What does your voice say in 8 seconds?
With brands vying for consumer attention, a clear strategy for share of voice in market is critical. Studies show the average consumer is exposed to up to 10,000 brand messages a day, and the average person’s attention span is now just eight seconds. What does your brand say in eight seconds?
Having spent 15 years as VP Marketing for a large academic medical center, I understand the competitive landscape of healthcare and the challenge inherent in reaching consumers with an authentic, meaningful message. And today, as President and Chief Strategy Officer for a healthcare branding firm, I share this experience with clients. Because the secret is: all things equal, share of voice drives share of market.
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What you need to know about share of voice:
Share of voice is the percentage of overall advertising an organization owns in its market, and it is a strong indicator of future growth. A study by The Nielsen Company shows when share of voice exceeds share of market, you gain “excess share of voice” (SOV-SOM=ESOV). Excess share of voice of 10 points produces an average of 0.5% extra market share growth.
Market factors and quality of advertising strongly contribute to SOV’s success. For example, smaller brands face a daunting feat to grow market share through SOV alone and will require above average, highly effective ad campaigns.
Those in the lead market position have the advantage. On average, brand leaders achieve 1.4% of market share growth per 10% of ESOV, compared to 0.4% for challenger brands. This advantage is attributed to the fact that brand leaders already have market recognition and awareness to propel growth.
Nationally we see the healthcare industry launching or relaunching more consumer-friendly brands. Good news: brand launches or relaunches typically achieve 15-25% greater growth per point of ESOV than the norm. That’s because launch campaigns have something new to say that consumers want to hear.
What does all this mean to the hospital branding and marketing professional? Brand is an investment. It takes a long-term, sustained commitment to build a quality brand that engages with its audiences. I recommend you know your SOV in market, and be strategic in your media spend to ensure you maintain the desired market position. Reductions to media investments will likely damage a brand in the long term. It is more difficult to regain market position than to maintain it.
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We know quality, repetitive communication is imperative to reaching your audience. As Jaime Mateos of IE School of Human Sciences & Technology states, “Repeated messages and frequently retrieved information will generate a strong footprint which is easier for consumers to access in the future. But the message needs to be relevant and engaging.”
The Nielsen Company research suggests that to grow market share, five guiding principles can help navigate the correct levels of SOV investment:
- SOV alone is not enough. Using the right copy is critical to drive returns.
- SOV/SOM differential matters. Excess SOV delivers growth, typically 0.5% for a 10-point differential.
- Brand size matters. Market leaders drive greater returns from SOV than challengers.
- “Newness” delivers higher gains. Launches/younger categories respond to ESOV at higher levels.
- Short-termism is dangerous. Correct level of SOV + quality campaign = stronger brands.
Tools that track and manage share of voice, share of market and provide analysis to be strategic in your approach are important planning resources for savvy marketers. Download our brief on smart advertising strategies and explore soviews+, a competitive media market profiling tool that provides hard-to-find insights to guide your healthcare marketing, branding and advertising strategies.
After all, as the saying goes: however beautiful the strategy, you should occasionally look at the results.
About the Author
Julie Amor, President and Chief Strategy Officer for Dobies Health Marketing, has 30 years of experience elevating healthcare brands. Share your thoughts with her by tweeting @DobiesGroup, connecting with us on LinkedIn, or by commenting on our Facebook page.