Millennium Marketing Research®
Tom Schori DBA Millennium Marketing Research®, 808 Ironwood, Normal IL 61761, 309-532-8466

The link between image and market share potential

By Thomas R. Schori, Ph.D., and Michael L. Garee, Principals,  Millennium Marketing Research, 808 E. Ironwood, Normal, IL 61761-5239. 

Perhaps more than any other single factor, the image consumers have of a company, and , by logical extension, of its products or services, determines the ultimate success of that company. Put another way, image can¾and does¾ directly influence a company’s market share potential. So, it’s somewhat more than mildly important that a company have a thorough knowledge and understanding of the image it has in the marketplace, as well as the courage and commitment to modify that image if it’s shown to be inhibiting the company’s ability to realize its market share potential.

While much has been said and written about the concept of "image," it’s evident that considerable confusion continues to exist about the concept itself, what shapes it, what can influence it (both positively and negatively), etc. Company officers, for example, quite probably have a different perception of what constitutes and shapes the company’s image than, say, "frontline" employees. And, perhaps, consumers themselves have a different perception of the company’s image than either of those two groups. Obviously, the opinion of this latter group¾ consumers¾constitutes the only opinion that really counts in the marketplace, the only opinion that will determine a company’s ultimate success, its ultimate market share.

To the extent that dissonance exists among the various internal and external "constituencies" regarding a company’s image, market share potential usually is limited at best. And, unfortunately, such dissonance seems to be rather pervasive at some companies.

What is a workable definition of "image"? The short answer is, every single aspect of a company, either real or perceived, small or large, makes up its image. A longer answer might be, everything about and everyone involved in a company collectively shape its image. This may include things as ostensibly mundane as the tone of voice used by customer service representatives to the clarity of its customer correspondence, or even to the colors used in the company logo.

Strictly from a research standpoint, assessing precisely what a company’s image is in the marketplace and how it can be modified to realize maximum market share potential usually is a rather straightforward process. From a more realistic standpoint, however, it can turn in to a virtual "mine field." Why? Because of the dissonance just mentioned that is very likely to exist among the various company constituencies. The danger of "stepping on toes" is a real one and can impede¾if not derail¾the project if the approach is not handled with caution and aplomb.

From a general standpoint, here is how we recommend implementing and conducting research to honestly assess a company’s image:

  • It is absolutely imperative that you first get the complete "buy-in" of the Chief Executive Officer and his or her management group. If this group doesn’t "buy-in" to the project, and also express a genuine commitment to implementing any changes or alterations to the company’s image suggested by research findings to improve image (and market share potential), you will simply be wasting time and money.
  • In addition to customers and prospects, decide which other key groups to include in the image assessment phase. At a minimum, you should include the CEO and management team and the various levels of the employee group. That is, you should segregate the employees by level, e.g., the supervisors and managers from the clerical, etc.
  • Administer a survey questionnaire that asks respondents to rate how closely they believe specific attributes describe the company, e.g., "customer-friendly," "easy-to-reach by telephone," "treats customers like individuals, not as just another number," etc. (The only caution here is to include only those attributes that can be changed, if necessary.)
  • Follow up the quantitative research phase with focus groups, in an attempt to gain a more thorough understanding of the research findings, as well as gain insight into how you might best "operationalize" the findings.
  • Communicate. . .communicate. . .and then communicate some more. . .the research findings to every member of the organization, starting of course with top management. It does little good to prepare a thorough report for top management and supervisors if the "frontline" employees don’t also have a thorough understanding of their role in shaping (or reshaping) the company’s image. In other words, make sure that everyone, regardless of position within the company, is "singing from the same sheet of music."

It’s been our experience that accurately assessing a company’s image in the marketplace, and determining how that image can be modified (if necessary) to provide a company with maximum market share potential, can be both affordable and quite productive, if handled in the manner just described. Handled incorrectly, though, the assessment can cause many new problems and exacerbate existing ones. And, certainly, understanding a company’s image, and having the will and determination to implement any modifications to maximize market share, can spell the difference between being in business 10, 20, 30 years down the road and simply watching the company go into a gentle glide path to ultimate extinction.