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Mind Share Equals Wallet Share

Your share of wallet is roughly equal to your share of mind. The greater your share of mind, the greater your share of wallet. And you can’t get the mind share you need by focusing on selling your product.

It doesn’t matter how compelling your product or service might be, none of the features, benefits, or advantages will capture your dream client’s mind. Product isn’t big enough. It’s not compelling enough. As good as it is, it doesn’t create the right type of value to capture mind share.

You capture mind share with your ideas.

  • Your ideas about how your dream client can achieve their strategic objectives help you to capture mind share. Those ideas have a higher level of value.
  • Your ideas about the future and the opportunities and challenges your dream client will face are interesting, useful, and capture mind share. This is the level of value executive leaders expect from the people they work with.
  • The things that you know about what other people and other companies are doing create value and help shape your dream client’s thinking. You take the pulse for them. You share what’s worth knowing. And sometimes you use it to demonstrate what is possible and paint a vision.

Mind share is what tilts the playing field in your direction. It helps drive a wedge between your dream client and your competitors.

Ideas and insights create a higher level of value, and it is value that is worth paying for. It positions you as a trusted advisor, someone who can help move your dream client’s company forward. This is why it is critical that you focus on acquiring greater business acumen and greater situational knowledge.

Vendors don’t have mind share. Suppliers don’t have mind share either. Preferred suppliers might have some fractional share of mind, but the trusted advisor owns that space.

Mind share is your pass to the inner circle. It is why your clients have their phone number entered into their phones. It is why your clients want to consult with them before they make a major decision.

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Filed under: Ideas, Sales 3.0, Value

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