Effective branding can help you boost this important metric.
In boardrooms across the nation, CEOs and their teams discuss the metrics of success. A key measure often analyzed is Share of Wallet, the percentage consumers spend on you vs. your competitors. Rarely discussed, though, is Share of Mind. It is an easy metric to determine and correlates directly to sales.
Increasing Share of Mind is the direct result of effective branding, and it involves far more than billboards or new letterhead. Branding is storytelling, and we all know the best stories are the ones that immerse us completely. The good stories take up a space in our minds, are easily remembered and are often shared.
The most memorable stories engage all of our senses. Sight, sound, touch, smell–these elements bring a story to life. By effectively branding a company, this story is told in 3 dimensions. Good branding takes up space in a person's mind by fully integrating a customer's experience, by shaping every customer touch point to create a positive and consistent experience.
Share of Mind increases when restaurants understand that architecture enhances the taste of a meal. Share of Mind grows when professionals acknowledge that interior design sets an expectation for quality of service. Share of Mind multiplies when B2Bs represent themselves with mature design. Powerful branding is a fully immersive experience–one that extends to every interaction.
To increase Share of Mind, you must ask: How does our logo speak to the core truth of who we are? Does our space reflect our mission? Have we created an environment that engages our guests and empowers our employees? How do we train these employees to embody our mission? How do we make our advertising authentic and ensure that our new rollout embodies our brand?
Ask yourself this, “What is the benefit of using our company?” the answer may be “we provide this great service” or “this fine product x”. But you need to dig deeper. “What is the benefit of that benefit?” Why is our particular service important to the customer? How does it ultimately make them feel and why is this important? Therein lies your true differentiator. You need to find that differentiator and then bring it to life through experiences and touch points that establish you as being true, real, believable, and reliable. This experience can happen by design.
In today's marketplace, consumers see many messages every day. The brand that stands out is the brand that is simple, concise, meaningful and ultimately, memorable. “Determine the benefit of your benefits” and simplify that with a defined story. Whether you are a restaurant franchise, a corporate office or a new online concept, design an experience your employees feel honored to work within that reflects your brand's interest. Then, acquire people that believe in your story. Once your customers experience the passion, the people and the design of all these efforts, they will feel the effects of the brand and ultimately gain passion and emotional ties. Effective branding leaves that mark, tells that story, creates that experience, and increases Share of Mind so that Share of Wallet will follow.
Michaline Tomich is the CEO of Mixdesign, a branding firm (and WBE) in Schererville, celebrating 10 years of national and regional brand building. Along with her husband, Jared, she is the co-founder of The Halo of Hope Foundation, an organization dedicated to assisting children with cancer.
