Closet Share, Share Depends

Are You in the Hall of Fame? Marketers should ask themselves, “If there were a Hall of Fame for brands, would we be in it?” And if so, “Would our customers swoon with the same excitement and fervor as the fans of the music legends inducted into the Rock and Roll Hall of Fame?” Perhaps you are nodding in affirmation, or maybe you’re hanging your head in shame.

Or, perhaps, you’re wondering, “Does it really matter?” Especially in today’s competitive environment, where best of breed retailers and manufacturers have slashed operating expenses with leaner inventories and efficient logistics systems, branding is about seizing the increased profits that accompany greater share-from market share and closet share to share of wallet, time, and attention. Ultimately, it can also be viewed as share of heart, signifying the emotional connection between brand and fan that permits a premium price.

Today, gaining share depends on more than just having a superior product. Contrary to popular belief, it also depends on more than marketing and advertising budgets that support short lived promotions or ad blitzes. Increasingly, it is the firm’s brand and its fans that helps the organization through tough times, carrying it into higher profitability during good times.

Becoming Part of the Fabric of America When evaluating the cultural adoption of a brand, the brands that last, marketers should ask, “If we were painting a picture of American life, would our brand be a part of it?” For example, a portrait of a typical American shopping scene would likely include a Wal Mart greeter, while a holiday shopping scene would feature bustling shoppers toting Bloomingdale’s iconic big brown bags in New York or visiting Marshall Field’s at Christmas in Chicago. An outdoor cookout scene would likely include a Weber grill, bottles of Heinz ketchup, Oscar Mayer hot dogs and French’s mustard (who, during the Iraq War, quickly explained that,”Our name may be French, but we’re not yellow”). Successful brands, like legendary bands, try to hear the “background music” that accompanies these scenes to determine whether they are part of the soundtrack of consumers’ lifestyles.