Win the Battle for Share of Voice and Market Share Growth

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.

To schedule a brief online demonstration of soviews+, please contact me. Learn more by visiting dobies.com/soviews.

About the Author

Julie Amor, Chief Strategy OfficerJulie 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.

 

Programmatic Media Buying: The Smarter Way to Reach Your Target Audience

As a healthcare marketer, how well do you know the online habits of your target audience? For example, are they more likely to visit websites about gardening, sporting goods or fashion? What news sites do they read, and which social media outlets get most of their attention?

Maybe you already have those answers, maybe you don’t. Either way, how will that information drive your media plan? Savvy marketers understand that today’s targeting options have evolved far beyond site-specific media buying, the traditional method of casting a wide net across a narrow field of websites where you most expect to find your targets. Now you have programmatic media in your toolkit – the smarter way to reach target audiences wherever they live, work and play online.

Choosing the Path to Better Results

Programmatic media buying (a.k.a. audience-first digital media targeting) uses real-time and historical trend data to message the right audience in the right environment at the right time. There’s a reason it dominates the world of digital advertising: With its highly sophisticated algorithms and data integration capabilities, programmatic media finds and reaches your targets wherever they are, and with pinpoint precision compared to traditional media buying.

Source: soviews+ reporting
Click to enlarge

Digital media strategies thrive on diversity. See how programmatic media buying finds your target audience wherever and whenever they are most engaged. Click To Tweet

When it comes to programmatic media buying, look for experts who are driven to advance your advertising goals. For our clients, we partner with the HIPAA-compliant firm Goodway Group, combining their expertise in digital media with our expertise in healthcare marketing, branding and advertising. Through this partnership, we fuel advertising campaigns that drive higher engagement, stronger share of voice and greater market share.

RELATED: The Secret Behind Share of Voice for Hospital Marketers

On Track to Peak Performance

Programmatic media buying establishes the ability to drive and track lower funnel and high value activities, producing real-time performance insights that enable optimization throughout the campaign. Such insights allow you to understand how many impressions it takes to prompt a user to visit your site, and how long it takes the average user to get to your site after their first exposure to your message.

These and many other campaign performance data points are powerful but often highly detailed – another reason why it’s important to partner with experts. At our firm, we analyze and package must-have insights into simple dashboards that continuously inform multimedia online ad buying. In addition to web traffic, digital campaign results, SEM performance, organic social media campaigns and more, our reports include observations and recommendations for improving key drivers moving forward.

Source: Dobies Health Marketing
Click dashboard to enlarge

RELATED: Is Advanced TV in Your Media Plan? How to Safeguard Share of Voice this Political Season

From programmatic media buying to competitive media market profiling and every level in between, harness the power of data to illuminate your path to success. To learn more about what we do in healthcare marketing, branding and advertising, visit our services or contact us.

About the Author

Julie Amor, Chief Strategy Officer

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.

Dobies Health Marketing and Grapevine Designs Collaborate to Support the KC Healthcare Community

KANSAS CITY, Mo. (May 1, 2020) – As part of their shared commitment to serving the local community, the teams at Dobies Healthcare Marketing and Grapevine Designs donated time and talent to support the launch of a new initiative from the Kansas City Healthcare Communicators Society (KCHCS). The program, called KC Loves Healthcare, recognizes and honors healthcare professionals and support teams throughout Kansas City for their heroic work and dedication.

“We commend KCHCS for creating the KC Loves Healthcare program, and we are proud to join with Grapevine Designs in contributing our resources to support the message,” said Carol Dobies, MBA, founder and chief executive officer of Dobies Health Marketing. “With local healthcare heroes doing everything they can for our KC communities from the front lines of COVID-19, there is no better time than now to lift them up by showing our shared appreciation.”

At KCLovesHealthcare.org, local businesses, hospitals and healthcare organizations can purchase custom KC Loves Healthcare apparel, totes and other items as gifts for their employees. The items all feature a locally designed, heart-shaped logo that captures the unified spirit of the Kansas City healthcare community. “Each time local health professionals use these items or see others using them out in the community, they will be reminded of how much Kansas City appreciates them,” said Janie Gaunce, president and CEO of Grapevine Designs.

