Question

Topic: Book Club

Ries: Share Of Mind = Share Of Wallet

Posted by Anonymous on 3/20/2007 at 11:09 AM ET 500 Points
"There is no advantage in being the first mover in the marketplace *unless* you can use that opportunity to also become the 'first mover in the mind'" -- write the Ries (page 165).

Language, which is where branding attaches itself as an abstraction (read: it stands for something), lives in the mind. Unless we as marketers can make that sing in the lives of people (users, buyers, customers, etc.), we will not win in the marketplace.

Do you buy that? Why? Why not?

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Moderator Note: This discussion refers to the book The Origin of Brands by Al and Laura Ries (topic: branding). Click the title to learn more. Then join the conversation. We'd LOVE for you to participate!
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RESPONSES

  • Posted on 3/20/2007 at 12:09 PM Accepted
    Yes, it's well documented that share of mind = share of wallet .. if there is parity in availability, price, performance, and loyalty.
  • Posted on 3/20/2007 at 12:38 PM Author
    Victor:

    Thank you. What if there isn't parity? What if the first mover did not gain enough share of mind?

    I'm thinking about Microsoft and Apple. So Apple were not the first entrants, Microsoft were, by 3 whole years. Yet, they managed to create a brand language ("think different") that made them first in mind when it comes to systems.

    As in delivery systems for music with the iPod. As much as I dislike the fact that the device is not upgradeable, I love the iTunes delivery behind the device. As in design systems when it comes to computers. As in mobile office systems when it comes to iPhone?

    Brand language as respects share of mind might be one way of looking at the divergence of the two main companies today.
  • Posted on 3/20/2007 at 1:44 PM Accepted
    Macintosh is a good example of a brand that many people think is better than Microsoft Windows. Why is Windows the leader? Because Microsoft got there first.
    Apple didn't make the same mistake with the iPod, the first high-capacity MP3 player in the prospect's mind.
    Now comes the iPhone and Apple is making the same mistake it made with Macintosh. Trying to sell a system this is better instead of selling a system that is first.
  • Posted on 3/20/2007 at 2:07 PM Author
    Al:

    Thank you for fleshing out the concept. My brain must have been asleep.
  • Posted on 3/20/2007 at 4:24 PM Accepted
    Valeria,

    If a brand's share of mind falls short, in the near trerm you can attempt to make up for it on other dimensions. A lower price, greater availability and better performance may create enough loyalty to balance out lower mind share.
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