Words of the Week – mindshare & share of wallet
The ability of consumers to recall a brand, product or service represents mindshare, or the percentage of the person’s mind you occupy. Brandon and I were talking about this concept today. We saw a neighbor driving off for a Labor Day getaway with a rooftop cargo carrier that looked exactly like the vampire travel coffins on True Blood. We were nowhere near our television and were thinking about the show; marketers and designers that drive recall with everyday associations are brilliant!
While mindshare holds an important place in business results, the most important measure is share of wallet, or the percentage of disposable income a consumer spends on your product or service.