The custom-designed logo is available for download from the website, making it accessible at no cost for use in signage or other homegrown ways of showing support. Site visitors may also choose to make a monetary donation to established foundations that benefit KC-area hospitals and front-line workers.

For more information on the KC Loves Healthcare program, visit KCLovesHealthcare.org.

About Dobies Health Marketing

Since 1992, Dobies Health Marketing has offered highly specialized expertise in strategy-first marketing for health companies. The Kansas City-based company serves the marketing and branding needs of the entire health industry, from hospitals, health systems and payers to technology firms, medical device manufacturers, associations and certifying boards. With a promise to always engage strategy first, their mission combines strategic marketing with creative communications to create healthier brands.

About Grapevine Designs

Grapevine Designs markets the message of clients in a way that is ingenious and memorable, imparting the heart and soul of the brand. Based in Lenexa, Kan., their services include branded merchandise and recognition, creative services, company store programs, advertising and marketing, product search and more. Learn more at grapevinedesigns.com.

Is Advanced TV in Your Media Plan? How to Safeguard Share of Voice this Political Season

Right now it is understandable that COVID-19 coverage is dominating the airwaves (and likely your own communications, too). But when that subsides, we will still find ourselves in the midst of an attention-grabbing election year. Huge coffers of political ad dollars will be dispatched to command as much share of voice in your market as possible between now and November. The question is: How can you break through the noise so your own TV advertising dollars are well spent in the face of so much competition for consumer attention?

The answer: Advanced TV. And here’s why:

Experts predict a 57% growth in political ad spending this year, with a total ad buy of $6 billion. That’s a jaw-dropping amount, yes, but consider this: The majority of those dollars ($4.4 billion) will go to broadcast TV, cable TV and radio buys, while the remaining $1.6 billion will go toward digital videos, primarily distributed via Facebook and Google.

See the opportunity there? Advanced TV is not a notable part of the political advertising media mix – but it can be in yours.

How can you break through the noise so your own TV advertising dollars are well spent in the face of so much competition for consumer attention? The answer: Advanced TV. Here’s why: Click To Tweet

Television has evolved far beyond the living room, and your under-50 audience segments are spending more and more time on non-traditional TV outlets. According to eMarketer, the number of U.S. “Pay TV” (cable, satellite, also known as linear TV) households in America is steadily declining, while “Non-Pay TV” (internet streaming, also known as advanced TV) is growing at the same rate. Consumers want the anywhere, anytime convenience that advanced TV provides, so meeting them on those platforms helps capture the share of voice you need, even as political ads amp up elsewhere.

RELATED: Exploring the Advanced TV Ecosystem: Options for Amplified Targeting

The appeal of advanced TV advertising doesn’t end there. Consider these benefits, compiled through collaboration with our digital media partners at Goodway Group:

Advanced TV empowers you to meet consumers where they live, work and play. Studies show that Millennials, Gen Z and Gen X consumers already spend close to 1.5 hours/day watching advanced TV (with Boomers coming close behind at just under an hour per day). Growth in streaming platforms means advanced TV viewership continues to rise, creating crucial new audience segments that your linear TV media buy will have trouble engaging, particularly in a national election year:

  • “Cord-cutters” – those canceling their cable and satellite subscriptions
  • “Cord-nevers” – those who never had cable or satellite subscriptions in the first place
  • “Cord-togglers” – those who view a mix of linear and advanced TV platforms

Cord-cutters are expected to be upwards of 55 million people by 2022, with another 40+ million cord-nevers and counting. Bottom line: Pay TV consumption is expected to drop from 68% in 2019 to 57% by 2023, and streaming media consumption is overtaking traditional TV channels in top markets across the country.

