Share Of Voice Analysis
Media planning is possibly the most important step of an advertising campaign. This is what everything boils down to – right from research to a brand’s message and the mediums selected. And that’s why the extra pressure to get this crucial step right at all costs.
Effective media planning entails looking for media platforms for brands and then strategizing the best possible combination to achieve their marketing objectives. While planning media for any brand, across any category, a media planner considers 4 thumb rules:
- What percentage of TG is reached?
- On what mediums should the ad be placed?
- How frequently should the ads appear?
- And lastly, how much money should be spent on each advertising medium?
Often, brands are sold to adopt media plans that are devised only on these bases and expect amazing results. And to be honest, there’s nothing really wrong about this. Unless, you take a moment to think and realize, if every brand present in the market were to plan their media based on these decisions, how could yours possibly stand out before your TG?
The answer to this question lies in adopting alternate methods of media planning that go beyond the 4 usual steps. At Foolish, our approach to buying media is based on GRPs so as to give brands a higher share of voice in the market. Share of voice, by definition, is the percentage of spending by a particular brand in a given media category, relative to the total spending by all other brands that are advertising in that media category. Share of voice primarily is a volume measure and measures the amount of advertising that your brand conducts. If one comes to think of it, SOV is a consumer side measure such that it measures and depicts the amount of brand advertising seen by your TG.
What share of voice does?
A share of voice analysis puts your brand’s advertising in perspective and has media planners determine the amount of advertising competitive brands are getting done. Based on this information, the aggression with which your brand should advertise on a particular medium is decided upon.
Critics say SOV may not always be the most reliable way to determine a brand’s budget and total spending. And we agree, but that doesn’t mean SOV as a metric cannot be adopted consequently. All you have to do is be a little creative even in your scientific thoughts.
The first step is, always, to evaluate a brand’s budgets, based on which the advertising medium is decided upon. Once these 2 steps are done, Foolish uses ‘Share of Voice’ as a metric to determine how much to advertise on which medium. A brand should invest in a particular medium only if they are sure to make umpteen noise in the market and make consumers stop and notice the brand. We are strong believers of picking up one advertising medium at a time, extracting and exhausting all benefits out of it and then adding another medium to the kitty. Planning media based on share of voice as a metric lets us do exactly that.
A high share of voice is bound to put your brand in the forefront and make your TG notice you. A concentrated media strategy is the key to achieving high share of voice for any brand. What makes this approach stand apart is that while it works wonders for brands that have no budget constraints, even brands that have a moderate budget can make a great impact in the market. With a concentrated media strategy, your brand can become the dominant advertiser in a product category in the chosen channel at any given point of time even with limited budgets.
The “hows” and “whys”
In a concentrated media strategy, the goal is to achieve the highest share of voice in a particular medium at the lowest possible cost. Your brand’s share of voice is not a metric that is achieved in isolation. Instead, share of voice as a metric is highly dependent on gross rating points. In media planning, GRPs quantify the total impressions as a percentage of the total population reached rather than analyzing this data in absolute numbers reached. For a consumer segment to get exposed to, listen & react to your message, a minimum number of exposures to your brand communication are required. After all, reaching the highest portion of your TG at effective frequency is the key to an effective media plan.
In a highly competitive and dynamic market environment, it is important for brands today to stand out and make an impression on consumers. And in such scenarios, high reach is as good as being an absolute necessity. However, share of voice doesn’t mean outspending all players in the market to be heard. What it does mean is spending the right amount, to reach the desired amount of people such that your brand’s communication has an impact on the TG and eventually delivers the magical ‘share of mind’. And that is where we come in.