Mind share vs. market share has been a topic of interest to brand professionals for a long time. However, we often forget the importance of mind share and concentrate too much on achieving market share by such means that would ultimately backfire the long-run objectives.
Mind share can be defined as the collective intensity of existence that a brand carries in customers’ minds. This is undoubtedly an abstract measurement per se. For example, what is the name that comes to mind when I ask you to name a cola brand? I think now you got it! It necessarily puts other cola brands in the second or third position as far as mind share is concerned. However, these mind share “positions” may not necessarily reflect the sequence of position in actual market shares. There might be a slight anomaly in these two sequences in reality. Rationally, holding other things constant, market share should reflect the differences in mind share, but not vice versa.
A few months back, I learned that old school lesson again. My favorite cola brand was out of market due to lack of supply. That brand, I believe, was number one in many customers’ minds, yet the market share was very low for those few days due to distribution. I ended up buying another brand, just because my favorite brand was not available. Market share of the alternate brand went up momentarily, but not its mind share. So what did happen when my favorite brand started distributing again? I switched to my favorite brand in no time. Mind share resulted in sustainable market share, that what I meant. My message to brand professionals: take care of what is inside my heart about your brand, I will take care of yours.