Solidarity Sunday: Let's Talk Market Share
Increasing "Market Share" and union density are buzzwords talked about a lot in union halls.
It makes sense, of course. The more share of the construction market that our signatory contractors have, the more job opportunities, the more union members are required to fill those calls, the more work assessments we accumulate, the more money goes into pensions, benefits, etc.
Your Share of Market seems simple enough….the percentage of the construction market in your jurisdiction that is currently being served by your contractors and thus our members.
But there is more to our Share of Market than meets the eye. There are a number of variables that go into determining that number. Understanding those variables is key critical to understanding what we can and cannot control. It is the cornerstone of developing a strategy to grow your local union and put more money in your coffers.
Best-selling author Roy H. Williams is arguably the most successful advertising strategist and writer in the world. He has a brilliant way to define the variables that make up an organization's Share of Market, in an equation he calls the Advertising Performance Equation.
Market Potential is the total dollars that will be spent by the public in your business category this year.
Share of Market is the total % of the market potential we are currently getting. Share of Market is usually quantifiable and measurable. There are resources you may have in your trade to determine this. Do you know this number for your local union in your jurisdiction? You cannot improve what you do not measure.
Share of Voice is the % of noise you are making in your jurisdiction. (All media combined, including your organizing efforts, and word of mouth) Do you have a messaging strategy to increase the number of potential members and contractors who know about you and what you stand for?
Share of Mind (also called MindShare) is a newer metric that organizations use to determine the % of space you own in your category in the mind of your average customer. Do workers in your category in your jurisdiction know about you and what you stand for? Do contractors?
Impact Quotient is a measurement of your message's ability to persuade. How impactful is your message? Do you have a message strategy that leaves people touched, moved, and inspired? Are you taking a risk to be different or are you doing about the same as everyone else? Are you broadcasting that message to your prospective members in places they naturally spend lots of time before they need you? The more impact your local union's message has, the more you can amplify your Share of Voice. Conversely, if your message is weak, it can negatively affect your Share of Voice.
Personal Experience Factor is a measurement of how delighted your members and potential members are with their experience. When they reach out to you, do you respond immediately? Are you focused on simply meeting their expectation, or do you delight them? After they contact you, do they feel you are the right organization to solve their problem? How are you measuring their experience?
In the next Solidarity Sunday we'll talk more about the equation and examine ways to leverage these variables to your benefit, create a plan, and grow your local. If you've been forwarded this message, be sure to sign up for Solidarity Sunday so you don't miss it.
The local unions who have a plan are growing or maintaining Share of Market, the ones who don't, aren't.