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Market Share is Not Luck

Solidarity Sunday: Market Share is Not Luck

Let's Talk Market Share - Part 2

Happy St. Patrick's Day!

In last week's Solidarity Sunday, we talked about your Market Share, what it means, and the factors that constitute it.

This week we talk about your share of market in terms of the factors that go into it, what you can control, and what you cannot control. We're getting into the weeds a little this week, but if you're interested in growing, these are concepts the need to be understood. The first thing to consider is potential of the market you serve.

Market Potential: total potential available within your jurisdiction in your trade category this year. This is generally a business metric, and most people think of this as a dollar figure, but it depends on how and what you track. We are in the people business of growing membership and putting people to work, so market potential may be thought of as either:

  • Total number of dollars available in your trade in your jurisdiction or
  • Total number of people working in your trade in your jurisdiction or
  • Total number of hours worked in your trade in the jurisdiction.

Market potential is out of your control.

Next, we look at the factors that make up your share of the market:

  1. Share of Voice: the % of noise you make relative to everyone else in the category in your jurisdiction. It can be loosely thought of as money or resources you spend on to "get the word out", such as:
  • Organizers (boots on the ground and associated costs of meals, hotel, travel, per diems, etc.),
  • Advertising (radio, TV, sponsorships, digital, social media, etc.)
  • Banners and signs
  • Your Website (and how well it is indexed)
  • Job fairs

Your Share of voice is partly within in your control, and partly not. You can allocate more resources and money to amplify your message, but so can your competitors.

  1. Impact of Message: The more powerful your message is, the higher its impact, the less money and resources you need to amplify your Share of Voice. Conversely, the weaker your message, the less impact it has, and the more repetition you will need, which can get expensive.

Your Impact of Message is within your control. Better-trained, sharp looking organizers, better messaging strategy, more powerful video messages, more captivating signs and banners, better faster website, etc. all contribute to the impact of your message.

Your Share of Voice x Your Impact = Your State of Mind

  1. Share of Mind: the % of your ideal audience (skilled workers in your craft, apprentices, contractors, etc.) who know about you and what you stand for. Some may call this your brand strength or brand recognition.
  2. Personal Experience Factor is the experience people have when they interact with your local union. Think of it as your first impression. Like Impact, the better they feel their needs were met by virtue of their interaction with your local, the better their personal experience will be, and the more favorable impression they will have of your local union.

The Personal Experience Factor you deliver to those who come to your local union is 100% in your control. Do you have a strategy to delight people and exceed expectations or are you just 'fielding questions"? Does your hall look inviting and modern? Do you have a website that looks sharp, fast, or does it look dated and out of touch? Do your organizers and staff answer calls, emails, and text messages immediately? Do they answer the phone with a pleasing, welcoming tone? Are they well-trained in the soft skills necessary to understand how to effectively handle new inquiries? Is your receptionist friendly and warm to those who come to the hall? All of these things make up the personal experience you deliver, and they make a HUGE difference.

Your Share of Mind x Personal Experience = Your Market Share

Think about these factors when you're developing your recruiting and organizing strategy. Roy H. Willams, the architect of this formula points out that these equations are not something you can plug numbers into necessarily, but rather a statement of relationship among the variables. They help you determine what you can and cannot control, and they can help you develop a much more effective recruiting and organizing strategy.


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