During my career as Vice President of Marketing for a large academic medical center, we were considered a marketing machine. As the market leader, we owned share of voice and grew our share of market year after year, consistently outpacing our competition in customer engagement.
As brands with the greatest market share, market leaders typically enjoy the largest profit margins. On a local level, they are the powerhouses of the industry, household names with significant brand awareness. Market challengers – those vying for the position of market leader – must cause positive disruption among competitors by differentiating themselves from the market leader, thus elevating themselves above the competition.
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.Moving the dial on top-line growth requires a smart, strategic approach to advertising – and to be strategic, you need data that bring your entire advertising landscape into focus. Click To Tweet
Data-driven marketing decisions have the power to elevate a market challenger to a market leader, securing market share growth and building both volume and preference. soviews+, a proprietary media market profile tool, arms hospitals and health systems with essential, exclusive data to inform creative and strategic decisions. soviews+ empowers hospital leadership to evaluate their current brand positions, shape positioning strategies and fine-tune advertising tactics.
The only interactive competitive media market profile designed exclusively for hospital marketers by hospital marketers, soviews+ delivers hard-to-find, specialized insight. With presentation-ready findings delivered right to your desktop, soviews+ analyzes and packages market intelligence on your top competitors – including share of voice, media spend, media mix, core messaging, creative samples (spot TV, print, digital and social), and more. By combining creative strategy and marketing analyses with spend data for you and your top competitors, soviews+ uncovers details you need to know about your advertising landscape, so you can enhance strategic decision-making in your local market.
Reader Tip: For a detailed, empirical analysis of the relationship between share of voice and share of market, I recommend reading, “Budgeting for the Upturn – Does Share of Voice Matter?”. Among other revelations, this study by The Nielsen Company shows when share of voice exceeds share of market, you gain “excess share of voice” points that, at the right threshold, will quantifiably produce extra market share growth.
About the Author
Julie Amor, MHA, President and Chief Strategy Officer for Dobies Health Marketing, has 30 years of experience elevating healthcare brands. Share your thoughts with her by tweeting @DobiesGroup, connecting with us on LinkedIn, or by commenting on our Facebook page.