Mythbuster: The mantra that 'mine is different'
Les Binet and Sarah Carter get a little bit angry about some of the nonsense they hear around them… like the mantra that 'mine is different'.
A few years ago, we were working on a leading financial services brand. Our main client contact there was a smart data analyst who prided himself on his intimate knowledge of the brand and its millions of users. The brand had started to show signs of stalling and our analyst client was charged with finding out why, with our help. We started looking at a number of key measures and asked him what was happening to the brand's market share over time. 'Oh we don't track that. This is finance – it isn't baked beans you know' was the reply. But when we did a simple exercise to construct brand share and compare it with share of voice over time, we could immediately start to see what was causing the brand's problems. And in fact, the pattern our simple analysis revealed was entirely to be expected from what research has consistently proven is common to all markets.