Every business small to large has a goal of capturing market share of the market they are in; this is true across all verticals and industries. This is not something new, this has always been the case. This is taught in business schools across the globe, what is not talked about often or enough is “Mind Share”. Many ask what mind share is. Mind share is having your brand come to mind when thinking of a product rather than your competitors; how do you do this? You have to get into target markets head, you have to understand them; how they think, what they want, why they want it, when they want it. To be successful in marketing you really need to be a part-time psychologists, you must have the ability to understand how your customer thinks.
In order to capture mind share you have to put yourself in your targets shoes so to speak, you need to look at the world and see it the way they do. Not everyone can do this, while much of it can be taught, some of it is a natural-born ability, which is why some are so much better at marketing and sales than others. In order to capture mind share you need to mentally become your target customer, you have to understand why they want something, how they look at the products they are buying, what is driving them to purchase, is it cost, is it quality, is it company reputation?
Many people talk about Market Share, but to me market share is simply a short-term accomplishment, because you can have great market share this month, and bad market share next month. Mind share on the other hand can be long term. One of the best ways to acquire mind share is to start with your current customers, they are your bread and butter so to speak, so before going out and worrying about new customers, your goal should be to keep the ones you have. How do you do this? A simple thing but so many miss the boat on this is to simply ask your customers how they feel about you, believe me many of them will be willing to share. If you are doing well they will tell you, if you are not, they definitely will tell you. Take this information and use it to better yourself. Also look to see what your customers are saying about you, what is your reputation online, how do you fare with your customers in terms of Social Media? This is a big indicator of whether or not you have mind share. If your customers are saying good things about you, that is a positive sign that you have mind share and that they will continue to buy. Whatever you learn from your customers, apply this to your target market. Remember market share may not last, but if you are occupying your customers thoughts when they think of a product or service it’s a good bet your there to stay.