What is mindshare?
Mindshare, also called share of mind marketing, measures consumers' awareness of a particular product, idea, or brand. It directly correlates to a brand’s visibility and popularity among competitors. It aims to establish a brand as the first one people think of when they need what the brand offers.
To boost brand awareness, marketing teams use media monitoring software to track customer sentiments, build loyalty, and discover how customers view the brand so they can provide an exceptional experience every time.
Examples of mindshares
If asked to name a fast-food chain, most consumers would likely think of McDonald’s or other well-established brands in their geographical region. The pinnacle of mindshare marketing is when a brand name or product gains traction as a general verb or definition.
Some examples include:
- Kleenex: When someone asks for a Kleenex to blow their nose, it demonstrates that the Kleenex brand is top of mind compared to other tissue brands on the market.
- Google: The everyday use of the phrase “Google it” indicates that the brand Google has entered into the lexicon for its associated action and has moved beyond being just a search engine.
- Chapstick: It's easy to forget that Chapstick is not a product category but a brand name of lip balm produced by Pfizer.
How does a brand get mindshare?
Obtaining mindshare is mainly influenced by brand positioning. Brands that stand as a symbol of something deeply emotional to consumers are more likely to be remembered.
Companies may lean into human values and position themselves to represent the following characteristics:
- Happiness
- Beauty
- Prestige
- Intelligence
- Independence
Brands can also be positioned to stand for product features, such as:
- Reliability
- Ease of use
- High quality
- Best value for the price
For smaller businesses, it may be unreasonable to achieve the mindshare earned by ubiquitous brands like Uber or Band-Aid. Instead, small businesses should shift their focus to gaining brand awareness.
Boosting brand visibility can be achieved through various methods, including but not limited to paid and organic social network platforms, influencer marketing campaigns, and content marketing strategies.
Mindshare vs. market share vs. heart share
Even with advanced advertising and social media tools and metrics, mindshare is challenging to quantify. A common way to gauge whether a brand or product has achieved mindshare is to consider whether or not it has become synonymous with a verb or definition. Another metric to consider is the amount of buzz about the brand via mentions by the public or media.
In comparison to mindshare, market share is more easily defined. It is a company’s percentage of total sales in an industry. Market share is calculated by taking the company’s sales and dividing it by the total sales in the industry over the same period.
Therefore, unlike mindshare, market share is tied to metrics. A company increasing its market share will grow its revenue faster than its competitors. The company with the largest market share is known as the market leader.
Like mindshare, heart share focuses on creating an emotional connection with the audience versus solely concentrating on the numbers, like market share.
Amanda Hahn-Peters
Amanda Hahn-Peters is a freelance copywriter for G2. Born and raised in Florida, she graduated from Florida State University with a concentration in Mass Media Studies. When she’s not writing, you’ll find Amanda coaching triathletes, cuddling up with a good book, or at the theater catching the latest musical.
