The first event in the Festival of Marketing’s Currency of Effectiveness series discussed how brands can use media strategy and creative effectiveness to turn excess share of voice into “effective share of voice”.
advertising, and growth in market share will follow. But with today’s fragmented media landscape, there are now additional factors marketers need to consider to deliver the most powerful business impact, experts at Ebiquity, System1 and Boots have explained.
“If you think of it really simply, it [excess share of voice] does just mean you’ve got more budget, and more budget should allow you to do things that ultimately lead to growth,” explained Ebiquity’s group director Priya Patel, speaking during the first of the Currency of Effectiveness sessions being held by Marketing Week’s Festival of Marketing, sponsored by Ebiquity and System1.
“But something one of my colleagues came up with the other day is if you can take that excess share of voice and convert it into effective share voice, then you’re really winning.”
Developing the right media strategy for your brand is a key part of doing that, Patel said. As linear TV’s reach has declined, particularly with younger audiences, and the cost of media continues to rise, brands now need to take a multimedia approach to achieve the same level of broad reach.
The question that we have to ask ourselves is, if you’re spending a million pounds now and you get [a certain amount of] reach, if you now need £1.1m to do that next year, do you invest that £100,000 in [linear] TV and take the hit on ROI or… could you do something else in other channels that will deliver that incremental reach more efficiently?” Patel said.
“We still are big fans of [linear] TV, but we have to be realistic and really think about the challenges that brands are facing in the future and about what other channels could help close that gap.”
