Want more market share? Arm yourself with patience and do nothing at all with your marketing budget. Because during a recession, all you have to do is just hang in there and your brand will grow. Why is that?
When the recession hits and others start cutting their advertising budgets, your share of voice (SOV) will increase and in many cases this will have a positive effect on your share of market (SOM). Assessing what the future holds is not difficult. The ESOV, or "excess share of voice", will help you easily navigate. It expresses the difference between your brand's SOV and the actual market share in the entire category. If it is in the positive numbers (SOV exceeds SOM), your brand will grow in the long run. If the SOV is lower than the SOM, expect a decline.
Simply put - if your brand remains visible even during a crisis, you will have a head start on those who re-emerge later on. Simple, right? Like most things in the world, though, this tactic has a catch.
Tracking ESOV metrics will help high saliency brands the most - those that people often spontaneously recall. That's why it makes sense for large and established brands in particular to track it.
But according to Peter Field, one of the godfathers of marketing effectiveness, it's not advisable to neglect the creative of advertising content. It doesn't mean that the most imaginative campaigns will be the most successful, but with the right strategic direction, they will definitely yield better results. How do you know a campaign that doesn't waste creative and increases awareness with customers?
The most effective ads can convey emotion, brand and need to people. Emotion works primarily as an amplifier in advertising. The stronger the emotion, the more closely the brain follows the campaign and the more deeply it stores it in memory. The brand needs to be displayed early, for as long as possible and ideally at the most emotional peak where we remember it most strongly. The conclusion of the ad is not enough.
The campaign must also connect the brand to a relevant buying situation or need. That is, it must portray that need clearly and powerfully enough. So it's best to measure everything beforehand.
Source: mam.cz
