Words of the Week – mindshare & share of wallet

Mindshare

image: Amazon.com

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.

Author: Grayson Leverenz

Grayson Leverenz founded MBA in the USA® to help international students build networks, find jobs, and have fun in the USA. Hundreds of global professionals have benefited from Grayson’s intercultural workshops, and she has worked with people from Brazil, China, India, South Africa, South Korea, the UK, and the USA to build effective virtual teams and craft brilliant careers.

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