Going digital enables much more precise, data-driven targeting. Better targeting makes your advertising dollars stretch further. Meaning, you can eliminate wasted ad impressions by making sure your ads reach only prospective customers, avoiding those whose behaviors, interests and demographics indicate high unlikelihood to buy. Advanced TV’s robust data (which can be leveraged alongside your own first-party/CRM data and other third-party data sources) enables you to make reliable, data-driven decisions about when, where and to whom your ad should air. As a result, you’ll reduce wasted impressions that come standard with linear television buys. But speaking of wasted impressions via linear TV…

Sophisticated advanced TV reporting will illuminate smarter strategies for linear TV buys. Your advanced TV media buy will capture, analyze and report on audience behaviors and engagement levels as your ads play – such as what times your primary targets are engaging most with your ads, what types of shows they’re watching, and how many times they need to see your ad before taking action. Integrating advanced TV into your media mix will unlock new insights that can drive other parts of your media plan as well, including linear TV.

Advanced TV audiences are often more engaged – which is visible in real time. Rather than just playing it as “background noise” (as is common with stationary living room TVs), consumers who stream TV tend to be more actively tuned into the content they’re consuming, giving you a better window into how, where and when to best resonate with them. The ability to see results in real time allows for rapid adjustments in campaign parameters for improved effectiveness, greater ROI and a healthy share of voice.

For all those reasons and more, smart 2020 marketers will go to advanced TV, where they will find many customers but few political advertisers. As we continue transitioning to an ever more online environment, secure your share of voice in a very crowded media market – deploy smart media strategies so your messages meet the right people at the right place and time.

RELATED: The Secret Behind Share of Voice (How It Drives Market Share)

About the Author

Julie Amor, Chief Strategy OfficerJulie 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.

Exploring the Advanced TV Ecosystem: Options for Amplified Targeting

TV and digital media consumption are on the rise, particularly right now as social distancing and self-isolation takes hold across the country. Advanced TV, which has been steadily growing in popularity for the past few years, is well poised to help consumers fill their time and escape from topics like COVID-19 and the 2020 election by watching what they want, when and where they want it. That’s the consumer-centric offering of advanced, non-linear TV, which is expected to be in nearly half (43.5%) of U.S. households by 2023.

As a healthcare marketer, have you incorporated advanced TV advertising into your media mix? If not, it’s time to get started. I discuss the benefits of advanced TV advertising in detail in this blog post, and I encourage everyone to read it if you’re interested in learning more about how to protect your share of voice in the hyper-crowded ad spaces of 2020. But first, if you could use a breakdown of the basics of advanced TV advertising options, this is the blog for you.

So, what exactly is Advanced TV?

According to the Interactive Advertising Bureau, advanced TV is, “any television content that has evolved beyond traditional, linear television delivery models.” Compliments of our digital media partners at Goodway Group, the following information provides a good overview of the various types:

Connected TV

Example: A viewer watching television through a Roku device sees your commercial on the HGTV streaming app.

  • Connected TV ads are served on televisions via over-the-top devices (Netflix, Amazon Prime, YouTube, Hulu, Roku, Apple TV, etc.)
  • They are also served on smart TV apps and gaming consoles
  • As the most evolved inventory in the advanced TV ecosystem, Connected TV offers broad reach alongside highly sophisticated audience targeting capabilities
Exploring the Advanced TV Ecosystem – Options for Amplified Targeting: Click To Tweet

TV Everywhere

Example: User accessing her Hulu account from a tablet sees your commercial while watching The Hunger Games.

  • These ads play on streaming apps created by TV networks, which require a login to access
  • The ads are only shown on mobile, tablets and desktop devices.
  • Generally skewing to a younger audience
  • Tracking is available on cookie-enabled devices, making this a particularly good tactic if you have click or activity goals

Video on Demand

Example: A viewer with a Comcast set-top cable box sees your commercial while watching an on-demand episode of Chopped on the Food Network.

  • These ads are shown during on-demand viewings via set-top box apps through a cable or satellite provider
  • The ads are only shown on a television, and they complement your linear TV buy by extending reach to other audiences

Programmatic TV

Example: Viewer watching the latest episode of This Is Us live on their television sees your commercial because it was purchased through a programmatic platform.

  • This type involves linear inventory that can be purchased programmatically and served during live programming
  • These ads are only shown on televisions, and are limited to national campaigns only
  • With the largest scale, programmatic TV is a great fit for brand awareness campaigns seeking national exposure

From highly engaged audiences to data-driven optimization tools and a heightened ability to reach key audiences where they live, work and play, there are many reasons why advanced TV advertising increased 276% from 2017 to 2020. The steady, ongoing rise in advanced TV spends by TV advertisers further reflects a healthy overall sense of optimism and satisfaction with ad performance on these platforms.

