WHAT IS EXTRA SHARE OF VOICE?
The Advertising Council Australia (ACA) has released a fascinating report that explains the best way to increase sales is to calculate your marketing spend based on your current market share.
It's a concept also known as Extra Share of Voice (ESOV) that describes how much of a presence your company has across all media.
"The business case for treating advertising as a growth lever and not just a cost to the business has never been clearer.
”Our analysis shows that brands with a positive ESOV; being those whose share of advertising spend is higher than their share of the market, were able to strengthen pricing and acquire more new customers."
Rob Brittain, co-author, Australian Advertising Effectiveness Rules: To ESOV and Beyond.
The ACA based their report on criteria that judged hundreds of advertising award entries for proven effectiveness. Their key findings include:
ESOV is a simple method to calculate your marketing budget without having to go through the complexities of other business metrics.
It’s your share of the marketing pie in your industry that determines your effectiveness in it, not how much you spend. If you punch a bit above your weight, you’ll do better than trying to match your biggest competitor’s budget.
Calculate your share of the combined market that is you and your competitors, and spend more than that percentage as your share of marketing spend over that part of your industry.
Highly effective campaigns can be conducted by a business of any size.
SOV is a more potent value than measuring your search engine results.
They caution that creative strength is a key element and that SOV can be difficult to measure.
The media has become more complex and, some say, more dysfunctional so new approaches such as ESOV need to be considered.
If you’d like to know more, you can read Campaign Brief’s article or read Advertising Council Australia’s full report.
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