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Share: Customer, Mind & Wallet

08/21/2009

Sooner, not later, traditional advertisers and interactive marketers must come to terms with “Share.”

What's a share?

Created with Visual Thesaurus

  1. Social technology is here to stay.
  2. Success measures have yet to catch up.
  3. Open-source consumers co-own the brand.

Share is entirely about customer engagement

Share is proportional, relative, and benchmarks creative tension over the long-term. It’s not linear — even a Venn diagram doesn’t do it justice.

A cloud is more like it. Share is a cohesive mass that moves and reshapes itself.

Enter share of mind, share of customer, and share of wallet

Share of Mind

1. Degree to which a consumer associates a product category with a particular brand. That’s what you’ll find on Wikipedia. Things are changing, however.

2. Spillover awareness resulting from combined social networking, social media and marketing. A greater mass becomes aware of and engaged by a campaign at any number of touchpoints. Intentions, considerations, and behaviors coalesce. Charlene Li and Josh Bernoff describe the challenges in Marketing in the Groundswell (Hardcover, 2009).

Share of Customer

Share of customer secures loyalty and dedicated interest upfront.  Customers become motivated not by the impulse or incentive but by a deeper engagement to a brand’s promises, the experience it provides, and the community it gathers. This allows for greater sales, deeper relationships, and plants seeds of influence.

Don Peppers and Martha Rogers explore the subject in detail in Return on Customer: Creating Maximum Value From Your Scarcest Resource (Hardcover, 2005).

Share of Wallet

1. Wikipedia’s generic description notes flat amounts of purchases of individual customers. Ka-ching — this industrial age measure doesn’t fully reflect the motivators that convert shoppers to buyers on the way to building a loyal following.

2. Share of wallet (enhanced) measures the percentage of business a customer gives to a brand. Consolidated buying indicates loyalty, satisfaction and increases ROI.

Swipe File: Share

1. Dove

Join in

Join in

Once a stand-alone brand of moisturizing soap, Dove transformed itself into a family of products while remaining true to its loyal following of women. How can a traditional brand move from share of market to share of customer. By moving beyond motivators, to share experience. See Campaign for Real Beauty

2. Next to Normal

Starring social media

Text on stage

Did you see, hear of, or get a tweet about this Tony-winning Broadway musical? Then you’ll appreciate share of mind. On  August 16, 2009 nytime.com reported how cell phones, tweets, and text messages became part of the performance and a major part of the buzz that drew audiences and created an online, offstage following.

3. Starbucks Ideas in Action Blog

Ideas in Action

Make & bake

Starbucks  Ideas in Action Blog regularly seeks input from its heavily wi-fi’ed and socialized community for Poll Results: What’s your favorite Starbucks food? reports Banana Walnut bread as the top winner. No surprise — recipe card included.

Summary

Think of engagement as an eco-system. Share of Wallet reflects the effectiveness of share of mind — simple awareness of the brand or any current buzz. Effectiveness that converts interest to intention in Share of Customer. And so on and so forth.

What campaigns demonstrate any combination of these three principles. Post them here along with your comments. Like the lyrics say, “We’re all in this together.

Going forward, you’re welcome to come back to this page for a full discussion of share.  For concise definitions, simply click through the Buzzwords Glossary tab.

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