RELATED: Is Advanced TV in Your Media Plan? How to Safeguard Share of Voice this Political Season

RELATED: Meaningful Insights to Guide Your Hospital Advertising Strategies

About the Author

Julie Amor, Chief Strategy OfficerJulie 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.

Level the Competitive Landscape for Your Health System

Bring your local market into focus with data-driven insights

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.

To schedule a brief online demonstration of soviews+, contact me online or reach out to me directly at jamor@dobies.com.

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, Chief Strategy OfficerJulie 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.

 

The Secret Behind Share of Voice

What does your voice say in 8 seconds?

With brands vying for consumer attention, a clear strategy for share of voice in market is critical. Studies show the average consumer is exposed to up to 10,000 brand messages a day, and the average person’s attention span is now just eight seconds. What does your brand say in eight seconds?

Having spent 15 years as VP Marketing for a large academic medical center, I understand the competitive landscape of healthcare and the challenge inherent in reaching consumers with an authentic, meaningful message. And today, as President and Chief Strategy Officer for a healthcare branding firm, I share this experience with clients. Because the secret is: all things equal, share of voice drives share of market.

What does your brand say in 8 seconds? Learn the secret behind share of voice. Click To Tweet

What you need to know about share of voice:

Share of voice is the percentage of overall advertising an organization owns in its market, and it is a strong indicator of future growth. A study by The Nielsen Company shows when share of voice exceeds share of market, you gain “excess share of voice” (SOV-SOM=ESOV). Excess share of voice of 10 points produces an average of 0.5% extra market share growth.

Market factors and quality of advertising strongly contribute to SOV’s success. For example, smaller brands face a daunting feat to grow market share through SOV alone and will require above average, highly effective ad campaigns.

Those in the lead market position have the advantage. On average, brand leaders achieve 1.4% of market share growth per 10% of ESOV, compared to 0.4% for challenger brands. This advantage is attributed to the fact that brand leaders already have market recognition and awareness to propel growth.

Nationally we see the healthcare industry launching or relaunching more consumer-friendly brands. Good news: brand launches or relaunches typically achieve 15-25% greater growth per point of ESOV than the norm. That’s because launch campaigns have something new to say that consumers want to hear.

What does all this mean to the hospital branding and marketing professional? Brand is an investment. It takes a long-term, sustained commitment to build a quality brand that engages with its audiences. I recommend you know your SOV in market, and be strategic in your media spend to ensure you maintain the desired market position. Reductions to media investments will likely damage a brand in the long term. It is more difficult to regain market position than to maintain it.

Know your SOV in market, and be strategic in your media spend to ensure you maintain the desired market position. Click To Tweet

We know quality, repetitive communication is imperative to reaching your audience. As Jaime Mateos of IE School of Human Sciences & Technology states, “Repeated messages and frequently retrieved information will generate a strong footprint which is easier for consumers to access in the future. But the message needs to be relevant and engaging.”

The Nielsen Company research suggests that to grow market share, five guiding principles can help navigate the correct levels of SOV investment:

  1. SOV alone is not enough. Using the right copy is critical to drive returns.
  2. SOV/SOM differential matters. Excess SOV delivers growth, typically 0.5% for a 10-point differential.
  3. Brand size matters. Market leaders drive greater returns from SOV than challengers.
  4. “Newness” delivers higher gains. Launches/younger categories respond to ESOV at higher levels.
  5. Short-termism is dangerous. Correct level of SOV + quality campaign = stronger brands.

Tools that track and manage share of voice, share of market and provide analysis to be strategic in your approach are important planning resources for savvy marketers. Download our brief on smart advertising strategies and explore soviews+, a competitive media market profiling tool that provides hard-to-find insights to guide your healthcare marketing, branding and advertising strategies.

After all, as the saying goes: however beautiful the strategy, you should occasionally look at the results.

About the Author

Julie Amor, Chief Strategy OfficerJulie Amor, 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.

