How to best measure the long-term health of the company or product? We believe the best measure is mindshare.
What is Mind share? It generally related to the awareness and popularity amongst your target customers. This is one of the main objectives of marketing and promotion. People usually think of a limited number of brand names when asked about a product type or category. Therefore, the aim should be to establish your product as one of the best kind of a given product or service type.
Why is it important? Mind share leads to a purchase because if your product is not on a customer's mind when they form their intent to buy, they will not consider your product in their decision. But it goes beyond their ability to recall, the customer is more likely to buy your product when they recognize the brand's attributes and understand product's value. This recognition should be in comparison with competition.
How can you measure Mind Share? You can track it through various means; what is written about you in press, types of comments you get on your social network sites, number of referrals, feedback you get via email or telephone etc. If the customers talk about you frequently and mostly in good way, you have earned mindshare (positive kind). If they think or talk about you infrequently, you have or are losing mindshare.
How can I earn Mind Share with Customer? There are several ways to achieve that:
- Promise clear value to customer - and deliver. In other words offer a quality product or service. Customers want a superior experience - make sure you deliver that.
- Create visibility - advertise. Visibility leads to recall.
- Make sure your product is available - when you start to promote your product, that is the time when you are top of mind, if the product is not available you can quickly lose the mindshare.
- Public relations - educate your customers at every opportunity. Invest in relationships that will result in coverage and build credibility of your product. This will contribute to deepening the customer's understanding. Don't over do it. Quality is always important.
- Promotions - everyone loves a great deal. A timely promotion is a great motivator and can push a purchase.
- Fanatical Customer Service - every contact with the customer is an opportunity to build relationship, earn loyalty and mindshare. Everyone makes a mistake - when that happens - own the mistake and fix it as soon as possible.
Once you have the mind share, market share will follow. But don't forget to measure your mindshare. You can measure mind share by doing a consumer awareness and attitude study, but before you do that know what attributes about your product are important to your customer.
Wishing you all the best.
How do you build and measure mind share for your product?