If you want to have a truly great brand in the eyes of your customers, forget for a moment about Share of Market and even Share of Wallet. To consumers, these are meaningless measurements that focus on the wrong ideals – size and money.
Instead, focus on Share of Expectation. What do I mean? All of us walk around with a set of expectations about what we are looking for and what we’ll find once we get there (wherever there is).
Let’s pretend for a moment that I’m in the market for a hybrid car. Before I ever step foot on the showroom floor, I already have some expectations of why I want a hybrid and what I expect by owning one. Here is a graph of my hybrid expectations (oversimplified, of course):
Now if I walked around with these expectations, it would be very wise for a marketer of a hybrid car to focus on my need “to make a statement” (biggest piece of the pie = good, of course). It could be that I want to show others that I care and this is a great way for me to show it.
Since in my example I was mainly interested in making a statement, The Prius’ distinctive shape does most of the heavy lifting for me. Its shape is an automatic and powerful story told to anyone with a pair of eyes.
But to truly grasp the power of Share of Expectation, you wouldn’t stop at its shape. Toyota could have a digital display in the back window that shows a running total of the pounds of greenhouse gases not in the air because I drive a Prius (over a typical car). The car dealership could give me “green” stickers to hand out to those in the office. Plus there are a million more ideas that could lend to my expectation of making a statement.
So the next time the boss brings up Share of Market or Share of Wallet, don’t forget to mention Share of Expectation as well.
Happy Tuesday everyone!
Filed under: Business |