You lose market share if you don’t know mind share
We talk plenty about market share, but we don’t talk enough about mind share.
Mind share grows from storytelling, showing up, and delivering.
It’s difficult to quantify because it is about awareness, living in your consumers’ or potential audiences’ minds.
Think about the first laundry detergent brands that you buy when you move out and start living alone. You probably buy them because you’ve been bombarded by their advertisement when you were small, or just because your house has been using it. That’s mind share.
If your competitor gets more mind share than you, doesn’t matter if you have a better product or you are currently the market leader, people will start looking at your competition and you risk losing them.
That’s why business leaders need to keep telling stories, sharing their why, showing up on occasion that matters and ideally delivering what they pitch.
Some of you might hate the game, but marketing and distribution are more important than many people think. They are common traits that the market leader in all industries shares, you remember their brand and they are easily accessible.
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I talk about startups and founders’ mindsets on Linkedin: https://www.linkedin.com/in/everestng/
Feel free to connect with me and strike up any conversation you’d like!