From Brand Challenger to Brand Leader

Three Strategies for Hospitals to Take the Lead

Picture of triumph on a mountaintop to represent making the ascent from brand challenger to brand leader (healthcare marketing)Like any competitive environment, hospital markets include two key types of players:

  • Brand Leaders – The most dominant or recognizable brand in the market typically enjoys the greatest market share. Also known as a market leader, a brand leader usually drives the largest profit margins, making this spot highly coveted by competitors.
  • Brand Challengers – Challenger brands are not the category leaders in the market. Rather than simply competing in an existing product or service line category, a brand challenger aims to change mindshare by finding new ways to differentiate or segment its brand from the market leader.

With the right strategies and tools in place, challenger brands have an opportunity to rival long-established leaders by creating and executing effective, data-driven marketing and advertising strategies that help them effectively compete.

According to The Nielsen Company, “Challenger brands have to take a different approach.” In terms of advertising and market messages, Nielsen’s research suggests that for every 10% excess share of voice achieved (which is calculated by subtracting market share from share of voice), challengers only see 0.4% market share growth, compared to 1.4% market share growth for leading brands. As a result, a brand challenger needs an advertising strategy that is at least 3.5 times more effective than the market leader’s strategy to truly move the dial and capture greater market share.

[View our infographic to learn more about the dynamic between share of voice and market share.]

The key to creating and executing effective market strategies is data. When you use data to drive marketing, branding and advertising plans, your hospital will significantly improve its ability to compete in market. These three approaches combine strategy with data to deliver a competitive advantage:

1. Evaluate your current brand position to reveal new opportunities

What you convey about your brand – and how you hope others perceive your brand – must always align with the experience you actually provide. To continuously build volume, preference and market share, it is important to give your brand a thorough, objective evaluation.

Exploring consumer and employee perceptions of your brand will inform your brand strategy, which should outline your differentiators and brand promise (as well as how to keep that promise), serving as a filter for future business, marketing and creative decisions. In addition, assessing your competitors’ communication brings insight to create a sustainable value proposition for your brand. This ongoing process requires continual maintenance and dedication over time.

[To determine your brand’s health, view our step-by-step brand assessment and strategy checklist.]

Brand building is a complex, interconnected process that requires authentic insight, objective decision-making and careful, sometimes even calculated effort. Insights from brand scout+ empower you to identify differentiators, design key messages and rally your team around a brand promise that will ultimately create a more authentic experience for your customers.

2. Use data-driven insights to guide marketing and positioning strategies

A marketing and positioning strategy is the compass that allows companies to successfully navigate the nuances of an ever-changing healthcare market. A smart and sustainable strategy should always precede marketing tactics. When you formulate a strategy before moving to creative tactics, you enhance your organization’s ability to elevate your market position relative to your competitors. Leveraging the power of information through market research, competitive studies and consumer insights will allow you to make more informed decisions to drive greater market share and brand equity.

Effective marketing and positioning strategies – also known as maps+ – provide key insight into your organization’s market position (including where you are now and where you can be in the future), as well as your competencies and capacity, viable differentiators, opportunities and challenges, and more. From there, you can develop on-point marketing imperatives and tactical plans to improve your market positioning, and grow market share.

3. Analyze competing campaign messages and performance to fine-tune advertising strategies

Understanding your competitors’ market position, share of voice and advertising spend are critical knowledge points to making informed advertising decisions. According to Nielsen, a brand is more likely to gain market share if its share of voice is greater than its share of market. Simply put, increasing share of voice is essential to market share growth – but how do you increase share of voice?

A comprehensive competitive market profile leads to better, more proactive recommendations for your organization’s local advertising strategies. Timely, reliable data and creative samples from competing campaigns and market presence—including core marketing messages, share of voice, media mix, advertising investment analyses and creative samples—are key to gaining traction in your local market through advertising.

A competitive market profile from soviews+ evaluates each of your top five competitor’s messaging strategies, matching them against the industry’s top consumer drivers to identify the space they claim in your market. These insights inform and assist your efforts to be more competitive and targeted with your media dollars.

