Big Idea 2015: Gain an Edge by Focusing on 'Heart Share,' Not Just Market Share

In this series of posts, Influencers and members predict the ideas and trends that will shape 2015. Read all the stories here and write your own (please include the hashtag #BigIdeas2015 in the body of your post).

In 2015, I predict we will see a growing recognition of a shift in business strategy away from just creating “market share” to what I call “heart share.” Businesses of all types are learning that simply competing on price alone leaves you in a race to the bottom. Rather, it’s the personal connection and sense of customer loyalty that will increasingly define your long-term success.

In today’s economy, we’re all in the commodity business. It doesn’t matter what product or service you offer — your customers have a world of alternatives often just a click away online. Businesses that rise above the competition will consistently seek to deliver the three key benefits that create lasting “heart share.”

First, customers want a memorable experience and a higher level of service.

It’s not enough to offer a good product or service. Customers increasingly expect it to be wrapped inside a great experience with first-rate customer service. They aren’t loyal to mediocre and will run away from the bad never to return. But, they will always share their story and the recounting of a great experience is the best advertisement.

Take Trader Joe’s, which competes in a crowded grocery industry, but consistently ranks among America’s most beloved companies. The moment you walk in the door you’re greeted by cheerful employees, lively music, great products, and a fun atmosphere. The authentic connection they create turns an end-of-the-day chore into an experience their customers shout about from the mountaintops. What’s more amazing is that Trader Joe’s has a cult following among Millennials even with little to no social media presence.

Trader Joe's (Photo: Cathy Stanley-Erickson/Flickr)

What’s the unique experience that defines your business and sets you apart from the competition?

Second, find creative ways to give your customers back time. Time is the one thing we all want more of, but no amount money can’t buy. If you can give the gift of time, then you’ve created tremendous value.

This holiday season, we partnered with Uber, the on-demand car service, to offer our guests free black-car service from their homes to our flagship properties, The Grove and the Americana at Brand – and I’m picking up the fare. Instead of fighting LA traffic and hunting for a parking space, they now have time to relax, catch up on email, or simply talk with friends without worrying about the road. I will probably lose some money on this deal. Yet, it’s worth every penny. My tenants will benefit, and I’ve increased our heart share by giving back time to loyal customers who will return again and again.

Write down a list of ideas on how you can save your customers time. Think creatively and always seek to go the extra mile.

Finally, invest in things that aren’t attached to a cash register. It’s often the investments that don’t generate an immediate return that will pay the best dividends for years to come.

My friend, Steve Wynn, attributes his enormous success to being the first in Las Vegas to put things in his casinos that “didn’t have a slot machine attached to them” like the volcano at The Mirage or the fountain at The Bellagio. This directly contradicted one of the age-old rules in real estate development that “if it flows or grows, it goes” – meaning don’t spend money on anything that doesn’t generate a direct return.

Bellagio Fountain (Photo: Gordon Wrigley/Flickr)

In developing Caruso Affiliated retail destinations, we also broke this rule and invested in dancing fountains, old-fashioned street trolleys, and 100-foot Christmas trees. They cost a lot of money and don’t generate a cent in direct revenue, but our guests love them and they keep coming back to shop. What flows and grows are our profits — and those of our tenants. In fact, Fortune magazine recently named the Grove in Los Angeles the #2 shopping destination in the U.S. based on sales per square foot. (And we managed all of this without a volcano).

I believe 2015 is the year we see the focus on “heart share” extend to B2B enterprises, professional services, medical care, higher education, and even government. It’s a powerful metric that you may not be able to quantify on balance sheet, but could determine the ultimate success or failure of your business.

What can you do within your “four walls” – whether a store, a consultancy or an online business – to strengthen the emotional connection and personal bond with your customers? How can you build your own heart share?