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How to Improve Your Market Share by Focusing On Mindshare

August 16, 2019

The “aha” Moment:

Lately, I have had the worst allergies. The other day I went to my friend’s house and asked if she had Kleenex. She said no but she offered me tissues instead and asked if that was okay. At that moment I realized I had used mindshare to associate Kleenex with both the name of a brand and a product. 

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Market Mindshare Hybrid:

Your customers use of mindshare may seem unimportant compared to market share, but both shares make for a cause and effect phenomenon. This cause and effect phenomenon basically means once your brand’s mindshare is achieved, market share will flow naturally. The hybrid of Market mindshare will help you improve your brand’s reputation and sales. Placing market share efforts before mindshare, or not including mindshare at all is probably why your sales are not increasing. 

The Reasons Why Mindshare is Ideal: 

Mindshare tells marketers what share of the consumer’s mind they have. Though mindshare insights are harder to reach than market share, this adaptive marketing gives solutions to what business leaders need to fix. 

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How Mindshare Can Lead to Market Share?

Mindshare is a competitive advantage that tells how well a brand's B2C marketing connects to its audience. Once your product is permeated in someone’s mind, your market share will increase. 

giphy (10)-2Some think brand representation is just a trendy term, but there’s  deep importance to it. Advertising, sales, exhibition, and marketing, are all subcategories of branding. 

Steps to Achieve Mindshare:

1. Brand Awareness:

For your brand to reach the dominant share and brand equity, your consumer needs to be aware of your brand. Knowing where your company’s brand awareness stands will help create campaigns and opportunities to enhance impressions. 

Humans are visual creatures. If you embody your brand through design, they will remember your brand. Even if your product is in a saturated market, you can create mindshare in the industry and eventually market share through a consistent and unique logo. 

Picture1Not only are consistency and timeliness key in design, but customer service, core brand identity and core product. Having employees with timely customer service skills will make your consumers interact with your company in the future. Even customer service on media will alter your business. Your core brand identity and the product should never change. That said, it’s beneficial to have a simple slogan and a core product; less is more.

2. Brand loyalty:

Brand loyalty is difficult to achieve from a consumer, but once you get it, the customer will not stray away from your company and switch to a competitor’s brand. There are a few ways to get brand loyalty from a customer.

Sales representative relationships gain customer brand loyalty. Reps can relate to your customer because they know an immense amount about your product and enjoy it. If your sales rep has a good connotation with your brand and products, they will sell easier.

Reward programs will lock your customer in because the more they use points, the more perks. It’s a win, win for B2C marketing. Your consumer will feel inclined to use points and gain trust with your brand. Handing out promotions will also show your potential or current consumer that your brand cares. 

Managing an exceptional customer service base will aid customers to investment and dedication with your brand, even when something goes wrong. Though your brand should fix short term problems, adjusting your brand based on feedback will increase long term mindshare and market share

3. Perceived Quality:

It’s important to place yourself in the shoes of your target audience to figure out whether they would enjoy the brand experience you are presenting. Asking yourself if you think your customer is satisfied will help your mindshare. 

The quality of your social media is more important today than ever. If you create a memorable social media presence, your impressions and clicks will increase, thus sales will trickle in. For instance, the platform Instagram has a “shop” where it’s convenient for your consumer to shop products while on the app. 

giphy (1)-25Website quality is necessary to improve mindshare, thus market share. If your website does not have a search engine, accessibility to applications of the site, and information, your site quality is probably low. A customer should not have to guess about where site features are. 

By now, you might be asking exactly how your company can know these psychographics about your audience. Channels like surveys and Instagram poles are resourceful, but AI software like Cortex can translate quickly and effectively how a customer feels. By Cortex using machine learning technology, the AI can compile Instagram posts and report back analytics of successful and non-successful posts. Listening to the perceived quality of your users will enhance your mindshare and market share.

4. Brand Associations:

In our age of the internet, the brand association is sure to increase your mindshare and market share. Public figures are a classic example of brand association. An audience can mindshare a professional athlete with a brand, or that public figure can promote the brand with their mindshare over others. When a public figure is sponsored by a brand, these marketing activities will increase market share through promotions, and the influence of that celebrity. 

“Influencers” is a newly coined term within the past decade. With the rise of social media, influencers or entrepreneurs have altered the realm of brand partnerships. Whether you are a small business or a global media agency, this influencer strategy can help grow mindshare and market share through promoting your products to their followers. 

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