Post by account_disabled on Oct 6, 2023 22:42:50 GMT -5
Brand awareness doesn’t necessarily have to do with your product or even what customers think of your brand, at least in its initial stages. It’s simply a matter of recognition, or “the number of customers that recognize your brand when they hear its name.” You’ve got to start somewhere, after all.
At this stage, the primary concern is getting your brand’s name out there. One measurable way to make that happen effectively is to invest in earning Extra Share of Voice.
Invest in Extra Share of Voice
Your brand has Extra Share of Voice (ESOV) when your Share of Voice (SOV) exceeds Phone Number List your Share of Market (SOM). SOV is a calculation of your ad spend divided by the total ad spend in your category. SOM is the revenue you generate over a period of time divided by the total revenue generated in your industry.
ESOV is a great metric for illustrating the long-term impact of brand awareness. Brands that set their SOV above their SOM tend to grow at a higher rate than competitors. A B2B Marketing Institute study found that a 10% ESOV corresponds to a 0.7% growth in B2B brands.
Source: The B2B Institute
In the earliest stages of brand development, investing in Extra Share of Voice is an excellent strategy.
2. Brand Salience
Audiences recognizing your brand on its own doesn’t have a ton of value. For commercial impact, it’s important that they connect your brand to its solution category, and think of it in future buying situations.
At this stage, the primary concern is getting your brand’s name out there. One measurable way to make that happen effectively is to invest in earning Extra Share of Voice.
Invest in Extra Share of Voice
Your brand has Extra Share of Voice (ESOV) when your Share of Voice (SOV) exceeds Phone Number List your Share of Market (SOM). SOV is a calculation of your ad spend divided by the total ad spend in your category. SOM is the revenue you generate over a period of time divided by the total revenue generated in your industry.
ESOV is a great metric for illustrating the long-term impact of brand awareness. Brands that set their SOV above their SOM tend to grow at a higher rate than competitors. A B2B Marketing Institute study found that a 10% ESOV corresponds to a 0.7% growth in B2B brands.
Source: The B2B Institute
In the earliest stages of brand development, investing in Extra Share of Voice is an excellent strategy.
2. Brand Salience
Audiences recognizing your brand on its own doesn’t have a ton of value. For commercial impact, it’s important that they connect your brand to its solution category, and think of it in future buying situations.