to every day of the week and in seven different languages. This strategy makes customer assistance more accessible and shows how dedicated they are to their customers and helping resolve any issues they have. Your mindshare grows when you are recognized for being timely and providing fantastic customer service.
Understanding how to respond to consumers through customer service channels requires researching your target demographic and knowing which platforms they are on. For example, tweeting is not a positive experience for your followers if your audience is of an older generation. Unfortunately, many small to medium-sized firms fail to do audience research. Awareness of your market is just as crucial for a small business as it is for a large one regarding increasing sales.
Can Product Availability Boost Your Brand’s Mindshare?
The availability of your product is critical to your consumer taking your small business seriously. Customers shop online 24 hours a day, seven days a week, so there is never downtime. If your products are out of stock regularly, your reputation could end up suffering, and you could lose the trust of your customers. Once your customers lose faith in your brand, they will go elsewhere for their products and services and are unlikely to return.
Imitating some of the characteristics of Fortune 500 companies will increase your small business’s mindshare. Controlling how you present and inform your customers about your products or services will help to boost your reputation and brand loyalty.
Mindsharing Your Brand
The steps required to successfully mindshare are not easy to achieve, regardless of the size of your company. Mindshare may happen on several levels. Mindshare may also refer to when a company’s name is shared with the name of a product. In other instances, mindshare occurs when consumers recall a brand’s tagline when recalling a specific market. Mindshare is all about creating memorable content that emotionally resonates with your audience. Because no two businesses are the same, no two methods to mindshare are the same. It all starts with identifying strategies that work for you. For more information on how Secured Logics can help, contact us! We look forward to talking with you.