Consideration must be of value (at least to the parties) and exchanged for the performance or the promise of performance by the other party.
In marketing, consideration also plays a vital role between parties but in a different context.
When buyers of a product or service move closer to the transaction phase, they will begin to consider and weigh brands they might buy from.
This is called the “consideration set.”
For a brand to even be included in the purchase conversation, they first need to make it into the “consideration set” to be taken seriously.
The “consideration set” is related to mind-share, but it’s not the same thing.
Mind-share is more about top-of-mind awareness and memorability, (i.e. brands that first come to mind when consumers think of a product/service category,) where the “consideration set” is more about credibility and trust.
Consideration is also about exchanging value. If you make it a practice to give more value than you receive in consideration, you’ll create consumers who are fans of your brand.
Brand advocates are immeasurably important to the success of any business.
Advocates of your brand is essentially advertising for your brand, and they will keep paying it forward as long as they remain fans.
Word of mouth is powerful and spreads fast. It works for you.
Finally, the Merriam-Webster dictionary defines consideration this way…
…continuous and careful thought…
…a matter weighed or taken into account when formulating an opinion or plan…
…a taking into account…
…a thoughtful and sympathetic regard…
…an opinion obtained by reflection.
Powerful words indeed…make sure you’re taking them into consideration in your marketing efforts.
Equity
Equity is related to consideration in the way value is created.
In business, when you provide value in excess of the exchange in consideration, you create consumer equity in your brand.
When consumers feel equitable, they become brand advocates, which ultimately pays forward in the form of equity for your brand.
Great brands have equity.
Just like when you own a house, the goal is for your brand to have equity in the market.
Brand equity is real and has value.
The more brand equity you have, the more consumers will actively consider purchasing from you.
Brand equity acts as a gravitational attraction into the “consideration set.”
It’s a fundamental force at work in the minds of consumers, yet most marketers lack the patience and the clarity of purpose it takes to build brand equity.
You might have heard of a guy named Jeff Bezos, the founder of Amazon, who famously said…
“Your brand is what other people say about you when you are not in the room.”
One of the biggest challenges facing brands is that the (digital) world is actually flat…
…meaning customer access and market distribution are cheap and infinite…
…the barriers to entry have been removed…
…and everyone has a megaphone to blast their messaging…
…and the messaging is designed to steal attention…
…which decays trust and increases resistance.
Remember this – consumer attention, like equity in a home or a brand, must be earned over time, it’s a privilege, not a right.
Marketers, if you’re not considerate with “consideration,” you will never be positioned in the “consideration set.”
And with no consumer/brand equity, you have little to no value in the market.
Think long and hard about the goal here – it’s not the sale, it’s the value and the consideration you place in the consumer to make them advocates and fans along the way.
Thanks for considering.