Why every organization should set a goal that targets the increase of mind share
I must have lived under a rock for years since I recently came across the term mind share for the first time. While I could guess the term's meaning, it was still entirely new to me. So, I tried to learn about it and its principles.
I quickly learned that having a term like mind share is much more powerful because it immediately addresses the business pain of having no mind share: You will lose market share without mind share.
So here are my key takeaways about mind share (or mindshare):
Mind share is an extremely important concept in the business world. It is the amount of attention and recognition a company or brand has in the marketplace. It measures how well-known and respected a company is among its target audience. An increasing mind share is essential for any business, as it can help increase brand awareness, build customer loyalty, and ultimately drive sales.
The first step to increase mind share is to create a strong brand identity. This means building a unique logo, slogan, and other visuals that will help to differentiate your company from the competition. It is also essential to create content that resonates with your target audience. This could include blog posts, videos, podcasts, and other forms of content that will help to build your brand’s reputation.
Another way to increase mind share is to engage with your target audience. This could include responding to customer inquiries on social media, participating in online forums, attending industry events, and creating specific customer outreach programs. Engaging with your target audience can build relationships and create a sense of loyalty.
Measuring mind share is not easy
Finally, it is essential to measure your mind share. You can do this by tracking the number of mentions your brand receives on social media, website visits, and people who follow your brand on social media. By monitoring these metrics, you can better understand your brand’s performance and what areas need improvement.
I think one of the challenges is measuring the impact of mind share on market share, i.e., an increase in revenue.
However, having an increasing mind share is essential for any business. It can help increase brand awareness, build customer loyalty, and drive sales.
Increasing mind share should be a top priority of every organization
To conclude, every company or organization should set goals to increase mind share. It is an important concept in business and should be taken seriously by any organization. It is essential to create an effective brand identity, create engaging content, engage with your target audience, and track your mind share to see an increase in sales, market share, and revenue.
While this is essentially nothing new, there is a more profound meaning to mind share, in my opinion: If you want to increase mind share, you need to focus on your client. We all want to be ‘customer-first’, but are we really at the end of the day?
Personally, mind share is beyond the measurement of clicks or branding and engagement using social media or other marketing strategies. It seems that mind share is an effort supposed to be driven by marketing, but I think it should go beyond that.
Mind share should be a deeply engrained mantra of every organization — especially a sales or pre-sales organization. Focusing on creating a positive customer experience that resonates with customers and builds trust is not the task of just one organization — it is and should be the ultimate goal of a company. Achieving that is the biggest driver for increasing market share and revenue in my opinion.
That was my rant about mind share. Let me know your opinion. Also, please share more resources, articles, or books covering mind share.
Here is some content that helped me understand mind share.
Mindshare is all about finding innovative ways to be engaging with customers. This, therefore, can build authentic customer intimacy. Active engagement can build credibility and increase market share and brand recognition. This means everyone should have open business communications with customers, and frontline employees need to be confident enough to have difficult conversations during times of uncertainty.(https://www.forbes.com/sites/forbesbusinesscouncil/2022/09/13/bridging-the-gap-mindshare-vs-market-share/?sh=66642947118c)
This article https://www.investopedia.com/terms/m/mindshare.asp compares it to market share, which I think is the best way to describe it to someone (like me) who has never heard about the term before.
It is like market share but instead targeting the perception, awareness, and knowledge about a product of a consumer group.
I also found a good book that helped me understand mind share better: Capture the Mindshare and the Market Share will Follow: The Art and Science of Building Brands by Libby Gill