What is Mindshare?
Mindshare technology occurs when your company’s brand or product is the first that comes to a customer’s mind when they think of your marketplace. This strategy is used to build relationships between you and your target audience. Unlike market share, the success of mindshare cannot be proven through factual numbers. Instead it's about the talk and buzz around your brand.
Take for example Post-it notes. Both the name of the company and the actual object have the same name. Post-it brand equity is so strong because the mindshare technology is. On a smaller scale, simple knowledge about your brand is mindshare as well.
When does Mindshare Occur?
Entrepreneurs and marketers usually deal with mindshare technology efforts. If a global media agency has a client with a new product, mindsharing to their global audience is how they reach the objective of brand awareness.
How does Mindshare Technology Work?
This form of marketing is extremely psychological. When your company is connecting to human’s emotions, triggering nostalgia and gaining permanence, you are mindsharing. The influence of mindshare can sometimes monopolize a market because consumers become familiarized with companies and are timid of change.
When attempting to mindshare your brand, planning out how to position your brand is the initial step. From the first interaction with your consumer, they need to understand your message. If you do not clearly execute your company goals, you will not mindshare. This is essentially why marketing campaigns exist.
Based on your company’s size, type of market and goals, your positioning will change. If you’re striving to become the dominator of a large market, your approach will look different than a goal of becoming the owner of a small mindshare market.
What are the pros and cons of your brand using Mindshare Technology?
Whatever the market, there are pros and cons of becoming the top mindshare brand.
If you mindshare a specific product well, you have subconscious ownership over that product. For instance, when someone uses a band aid from the brand Band Aid, not only does that brand sell the product but embodies the market. Same as the company Jeep which sells Jeep style cars or Polo which sells Polo shirts; the list goes on.
On the other hand, it becomes difficult for these brands to change brand identity. What if Band Aid wanted to start selling products out of their realm of business? Since the customer has already gained permeance with the products and brand, the mindshare technology cannot reverse someone’s mindset back to the initial state. Within a company that dominates mindshare comes the struggle to grow and change.
Can a small business mindshare?
Unlike Fortune 500 businesses, it is not as easy for a small business to mindshare. That said, it’s still possible for a small company to mindshare, there’s just a different approach to success.
There are three main tools to help your small business mindshare at a large corporation level. Once your brand organizes a structured plan, finds their audience and has reliable employees, your mindshare technology will improve.
How do I mindshare my brand’s message?
When creating an ultimate message for your company to convey, less is more. Your company goal should contain one single and strong message. Having more than one message will confuse your customer and debilitate your change for competitive advantage. Once your company has a definitive goal, strategic influence and contagious marketing will come more naturally.
Marketing your product to a customer is important, but you have to show your customer how you care through customer service, and product availability.
How do I make customer service memorable?
If your customer has a question about a product or your brand, your company should respond with solutions in a timely manner.
More and more, companies of all sizes are using social media as a customer service tool. The fast food company Wendys likes to respond to customers through Twitter, the media platform. Not only do they answer questions and comments quickly, but they tweet in a personable tone. This tactic makes customer service more approachable. When you are known for being punctual and entertaining customer service, your mindshare increases.
Knowing how to respond to customers through customer service mediums means you have to research who your target audience is. If your audience is an older generation, tweeting is not a beneficial experience for your followers. Many small to mid- sized businesses don’t take the time to research their audience. To increase sales, becoming aware of your market is just as important to a small company than it is to a large one.
Can product availability help mindshare your brand?
Product availability is the key to your customer taking your small company seriously. Online shopping is accessible to your customers 24/7, so there is never down time. If your customer is constantly seeing your products are out of stock, the credibility is lost. Once the trust between your customer and your brand demolishes, most likely they will not return.
Mimicking some of these traits that Fortune 500 businesses have will improve your small businesses mindshare. Managing how to both show and tell your customers about your products increases your credibility and brand loyalty.
What are three brands who mindshare well?
All three of these brands mentioned below had a climatic marketing campaign that gave a message about the company and ultimately increase their mindshare.
Within the soda industry, Coca-Cola is probably the first company that comes to mind. Some people in the United States even call soda, Cola.
One of the most outstanding campaigns Coke has ever done is the “Share a Coke” campaign. This defining campaign started in the summer of 2014 in 200 countries and became so successful it continued for years after. Once the multi- national campaign gained momentum, the world basically knew that if they bought a Coke can or bottle, a name would be on it.
Coca- cola wanted to demonstrate that Coke is better when it’s shared with people, which branding wise, promoted inclusivity and relationships.
In the music streaming market, Spotify is one of the few well- known channels. One annual campaign that every user looks forward to is “Spotify Wrapped”. At the end of every year, Spotify gives its customers a playlist of their most played songs and a report of most played genres, artists, etc.
Similar to Cortex, Spotify uses AI to track the customer’s listening habits. Every December Spotify rating are an all- time high because of this personable campaign.
Spotify personalizing annual customer reports has increased their mindshare. It tells a story about a customer’s past music choices and induces nostalgic feelings. This campaign makes users want to use the app more because they want to see the Wrapped feedback.
Uber has built a market for affordable car services and has mindshare their brand. After Uber hired a new CEO, they introduced the “Doors Are Always Opening” campaign. The commercial portrays different storylines of people using Uber for various purposes. The variating clips prove everyone has a mission in life and Uber wants to facilitate in opening opportunities for them.
Uber wants to help create memories and life events for their passengers. After the Uber scandals and a new CEO, Uber wanted to reintroduce their brand and mindshare with their users that they had new management and a new message.
How to Mindshare Your Brand
No matter the size of your brand, the steps taken to mindshare successfully are not easy to achieve. Most of the time, consumers don’t even realize they are using mindshare technology. Mindshare can occur on multiple levels. Sometimes, mindshare means a company’s name is shared with the name of the product. Other times mindshare is when people think of a brand’s slogan when they think of a specific market. Creating memorable content that emotionally connects to your audience is what mindshare is all about. Not one company approaches mindshare the same, because not every company is the same. It begins with finding tactics that work for you.