Ever nicked your finger while dicing onions and instinctively reached for a Band-Aid, not just any adhesive bandage?
Or ever had a burning question and immediately thought, “I’ll Google it”?
When scheduling a virtual meeting crosses your mind, doesn’t the word “Zoom” pop up instantly?
Ironically, these terms aren’t the official names for these products or actions. Yet, these brand names have become so ubiquitous that they’ve become synonymous with the product or action itself.
This phenomenon is known as mindshare. Let’s delve deeper into this concept.
What Is Mindshare?
Mindshare is a play on the concept of ‘market share,’ which speaks to a business’s popularity or penetration of a product or brand. Both are equally abstract and impossible to quantify exactly. However, they’re important KPIs for businesses.
You can visualize the concept as how much space your brand takes up in the mind of your audience relative to your competitors. It’s the collective consciousness of your brand. Metrics such as frequency and saturation (digital ads), website traffic, open rates (email), and social media engagement indicate to business owners and marketing pros the degree of brand penetration you have in your market.
And mindshare is mission-critical to growth-minded companies. A reported 90% of purchasers buy from brands they follow on social media. This isn’t shocking, it’s intuitive — people buy from brands they know. They buy even more from known brands actively on their mind.
When it comes time to make a purchasing decision, 82% of researchers choose a known brand on the first click. The math is simple. Greater mindshare = greater revenue.
So, we can all agree that more mindshare is important for business growth. But how do you achieve it?
How to Activate Mindshare
How do you stay top of mind? Consistent, targeted marketing and brand awareness. By creating memorable digital or physical experiences and maintaining a strong online presence, you can ensure you’re the first choice in consumers’ minds, fostering lasting connections and loyalty in an increasingly competitive market landscape.
Build Deeper Connections Through Targeted Marketing
Talk to everyone and you’ll talk to no one. However, by breaking your audience into small segments based on factors like demographics, firmographics, and geographics, you can speak directly to them. This is how you make a deeper connection and stay top of mind.
Some examples of target marketing could include:
- Running paid social media posts that appeal to a specific segment that you know will be interested in that offer
- Writing SEO-friendly educational content so you appear for specific keywords your audience might be searching
- Utilizing paid search to attract users to your site using industry keywords
- Sending highly targeted emails by segmenting your subscriber list
To successfully target your marketing, you’ll need to determine what segments are important to you. Take advantage of data you’ve already collected, and keep in mind that these segments don’t have to be set in stone.
Stand Out From Competitors With Brand Awareness
One of the best ways to get the attention of potential customers (and stay there) is through memorable branding. Think of it as the brand identity of your business.
With good branding, your audience will clearly understand what your business does (and how it can help them solve a problem or meet a desire), trust that your product or service is worth the cost, and recognize you in a sea of competition.
But creating strong brand awareness is about more than just having a good logo. It’s everything from your messaging to your brand visuals to your social presence to how you show up in real life. Brand awareness is a combination of many factors. Here’s how to start building brand awareness today:
- Provide value that goes beyond your offer
- Create content your audience will want to share
- Tell a story (why you do what you do)
- Create a recognizable voice and aesthetics
- Run social ads focused on awareness
- Get active in your community
- Offer a freebie that educates your audience
The more your business is seen, the more people will think of you when it comes to the specific problem you solve or the desires you meet.
Of course, the product or service you provide will always be the most important decision factor when it comes to converting your audience. But when all else is equal, brand awareness is what helps you stand out.
If you’re looking to activate mindshare with your potential customers, it’s imperative you have the right marketing tactics in place.
Extu Generates Mindshare
With a variety of marketing offers, including an all-in-one digital marketing solution, Extu can help your business achieve mindshare.
We offer everything from high-quality, multimedia content creation to branded travel services, helping to build brand awareness that feels custom to your audience. Find out more by clicking here.