by Jim Boldebook
Share of Market and Share of Mind: The Keys to Your Dealership’s Marketing Message
The best advertising campaigns have two message components: “Share of Market” and “Share of Mind”.
The Share of Market component generates excitement; a call to action…today! This message is based on price, payment, limited-time or exclusive offer, special event, etc. It is designed to generate as much traffic as possible…now!
Equally important is the Share of Mind component. This is the message that gives good reasons to buy from your auto dealership now and in the future. The Share of Mind portion of your campaign implants thoughts for subconscious contemplation. This helps to develop positive recall of the reasons to do business with you, as opposed to the competition. This is the part of advertising that helps develop an understanding of your brand and ultimately can put your brand top of mind when consumers are looking to purchase or lease.
Share of Market and Share of Mind messages can be blended in the same advertisement or used separately, but they should always be designed to work together.
As an example: a 2021 Ford Mustang for $349 a month (the Share of Market message) can be sandwiched with “…and just like all ABC Motors cars, this Mustang comes with ABC’s Exclusive Owner’s Edge…giving you peace of mind, and it’s a $3000 value.” (the Share of Mind message).
Many Share of Mind components combine to form an image or perception of your dealership’s philosophy and operation. However, for maximum recall advantage, focus on one or two key thoughts. Repeat these thoughts frequently and consistently in all your advertising. Incorporate them into point of purchase items, business cards, stationary, on showroom and service area posters, social media, etc. Never miss an opportunity to reinforce the brand-building process.
You don’t necessarily need to assign an ad agency the task of creating your brand. You may already know your UMP (Unique Marketing Position). If not, then you can learn a lot by consulting your employees and customers to discover their perception of your competitive strengths. If you do have an ad agency, they should be able to advise you on the best way to accomplish this research. Make sure to always base your branding messages on reality, not on contrived slogans to which your dealership has no relationship.
Constantly evaluate your advertising to ensure your marketing message is balanced with both Share of Market and Share of Mind components. This balance will allow you to achieve maximum effectiveness today…while building your brand for long-term success.
If you’re looking for assistance with this, CBC has 37 years of experience doing it for some of the top dealerships and groups in North America. Let’s have a conversation.