Welcome to the Dove Direct Print and Marketing Blog. Today's post, "5 Ways to Strategically Gain Marketshare" delves into tactical marketing considerations, that when identified, adequately evaluated and executed, can better position a brand to gain marketshare. When we think of marketshare's overall context, we are alluding to brands that dominate top-of-mind perceptions.
By definition, marketshare represents a percentage of a particular market that has multiple identifiers. Currently, most marketing experts allude to arriving at marketshare percentages as either the number of units sold or the amount of revenue generated. Finally, the results are measured against the overall volume of units or revenue by a particular market as a whole.
Typically, and in addition to achieving marketshare, is the backbone term, mindshare. Mindshare represents a marketing term that focuses on depicting the degree of consumer awareness or popularity surrounding a particular brand, product, ideology or service. Brands that can successfully develop mindshare will most likely advance to marketshare.
That said, one could make the argument that a brand can reach various degrees of marketshare in the absence of the dominant mindshare. We contend that all things being equal, mindshare invigorates the opportunity to capture more marketshare.
Marketshare successes take time to develop, and that is where mindshare comes into play. For example, it took Apple a few generations to achieve a dominant position and marketshare in smartphone technology, tablet offerings, and newer computers. Apple began to advertise and market its product set as a quasi-suite of integrated offerings in the mid-2000s. Offering product suites vs. single products is another aspect and way to develop and broaden mindshare.
Mindshare Increases Marketshare
All things being equal, we are very aware that without instituting a viable marketing strategy aimed at influencing consumers, mindshare fruition will most likely be void. For the sake of argument, let's include this question; "Can mindshare be developed quicker than marketshare?" Many marketing experts are in the quest to answer that question, and in many cases, most suggest that mindshare is necessary before arriving at marketshare.
In the rapidly burgeoning game-changing digital marketing spectrum, achieving mindshare is the prerequisite by which marketshare happens. Brands that have achieved mindshare are those that have also ranked high in marketshare. Some advertising experts point to mindshare as a better gauge for the long-term health of small businesses versus marketshare. The reason being that mindshare is evidence that in the consumer's mind the product is always available.
1. Increase The Data Collection
Developing and investing in data management is the priority of creating strategically sound marketing tactics aimed at increasing mindshare. Data powers personalization and enables marketers to distinguish customer sets fully and garner a deeper understanding of their targets needs and wants.
Uncovering prospect intent is critical. Gaining insight through data collection can decipher who's on the buying committee. Further, you can determine the level of weight each prospect has within the buying committee, and more importantly, identify the pain points and where the buyers are in the buying cycle.
2. Account Based Marketing
Account Based Marketing, aka ABM, should be front and center after selecting the database management solution. Marketing campaigns that are void of ABM initiatives may be missing the target. ABM has the strategic advantage of being able to quickly scale personalization efforts and launch campaigns based on intent data. Intent data tactics provide the ability to nurture relationships earlier in the buying cycle.
Further, account-based marketing tactics can also provide a mechanism whereby communications reflect prospect preferences. Besides, the resulting touch-points within an ABM campaign can assist the sales teams in creating relevant conversations as buyers reach a more meaningful engagement level.
ABM strategies are also dependent upon buy-in from the sales team. With buy-in, the sales pitches that arise out of the ABM process will be better supported and more likely to succeed if the sales team is on board and prepared to support the marketing campaign.
3. Frequency in Personalized Messaging
Personalized messaging and communication tactics are in full swing across the marketing spectrum. Personalization is not a new strategy or tactic. However, the strategy of how to effectively utilize personalization techniques are frequently updated. Mindshare is achieved for the most part when marketing campaigns are continuously in front of consumers wherever they may be.
Frequency in today's marketing construct has taken on various roles for all marketing mediums. In the digital spectrum, frequency makes all the difference. It is no longer enough to post a single piece of creative, organic, earned or paid, once or twice a day. That said, for example, a single Instagram post has the propensity to be lost in a matter of minutes. Therefore, multiple posts throughout the highest viewing periods can make all the difference.
Using the Instagram example, the next step for achieving mindshare success would also be to include a storyline of posts that support and expand upon the original post's message. In due time, Instagram targets will begin to associate the brand messaging with a top of mind mentality, particularly since each post will be expounding upon the original post. If executed correctly, Instagram users will become focused on anticipating the next version of a post's installment.
This personalized frequency approach should be considered for all marketing mediums the brand is utilizing. Frequency in marketing creates mindshare over the long term. Therefore, marketers and brands should develop a frequency model according to budgeting considerations.
4. Brand Activism
The following is an excerpt from one of our previous posts entitled, "Consumers Expect Brand Activism," in which new data suggests that brand equity and reputation are now consumer-driven based on brands taking a stance on issues. Tim Cook, CEO of Apple has had his share of blowback from consumers alleging that the brand's practices of late are becoming more and more questionable.
To that end, brand activism and CEO leadership are now being taken seriously, so much so, that Weber Shandwick produced a CEO Activism study. The central point of the study concentrates on marketing and communication executives in the US, the UK, and China.
A few noteworthy points gleaned from this survey of Communications and Marketing Execs were:
- 53% are spending more time discussing and planning for executive and brand activism
- 62% stated they'd have a more favorable opinion of a CEO if he or she spoke out on a hotly debated current issue
- Of those CEOs that have spoken out, 67% alluded to it having a positive impact on their company reputation
It is now apparent that brand leadership requires more responsibility when it comes to improving brand equity and brand reputation. Brands that take a stand will improve their bottom line because of what they believe in and how they communicate that position to the general public at large, their customer base, and prospects alike.
5. Invoking Brand Control
A critical marketing fundamental is a realization that customers build brands and not the organization. Make no mistake. Marketing is a 'prosumers' world. In case you may be wondering, futurologist Alvin Toffler coined the prosumer edict in his book, "The Third Wave." The word prosumer is composed of two words, that being 'producer' and 'consumer.'
In effect, consumers now produce content based on actual usage and reviews of products and services. In turn, these prosumers create content to share within their social media channels resulting in the marketing community labeling these prosumers as influencers.
In short, prosumers take a brand ownership status, whereby they make the brand their own, become loyal to the brand, and then advocate for the brand's success or failure. Brand advocacy by consumers is why it is critical for brands to deliver on their promises, from product stability and value to consistent positive consumer experiences.
Brands should not shy away from prosumers taking some control in spreading brand messages, as well as, expounding about their brand experiences on public platforms. Consumer advocacy is where the rubber meets the road so to speak. The immense power of the social media universe is where online influencers push word-of-mouth marketing and effectively move the brand needle.
The Net-Net
Brands committed to achieving greater marketshare need to first commit to developing a robust mindshare strategy. By investing in a mindshare strategy, and faithfully executing that strategy with frequency will yield increased marketshare. Finally, pairing the sales team with the marketing department can help to forge a seamless mindset that helps to prepare the brand goal of achieving increased marketshare. Thanks for reading "5 Ways to Strategically Gain Marketshare."
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