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8,598 followers

1mo

Florida's Natural Growers is now equipped with their very own crystal ball 🔮. Hear more about their #BBHT approach in this fireside chat with Kelly Wade and Jane Hwang and download our guide below! https://lnkd.in/eQ4VY7pn

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I have to ask the burning question because I know everybody is super curious about it. As you've gotten data back in your tracker, have you found a correlation between mental market share and sales market share, as Professor Jenny Romania proposes within her book Better Brand Health? Yes, for the most part I said yes, ours was was dead on. Most of our competitors, you know, I had them pulled up next to each other. What's the, what's the point of sale data saying and what's the mental market share data saying? Most cases pretty dead on within a point or two. We had kind of two outliers. And one thing I do want to point out is the, the competitors we've defined in this tracker are much broader than the the competitors we defined in the past tracker. Remember we you know, we defined that category. The last time and so we have more competitors to look at. One of our traditional entrenched competitors had a much larger sales market share than it did mental market share, which was surprising because it's a very powerful brand in our category. And looking into sort of why might that be, what could happen. One of the things that Doctor Moniak talks about is it could be related to inconsistent. Messaging, inconsistent advertising over the course of time and as it happens, this particular competitor had a very long standing campaign and in the last couple of years has changed a couple of times gotten a new spokesperson here and there a little bit different tone and all of those kinds of things. So the the the. Philosophy, the theory is actually borne out in reality on the flip side of it and what we would consider a new competitor in this, we didn't traditionally consider them a competitor, but they are a smaller brand and not traditionally are who we were looking at. They actually had a much larger mental market share than they did sales share. So again, what's causing that, what's driving that? And it ends up that the lack of physical availability might be the explanation for that. Now, what's important for us learning that instead of it just being cool and I can, you know, geek out on numbers and and that kind of thing. But with that, people think very highly of this brand and think of it often. And this brand did have challenges over, you know, COVID and supply chain and those kinds of things. They did have some challenges getting their products to market regularly, but now they are solving that problem. We've seen them come back in terms of their. Distribution and physical availability. So they're going to be a brand that we want to continue to watch, right, because they're going to want that same refrigerated space that we want. I think there is so many cool things about what you've just said. But the two that I really want to call out is that you can now explain why you're seeing certain things and the data that are inconsistent with what you're seeing in sales data, which I think is, is really a challenge that a lot of people have, right. And then the second thing that I think is cool that you mentioned is you're looking forward into the future. Now you're actually predicting what, what can we expect to happen in the future and how can we guard ourselves and equip. Ourselves and come up with a strategy to come up against that new competitor who, you know, once they solve their physical availability problem they're gonna be a competitor that's right up with their like right up there with us. Yeah. So yeah, that's that's really awesome, Kelly. So somewhat crystal ball is the advantage here. Yes, exactly.

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How strong is the correlation of Mental Market Share and Sales Market Share ⁉️ 🏆 I feel a lot of us in Marketing and MRX (myself included) have been dreaming of a „holy grail“ metric that allows us to measure the impact of what we‘re doing (building brands) - and how that‘s contributing to business success ($$$). 🤔 In her book „Better Brand Health“ Jenni Romaniuk introduces Mental Market Share (MMS) and proposes a correlation between .75 and .95 for MMS and Sales - which, honestly speaking, felt „too good to be true“ at first… 💡But at quantilope we were able to prove the high correlation of MMS and Sales across a range of our BBHT customers (including Florida's Natural Growers): the average r across a range of categories is .81 ! ‼️ We all know that correlation ≠ causation, so I wouldn’t call MMS the „holy grail“ metric quite yet 😉 However, I love the fact that we can make specific and actionable recommendations on how to increase MMS (by building connections with specific CEPs)! From my perspective, this brings us a lot closer to proving the value Marketing and MRX provide for businesses - compared to a couple of more traditional „black box“ metrics I‘ve seen and worked with. 👀 Would love to hear what you think about Mental Market Share!

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Florida's Natural Growers is now equipped with their very own crystal ball 🔮. Hear more about their #BBHT approach in this fireside chat with Kelly Wade and Jane Hwang and download our guide below! https://lnkd.in/eQ4VY7pn
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