Insights

Increase Retail Revenue By Building Mindshare

Last week something interesting happened. Well, interesting from a marketing perspective. I’m on the phone with a friend Saturday morning and said she was heading out the door to go shopping. I asked her, “Where are you headed?” To which she replied, “I’m making a Costco run!”

This was kind of expected. Many Saturdays are home and family shopping days. What flew under the radar, at least at first, was that she didn’t go to Costco.

She went to BJ’s.

Brand loyalty has existed since the Dutch embraced the idea of mercantilism some 400 years ago. We all know that facial tissues are Kleenex and liquid bleach is Clorox and cola is a Coke. Or in today’s world, doing a search online is to Google something.

This type of branding only happens with an intense and prolonged campaign. It also typically coincides with a groundbreaking product.

As powerful as this is, you don’t need a globally recognized brand to maximize your success and increase your retail revenue.

What you need is mindshare.

Mindshare is the perception of value, expectation and satisfaction a person gets from shopping at a particular store, or using a particular product.

Mindshare works its magic by making a shopping decision a foregone conclusion. Think about it like this…

When you take your family out to eat, there are three top choices. Those restaurants have your mindshare.

When you need to buy flowers, the Nancy’s Florist on the corner has your mindshare.

When you need a car repair, Piedmont Tire and Auto has your mindshare.

When you want to meet for happy hour, it’s always Sweet Water Tavern.

All these places built your mindshare by understanding the emotional drivers behind your shopping needs and desires and catering to them in a way that make your patronage a forgone conclusion. At least, put them at the top of your list.

According to an Inc. Magazine piece, three surefire ways to build mindshare is to have a great product, make sure it is available and focus intensely on the customer experience.

Now think about your retail establishment…

Do you work toward building mindshare?