According to Wikipedia,
“Mindshare relates generally to the development of consumer awareness or popularity, and is one of the main objectives of advertising and promotion. When people think of examples of a product type or category, they usually think of a limited number of brand names. The aim of mindshare is to establish a brand as being one of the best kinds of a given product or service, and to even have the brand name become a synonym for the product or service offered.”
So in other words, Mindshare is the amount of consumer awareness or popularity surrounding a particular product. It has to do with consumers’ perception of a particular brand or product compared to their rivals. One of the primary goals of advertising is to make consumers think of certain brand names more than others.
Which brings me to the question:
1. How much mindshare does your brand/product/service/business/organisation have?
2. When people think of a product or service in your industry, do they think of yours as one of the options?
According to research, one of the factors that determines purchase decision is the amount of exposure/impression a product has made on consumers. If you are not exposing your product to your consumers enough, you are losing out to your competitors who are.
To increase your market share, you have got to increase your mind share; this is one of the basic foundations of effective marketing. A bad product with massive marketing will sell far better than a good product that no one knows about.
If you believe you have got a product or service that everyone must know about, get the word out there through advertising and send other bad products/services to the dungeons where they belong.
Marketing is about mindshare; the more people know about what you have to offer, they more they can easily think of your brand and use your service.
Some brands have bought (and are still buying) mindshare through massive advertising to the extent that their products are synonymous with any other product in their industry. Here are some examples below:
1. Noodles – Indomie (other brands like Tummy-Tummy, Honey Well, Dangote, Chikki etc also exist)
2. Search Engines – Google (there are other search engines like Bing)
3. Sausage Roll – Gala
4. Tooth Paste – Close Up
5. Cement – Dangote
Building mindshare for your brand is expensive but it pays off in the long run. You may not have the financial base the big boys have to do massive advertising, but you can start with the little budget you have and let people know how awesome your product or service is.
NG Adverts was created to help advertisers at all levels achieve their advertising goals. Getting started is easy and you can have your ads up and running on thousands of websites on our platform in a few minutes.
Secondly, we have hands on Account Managers who are there to help you all along the way. Are you ready to take your business out of obscurity? Create your account and start advertising.