When it comes to sales and marketing, there are two key ingredients every campaign should strive for: mindshare and market share. These two, while they may sound similar, are actually fairly distinct. But if you want to succeed, you’ll need to make sure you capture both.
Market share is fairly straight forward. It’s “the portion of a market controlled by a particular company or product.” For instance, despite Apple’s ubiquity in the smartphone game, Samsung held most of the market share for smart phones in 2018 and 2019. That is to say, they held the vast majority of the percentage of the smart phone market.
Whenever you’re releasing a new product or exploring a new area of business, it’s always important to consider market share: who the key players in your market are, what their market share is, and what you can offer to give yourself and edge and gain the most market share.
Measuring your market share is simple, you simply look at your sales individually, and calculate what percentage of sales within that industry your business accounts for. For example, if you sell 25 hats a year and 100 hats are sold in the hat making industry for 2019, you have 25% market share.
You have the sniffles, so you ask for a Kleenex. Someone asks you to draw a can of soup, and the first thing that comes to mind is that legendary red and white can.
These are both examples of mindshare. In simplest terms, mindshare is “relative public awareness of a phenomenon.” Memes, gifs, viral videos – these are all examples of mindshare (albeit of the relatively fleeting form). Asking for a Kleenex – a particular brand name – instead of a tissue is a form of mindshare. iPhones, Campbell soup, and even Coca Cola (anyone grow up asking for “a coke” in place of any type of soda?) are all great examples of mindshare. Brands that have done such a good job of capturing consumer’s attention that they’ve become an ingrained part of culture, thought, and opinion.
And capturing mindshare is an increasingly important part of sales and marketing. Because mindshare is what helps promote a product. It’s the word of mouth, top of mind cultural cache that helps you get more market share. And, conversely, the more market share you have – the more mindshare you can get in return.
But, where market share is more about the sheer numbers, mindshare is more about the larger connections you make with consumers. While market share is great, the mindshare you create around your company, your brand, and the community you grow is key to making sure you endure beyond the latest fad or craze. It’s what takes you from a generic tissue or soup can and makes you an icon and cultural touch stone.
Want to start creating plans for harnessing the power of market share and mindshare? Contact us today and we can help you create a custom game plan.