Data-driven insights are critical for strategic decisions on hospital advertising
For hospital advertising, it takes more than creative concepts to produce long-term results. Especially now, as hospitals resume and reshape their 2020 advertising plans in the wake of monumental disruption, strategy remains a crucial part of the equation. As studies have shown, share of voice feeds market share, and market share feeds profitability.
Moving the needle in the right direction requires a smart, strategic approach to hospital advertising — and to be strategic, you need data that go beyond dollars and cents. For instance, you may know what your competitors are spending on total ad buys, but do you know what, specifically, those ads are communicating? What spaces are they claiming in your market, and which top drivers are they successfully tapping into? The answers to those questions and more illuminate your opportunities for elevated positioning.
Competitive insights are critical to defining a media position within your market and determining an appropriate budget and media mix to meet your advertising objectives. The ability to analyze detailed information about your competitors’ initiatives empowers you to make data-driven decisions about local advertising efforts – and get results.
“All things being equal, a brand whose share of voice is greater than its share of market is more likely to gain market share.”
—The Nielsen Company
When hospitals evaluate share of voice and positioning relative to competitors, many will find that their ad spend does not go as far as they expected. Increasing share of voice is essential to market share growth. According to The Nielsen Company, for every 10 points your share of voice exceeds your share of market, you can expect 0.5 percent greater market share growth, in comparison with a strategy where your share of voice and share of market are more balanced.
How can you find the data you need to get the full picture and maximize your ad spend? soviews+, a subscription-based tool developed by hospital marketers, provides specialized data to hospitals and health systems that guide tactical decisions for market share growth:
As explained in the video above, soviews+ is the only interactive competitive media market profile designed exclusively for hospitals. soviews+ analyzes and packages market intelligence on top competitors in market with regard to share of voice, media spend, media mix, core messaging, creative samples and more. This one-of-a-kind tool lets hospital marketers see their full competitive landscape, paving the way to enhanced, strategic decision-making in the local market.
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.