Empower your organization by creating a healthier brand, formulating a smarter marketing and positioning strategy, and challenging the competition. Keep an eye on your competitors and identify new opportunities for differentiation or segmentation in your market. Through the use of data-driven insight, objective decision-making and highly strategic planning, you will be better equipped to reach your targets with pinpoint precision and ultimately drive market share, top of mind awareness and consumer preference.

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:

Infographic: Share of Voice & Share of Market

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+:

Breaking Through the Noise

Optimize your share of voice to grow market share

As a hospital marketing leader, you know how noisy the competitive landscape can be. As the industry shifts toward a consumer-centric healthcare marketplace, it seems every hospital and health system is vying for the same patients—and they all have advertising dollars devoted to buying the largest megaphone.

In today’s hyper-connected world, consumers are bombarded by advertising messages at every turn; one estimate suggests consumers are subject to 3,000 to 5,000 messages each day. Healthcare is no exception, so what is your strategy for determining reach, frequency, and key messages to best position your healthcare organization? After all, if you’re in the orchestra, it’s better to play the trumpet than the piccolo.

Amplify Your Voice for Bigger Gains

Clever ads alone rarely produce sustainable results, so the relationship between your ad buying strategy and your market share growth should be treated with care. It is important to understand the correlation between share of voice (SOV) – defined as your organization’s percentage of the total media buying in your industry for a specific time period – and share of market (SOM), which is your percent of the total revenue for that same time period. You probably already know your market share, but your SOV can be more complex. Knowing your SOV relative to your competitors, however, can be critical to your strategic advertising efforts for top-line growth.

The Nielsen Company published research that sheds light on this relationship between SOV and SOM. They found that with everything else equal, you are more likely to gain market share if your SOV is larger than your SOM. This “excess” share of voice is shown to have a very direct effect—an increase of 0.5 percent additional market share when your SOV is 10 points higher than your SOM.

Of course, rarely is the math that simple. The same research found that a lot of factors play into this, including the size of your brand, whether you are the brand leader in your industry or a brand “challenger,” and of course, the level of sophistication in your creative campaign. If you are the brand leader, for example, a 10-point differential can net you as much as a 1.4 percent market share boost.

Even with multiple variables, savvy marketers can still make this research work for them. Dave Beckert, a media planner, gives this advice:

“Smart marketers investment spend (SOV slightly exceeds SOM) to some degree to deter attack. To show major gains in SOM, you must create or exploit disequilibrium … using advertising spending as an offensive weapon, based upon an analysis of the competitive situation.”

Use the Right Tool for the Job

As the former VP of Marketing for a major academic medical center, I cannot overemphasize how necessary it is to have competitive market data driving strategic recommendations for media planning and creative concept development. In addition to providing the foundation of those recommendations, I needed the competitive data to secure support for the marketing and advertising budgets I proposed. The only problem was that collecting a comprehensive market analysis of competitors was incredibly arduous and time-consuming.

Now, that’s no longer true. The need for robust competitive market data is still great, but the work that goes into creating those market profiles is not, thanks to an innovative product called soviews+.

Share of Voice: Sample dashboard from soviews+, for competitive media market profiling for hospitals

Custom designed for hospitals and health systems,soviews+ packages comprehensive competitive market profiles into a single interactive tool, empowering you to view and compare what competitors are saying in your local market with only a few clicks. soviews+ lets you see and hear your competitors’ creative assets for TV, print, digital and mobile advertising. Additionally, soviews+  provides a market analysis of each hospital’s key positioning messages, SOV and ad spend. These analyses provide much-needed clarity and the competitive advantage to aid in capturing a larger SOV for your organization.

I recommend soviews+  because it was designed for healthcare marketers by healthcare marketers, and it offers meaningful insight to guide healthcare advertising strategies. You can finally answer such questions as, Should we be buying magazine display ads? and Will that many TV spots even make a difference? soviews+  gives you the power to see your local market differently – and when you can stand up and see who is playing in the orchestra, you can finally decide if you need to pick up a louder horn. If you are a hospital marketer, that should be music to your ears.

Julie Amor is the President and Chief Strategy Officer for Dobies Health Marketing and has more than 20 years of experience elevating healthcare brands. Share your thoughts with her by tweeting @DobiesGroup or by commenting on our Facebook page.