*Warning, contains a few acronyms*
We all know that lockdown usually spells another round of endlessly well-meaning, but ultimately useless zoom seminars/conferences/updates. Refreshingly, this was not the case for the launch of some new research “To ESOV and Beyond” hosted by The Advertising Council Australia (ACA) and Think TV (1st July 2021).
The session, featuring presenters Robert Brittain (Marketing Strategist), Karen Nelson-Field (Attention Queen) and Peter Field (Marketing God), was a timely reminder to brands that in order to grow category market share you need to hit 2 key points. The first is Effective Share of Voice (ESOV), which is based on your share of media spend in relation to the category (share of market). To grow, your SOV needs to be greater than your SOM. The second is Mental Availability and comes from hitting the right ESOV, not absolute spend. Being top of mind and known for relevant category attributes is what ultimately drives long and short business goals. However, our marketing theorists highlighted the growing threats to the share of voice methodology:
- SOV is getting more difficult to measure
- The media marketplace has become increasing dysfunctional
- Creative strength makes a huge difference
- Share of search is valuable, but it’s not a replacement for share of voice
In this increasingly complex advertising world, a simpler way to interpret SOV is ‘Attention’. The reason for this is that greater ESOV does not always = greater mental availability.
Karen Nelson-Field makes the point,
“If you are over-spending on low attention media platforms and under-spending on high attention media platforms, while your competitors are doing the exact opposite, the principles of SOV will fail”.
Not surprisingly, the research highlights video formats as high attention drivers, but what’s interesting is that this importance fluctuates based on your total budget. Brands spending under $500K that invest 60% of that money into video channels see more business results than those that don’t. However, the point of diminishing returns for video comes into effect for brands spending $5M+, who don’t see a bigger difference from the same allocation of video.
Understanding which media platforms will drive greater and lesser attention for clients is more important than ever. It’s not the same for every brand and it’s not the same for every campaign. It’s why Attention is one of our 6 planning principals. You don’t need $5M dollars to grow (your ESOV might only require $500k), but planning for Attention gives advertisers the best opportunity to deliver Mental Availability and produce positive long and short term business results.
If you want to hear more opinions on this or RuPauls All Stars Season 6 drop me a line…