If you’re a marketer, you’re likely familiar with the term “share of voice.” If you’ve never heard of it before, then you’re in the right place.
It’s a metric that measures the percentage of total advertising or marketing in a given market that a particular brand is responsible for.
In other words, if your brand has a higher share of voice, it means that your brand is dominating the conversation in your industry.
But what is “extra share of voice,” and how can it benefit your marketing strategy? In this article, we’ll explore the concept of extra share of voice and its importance in today’s digital landscape.
Extra share of voice refers to the additional exposure that a brand receives above and beyond its actual market share. In other words, it’s the amount of advertising or marketing that a brand produces beyond what would be expected based on its market share.
For example, let’s say that your brand has a 10% market share in a particular industry. If your brand is responsible for 12% of the advertising or marketing in that industry, then you have a 2% extra share of voice.
Extra share of voice is important for a few reasons. First, it helps to increase brand awareness and exposure. By producing more advertising or marketing than your competitors, you’re able to get your brand in front of more potential customers.
Second, extra share of voice can help to increase brand loyalty. If your brand is consistently producing high-quality advertising or marketing, it can help to establish your brand as a leader in the industry and make customers more likely to stick with your brand over time.
Finally, extra share of voice can help to drive sales. By increasing brand awareness and loyalty, you’re able to generate more interest in your brand, which can ultimately lead to more sales.
Source: Advertising Council Australia
Consumer Psychology Behind Why ESoV Works
The consumer psychology behind why brands that are seen more often are bought more often can be attributed to a number of factors.
Firstly, repeated exposure to a brand creates a sense of familiarity and recognition in the minds of consumers. When a consumer sees a brand’s advertising or marketing materials on a regular basis, they become more likely to remember the brand and associate it with a particular product or service.
Secondly, repeated exposure can create a sense of trust and credibility in the minds of consumers. When a brand is consistently present in a particular market, it can signal to consumers that the brand is established, reliable, and trustworthy.
Thirdly, repeated exposure can create a sense of social proof in the minds of consumers. When a brand is seen frequently in a particular market, it can signal to consumers that the brand is popular and well-liked by others in their social circle.
Source: Advertising Council Australia
All of these factors can contribute to why brands that are seen more often are bought more often. By creating a strong presence in a particular market and consistently exposing consumers to their brand, companies can build trust, familiarity, and social proof that can ultimately lead to increased sales and revenue.
It’s worth noting, however, that the quality of a brand’s advertising and marketing materials is also important. Simply increasing the frequency of exposure without producing high-quality content is unlikely to have the same impact as a consistent and strategic marketing approach.
Measuring extra share of voice can be a bit more complicated than measuring regular share of voice. To measure extra share of voice, you’ll need to:
- Determine your brand’s market share in a particular industry.
- Determine the total amount of advertising or marketing in that industry.
- Calculate your brand’s share of the total advertising or marketing in that industry.
- Calculate your brand’s extra share of voice by subtracting your market share from your total share of voice.
Once you have this information, you can use it to track your brand’s extra share of voice over time and make adjustments to your marketing strategy as needed.
Determining a brand’s market share can be done in a few different ways. One of the simplest methods is to look at sales data for a particular industry and determine what percentage of those sales are attributed to your brand. This can give you a rough idea of your market share, but it may not be the most accurate method.
Another method is to conduct surveys or focus groups with consumers to determine their brand preferences and purchasing habits. This can give you a better understanding of how your brand is perceived in the market and how it stacks up against competitors.
There are also a number of tools and resources available to help you determine your brand’s market share more accurately. For example, you can use market research firms like Nielsen or Kantar to gather data on market share and consumer behaviour in your industry.
You can also use tools like Google Analytics and social media monitoring tools to track your online presence and engagement, which can give you insights into how your brand is perceived and how it compares to competitors.
Ultimately, the best approach is to use a combination of methods to get a comprehensive understanding of your brand’s market share and how it can be improved. By gathering data from multiple sources and analyzing it carefully, you can make more informed decisions about your marketing strategy and how to increase your brand’s share of voice in your industry.
So, how can you increase your brand’s extra share of voice? Here are some tactical considerations:
- Increase your advertising or marketing budget: The simplest way to increase your extra share of voice is to produce more advertising or marketing. This may require increasing your budget to produce more content or to promote your content through various channels.
- Focus on high-quality content: To truly stand out in a crowded market, you need to produce high-quality content that resonates with your target audience. This means creating content that is informative, engaging, and relevant to your audience’s interests.
- Leverage social media: Social media platforms are a great way to reach a wider audience and increase your extra share of voice. By sharing your content on social media and engaging with your followers, you can help to increase your brand’s visibility and exposure.
- Partner with influencers: Influencers can be a powerful way to increase your brand’s extra share of voice. By partnering with influencers who have large followings in your industry, you can get your brand in front of a wider audience and increase your overall exposure.
FAQs
- What is share of voice in marketing?
Share of voice refers to the percentage of total advertising or marketing in a given market that a particular brand is responsible for.
- How is extra share of voice calculated?
Extra share of voice is calculated by subtracting a brand’s market share from its total share of advertising or marketing in a particular industry.
- Why is extra share of voice important?
Extra share of voice is important because it helps to increase brand awareness and loyalty, which can ultimately lead to more sales and revenue for a business.
- How can I increase my brand’s extra share of voice?
To increase your brand’s extra share of voice, you can focus on producing high-quality content, leverage social media, partner with influencers, and increase your advertising or marketing budget.
- What are some benefits of having a high extra share of voice?
Some benefits of having a high extra share of voice include increased brand awareness and loyalty, higher customer engagement, and ultimately more sales and revenue for a business.
