Hello, I’m Jim Glover, That Branding Guy for Once a Day Marketing™. Today is Smart Monday and we are talking about something I think is a marketing golden rule and that is Mindshare Equals Market Share.
I don’t have to tell you how competitive the world is today. You can sell a product in your own backyard or across the globe and that means your competition can too. There is an enormous choice of products available for consumers to buy. They are bombarded every day by advertisements coming from all different sources encouraging them to buy a particular product.
At the point in time when the consumer is buying a product, if they are not thinking about your product you are missing the opportunity to make a sale.
Capturing mindshare means ensuring that your brand is in the customers’ mind at the time they decide to make a purchase. If they can readily recall your product, they will be more inclined to purchase your product. If the consumer isn’t thinking about your product but they are remembering your competitors’ product, they are going to buy your competition’s product or services.
It is critical to ensure you capture mindshare. If you do you are going to generate sales and increase market share. Mindshare is especially important if the purchase cycle for your product or service is very long. For example, if purchase frequency is only once every eight years and you miss the opportunity to sell to a customer at that time, you have to wait another eight years for an opportunity to interest them in your product again.
You can clearly see why I call this a golden rule. If you have mindshare it will lead to market share and generating sales and revenue from your products and services. This is why branding is so crucial. Customers must be consistently reminded of your brand to maintain top of mind status. That is what branding is all about and why it’s so important for your business.
That concludes Smart Monday. Join us tomorrow for Strategic Tuesday. To discuss an online or face to face service engagement and enhance the marketing and branding for your organization, contact James Glover: (505) 501-1330 or firstname.lastname@example.org. I’m Jim Glover, That Branding Guy, for Once a Day Marketing™ and we’ll see you next time.
© 2012 Once a Day Marketing™. All rights reserved.