The Dynamic Between Share of Voice & Share of Market
An Infographic for Hospital Marketers
Share of voice is a critical metric for consumer marketing. Quite often, when hospitals evaluate share of voice and competitive positioning in the context of the full competitive landscape, they find their ad spend is not enough. Why? Because increasing share of voice is essential to market share growth.
For example, if your hospital is the local brand leader, excess share of voice is a worthwhile investment because it supports greater gains in market share than it does for competing brands. Likewise, if you’re competing against a brand leader, your advertising strategies need to be several times more effective than the brand leader’s to grow market share. The following infographic explains the dynamic between share of voice and share of market in more detail:
The key to creating and executing effective ad strategies is data. For the tools you need to analyze your positioning and guide your hospital’s advertising strategies, it’s time to discover soviews+: