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- Brand Management - Percentage of Market Share in Prospects & Customers Mind That You Own Impacts Percentage of Sells You Make in Your Market! [ARTICLE]
Brand Management - Percentage of Market Share in Prospects & Customers Mind That You Own Impacts Percentage of Sells You Make in Your Market!
What others say about you, tells the world who you are – Brand identification?
Ensuring market dominance for your product and services both in the immediate term and future is based upon what percentage of the prospect and customer mind-share you own!
So, what does this mean? Think Brand-Management. Take a Nano-second pop quiz, do any of the following confuse you or leave you wondering who they are or what the offer:
- If you see the NIKE swoosh emblem on an article of clothing or printed in an ad, do you know what the swoosh represents?
- How about the name or icon AMAZON?
- And IBM?
- How about the INTEL music jingle on television or radio?
- And the Golden Arches is who?
- eBay's colors are?
- Ever heard of Facebook?
Each of these have been branded to such a level that they each occupy mental market share in your head - mindshare. If and when the time comes that you may need a product or service that you know or believe they would provide, there is a greater likelihood that you will go to them, versus someone you have never heard of, even if that provider is more convenient to you.
Gaining market share in someone's head (mindshare) is a process of everything that you do. You need to explore every channel by which you can get your message into others heads and every appropriate opportunity to do so, and do so. We know that our mind creates/send and interprets/receives messages in one of three core ways, so start by recognizing you can take your message to market in only one of three communication channel ways:
- Visual – one of our mental sensory processing channels is visual, so always explore and deploy in every means to visually communicating with your market place that is possible.
- Explore every conceivable way that you can and do touch the market in a visual manner? Then identify for you and your constituents, which ones are appropriate to own and deploy …
- Audit how people are buying reached and influenced to take action and take action with your competition for benchmarking …
- Auditory – a second way our mental sensory processes are via an auditory, so always explore and deploy in every means to auditorily communicate with your market place that is possible.
- Explore every conceivable way that you can and do touch the market in a visual manner? Then identify for you and your constituents, which ones are appropriate to own and deploy …
- Audit how people are buying reached and influenced to take action and take action with your competition for benchmarking …
- Kinesthetic – a third way our mental sensory processes are via kinesthetic, the face-to-face or interactive manners, so always explore and deploy in every means of kinesthetic communication with your market place that is possible.
- Explore every conceivable way that you can and do touch the market in a visual manner? Then identify for you and your constituents, which ones are appropriate to own and deploy …
- Audit how people are buying reached and influenced to take action and take action with your competition for benchmarking …
As you explore the myriad of ways to tactically execute against these three strategies, make sure that what you do is:
Be Consistent and Repetitive, you can’t change your logo, name, or mantra on a regular basis and expect to gain, maintain or even grow market share in your prospect or client mind!
Research also reflects the importance of multiple mindshare impressions to motivate others to recall you and take action towards you. Know your magic number of impressions?
- Be Appropriate, consider your market by gender, age, ethnicity, geography, social-economics, profession-trade, education-experience, etc. and make sure your message does not put you in a hostile position with the market and create negative market share in that of the other person’s mind!
- Position Based Upon all 4-USFs, meaning make sure that what you do reaches a Unique Selling Factor (aka unique selling proposition) with the recipient. And this can be done by positioning what you offer in others’ mind by being: Different; Faster; Cheaper (cost effective); Better than what they are either presently receiving in the market place or what they can get in the market place!
- Use COIs & Client Testimonials and Networks Effectively, identify and call upon your Centers-of-Influence (also known as advocates, allies, champions) regularly to defend you, sell you, promote you. Use their names and likeness in as many visual postings as possible and leverage off of them and their centers of influence within the market place!
- Use Rule 3-3-30®, marketers believe that you have 3-seconds to capture some one’s attention, another 3-seconds for the recipient to determine if your offer is appropriate to them, and if so then they will invest about 30-seconds to read and determine a value proposition to them – wow, 36 seconds to gain market share or die!
As you launch campaigns to generate greater market awareness to you, or to change buying habits, or create market change these KPIs can be powerful guideposts. Have an automated system, customer data base system or an excel spreadsheet of the differing demographic contacts for connectivity campaigns and reach as appropriate.
Ensuring market dominance for your product and services both in the immediate term and future is based upon what percentage of the prospect and customer mind you own. So, remember, out of sight equals out of mind in toady’s fast paced branding world and call to action selling universe.
Another game to play to determine whether your message (via printed materials, radio or television ads, electronic deliverables, etc.), is to use two different color markers and go every line of what you are about to send out to the market place. Use one color marker to shade all words/message that speaks about you, and a second color to shade all words/message that speaks about them. When completed, the color shades for “them” should be significantly greater than the “you” (which is code for me, me, me text). To get greater market share of the mind, you must speak to “them” and not about “you” in what you do!
Now take these ideas and intensify and magnify your market reach by enrolling, empowering and unleashing the power of everyone in your organization or network to become force multipliers to your initiatives, by having them on your behalf or by your guidance reach out to their contacts and networks with the same above approach as well, and in a unified deployment manner.
The old adage of, “Little things mean a lot” is no longer valid in attaining mental market share. Now it is, “Little things mean everything”!