To increase your market share, another company must lose. Market share is a competitive mind set. In order to win, you must take business away from someone else. It is a zero sum game. In order to gain 10% market share, others must lose 10%. To increase market share, most businesses spend an insane amount of money on advertising.
Is Anyone Listening?
76% of customers don’t believe companies tell the truth in advertising. (Keller Fay Group)
54% of people say they would avoid buying products that overwhelm them with advertising and marketing.
69% said they are interesting in products and services that would help them SKIP or BLOCK advertising.
Mind share is a different mind set.
Increasing mind share is the process of increasing desire and demand. It is engaging the customer in an experience they find compelling. This process is characterized by cooperation, openness and collaboration.
78% of customers rate the credibility of word of mouth as 7 or higher on a 10 point scale. (Keller Fay Group)
Is it a Sprint or a Long Distance Race
If all of your sales and marketing initiatives revolve around increasing your market share, someone is going to lose. Maybe not right now, but in the long run, the future belongs to those that are investing in mind share.
Investing in mind share is investing in the long run. It is getting your customers and partners involved in your business. It is being open and honest. Creating a ‘circle of trust.’
Trust requires knowing each other. With no trust, it takes more time and money for both the consumer and the company.
Over 80% of people stop buying products from companies when their trustworthiness comes into question. Over 33% who lose trust in a company openly campaign against that company on the Internet. (Edelman Trust Barometer)
Consumers in the US and Europe are 86% less trusting of companies than they were five years ago (Bain and Co)
Opportunities are All Around You
Stop trying to sell. Stop pushing your messages at your clients when they don’t want to listen. Engage in a solid social media strategy to become a partner with your client and help them buy. People still love to buy. How can you help your clients buy?