Using share of voice to grow a brand, gain market share and not drown the budget.
For any business, competition is everywhere. For regional mid-sized companies, it’s even more difficult to carve out their path. Mid-market companies typically find themselves fighting national brands for attention on a broad scale while at the same time competing with a local brand that may have a neighborhood following. What is the best way for a business of this size to garner proper brand attention that will assist in its growth?
There are many factors that need to be taken into consideration and of course great creative is one of the most helpful tools. However, another way is through proper Share of Voice (SOV). While this term has been used to define digital advertising, it goes much further. In a crowded media marketplace there are hundreds of traditional, digital and social outlets. It can be a real uphill battle for any regional company to make their mark and stake their territory.
SOV should be a main part of the planning process in any mid-market company’s media buy. How big or small should the advertising investment be in each one of their individual markets? To manage SOV, the best choice for a mid-market company is to look for less crowded spaces that reach their targeted audience. Regional businesses can’t afford to be drowned out by national budgets and buying cheaper remnant advertising across a broad spectrum isn’t the answer either. The first is futile and the second is a waste of budget.
Depending on the product, brand and goals, media outlets and geography, the opportunity for a greater SOV will vary. Mid-market companies, who place advertising in multi markets need to know how their SOV can vary depending on the market they are advertising in and which medium will yield them the greatest SOV in that market.
While perception isn’t everything, it’s still relevant to the average consumer and a larger SOV can single handedly increase a company’s market share. As audiences become more familiar with a brand and believe the message, consumer desire will rise. Once that “desirability factor” has been sparked your brand is off to the races. Regional companies have a better chance to be local leaders than national brands because they seem more personable and they often offer consumer benefits that the small local competitor cannot.
While being noticed on highly popular media outlets is every CMO’s goal, it’s more important to be noticed by the proper consumer and increase your relevant reach and frequency factors while diminishing your budget waste. Strategic advertising is extremely important to a regional business, which is why SOV should be a part of that strategy. In other words, it often pays to be the biggest boat on the lake, than a row boat in the ocean!