As a business, you need to make sure your customers connect well with the products you offer them. This is the best way to know whether your products are reaching the targeted objectives and are being consumed by your customers. Whereby you measure how your customers perceive your products is what is known as mindshare. This measurement is usually determined by how much a particular brand is talked about by the public. The more your brand is mentioned the higher you are above your competitors.
Mindshare usually determines how well consumers receive a product. It is, therefore, an important factor to both consumers and manufacturers as it affects them both. For instance, if a consumer wants to buy a product, they tend to go for those that are most talked about. They would ignore the numerous alternatives available for them and opt for the one that comes to mind first. This is usually the most mentioned product. Manufacturers, on the other hand, use that kind of popularity to determine how well their products are performing on the market.
Mindshare vs Market share
Although Mindshare and market share are sometimes used interchangeably, they have some differences between them. Defining what is the market share and what is mindshare can shed some light on one of the differences. While mindshare is the measurement of how well the consumers remember a product. Market share is the percentage of units or revenue that differentiates different products from each other. This means you can easily quantify market share but not mindshare.
Another difference between the two is their impact on a business. Mindshare is believed to be a better gauge for a company's long term performance and goals while market share is believed to showcase a business's short term performance. However, if your business expands as it should then focus on increasing the market share. You can do that by improving the mindshare.
These show that both mindshare and market share are important in business growth and are interrelated. You can, therefore, use them both to build a brand that doesn't fade away from people's memory and keep measuring that to ensure that you're improving and not slowing down.
Importance of mindshare
Since mindshare refers to how much your product occupies the consumers'minds, it determines the level of success you'll have. If customers constantly talk about your products positively on various platforms such as social media, emails and phone calls then you know you have positive mindshare and are doing well. However, if they talk negatively about your product, you'll know that you've lost the mind share and should do something to get it back.
The fact that mindshare is difficult to quantify doesn't mean you can measure it. Some of the methods you can apply on the measurement include:
1. Research psychographics
Psychographics are qualitative factors that show you the customers' behavior, attitude and decision-making processes about the products. This will help you understand how your customers think and will, therefore, place you in a better position to provide solutions to the problems they're experiencing with the current products. Read your digital reviews and use notification tools to inform you every time your brand is mentioned on any online platform.
2. Collect data
Your goal is to understand how both your customers and prospective customers think. The best way to do that is to collect relevant data on various platforms such as social media and other online and offline platforms by creating focus groups. You can also conduct polls. Try to conduct online audits and check out reports on how your competitors are ranking as well as how your keywords are ranking.
3. Evaluate your competitors
Conduct qualitative and quantitative analysis on your competitors and use the results to analyze your strengths and weaknesses as well as available threats in your market sector. The research can also help you discover your competitor's mindshare which will place you in a better position to take them over.