The objectives
In the battle for market share, financial institutions need to be cognizant of their mindshare, the drivers of mindshare and the barriers that prevent them from realizing their full potential. The Illuminas team continually answers these questions for financial service clients by relying on our unique MaxShare™ approach that is based on the science of winning. As part of a validation effort, we conducted a nationwide study of major banking brands to quantify their mindshare, their equities and their opportunity areas for growth.
our approach
We surveyed a representative sample of 1,000 consumers online and asked them to rate 21 major brands on awareness, favorability and confidence. To assess the relative strengths across brands, we deployed a user-friendly scaling approach where respondents selected the “best” brand for a dozen performance areas. MaxShare™ uses a proprietary algorithm based on the Wallet Allocation Rule to measure mindshare, allowing us to quantify the mindshare position of the national brands in the study.
the outcome
We compared the MaxShare™ scores, aka mindshare, of the major banking brands with the share of deposits reported by the FDIC and the future consideration for new products reported by consumers in the survey. We were able to classify leading brands as growing, flat, or shrinking. For example, Capital One Bank had higher mindshare and consideration than its current share of deposits (Growth Brand), while Wells Fargo’s mindshare matched its market share and its consideration was low (Shrinking Brand).
The study also identified the brand leaders in different performance areas, showing how each differentiated itself. For instance, Capital One Bank led on reasonable fees, Chase led on convenient branches and putting customers ahead of profits, and Citi led on the extent of its branch network. The study identified barriers to each brand translating its mindshare potential into market share, including inconvenient branches, limited hours, and limited ATM networks.
The study illustrates how Illuminas financial service clients can effectively manage their brand equity in the long run to achieve a greater share of mind. The MaxShare™ score also correlated with the share of deposits reported by FDIC, reinforcing the validity of this KPI.