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How to convert mind share into market share
Grahame Davidson 270004QHVW firstname.lastname@example.org |
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A recent Brand Awareness study revealed that there are few market leaders and a large pack of followers. The ITSMA Professional Services and Solutions Brand Tracking study revealed that in the Consulting & Technology Services space, IBM is the one clear leader and the rest are distant followers when it comes to (Un-aided) Brand Awareness. Given IBM’s consistent marketing positioning and continued differentiation in its messaging, it is no surprise Big Blue retained its position in this ranking for the 11th consecutive year.
So then, how do we convert mind share into market share? The short answer is that, there is no Silver bullet. However, gaining leadership in a key marketing objective such as Brand Awareness is a huge win in the customer decision making process. Renowned advertising models (Dagmar, AIDA, Hierarchy-of-effects) all start at the cognitive stage of awareness of the decision making continuum. A strong brand awareness indicates that, the advertiser has succeeded in positioning and differentiating the brand above its competitors. There is a distinct co-relation between mind share (Cognitive), and market share (Behavioural). Empirical evidence has proven that persuasive marketing communications lead to positive market outcomes. Brand awareness leadership is a reflection of an organisations strategic planning and marketing mix decision skills, and these are intrinsically linked together.
In summary, share of mind (un-aided brand awareness) is an important step in gaining a favourable customer response to the brand/advertising stimulus. A consistent product and/or service delivery on the brand’s promises, will lead to sales growth and consequent market share growth.
According to this study, here are the top 5 companies that come to mind (un-aided) when considering consulting and technology services:-
The full report can be accessed here.