Last month I left you ordering pizza and discussing share of voice. Personally, I love a good cheese and veggie pizza. Side note, email me! I’d love to answer any questions you have and of course learn what your favorite type of pizza is!
So, what’s with all the pizza talk? If you missed last month’s musing, check it out here. We talked about the marketing term “share of voice”, and I affectionately compared it to pizza.
Whoever has the largest share of voice (the most pizza) will typically become the top-of-mind brand for that category in a given community.
Last month’s homework was to do some research and find out how much money was being spent in advertising in your community and specifically in your industry (medical and nonprofit). Next, review your budget. Then, do some quick math to determine what your share of voice is based on the total market spend divided by the amount you spend. Not sure how much is being spent? Reach out! As strategist we have quick access to this type of specific and accurate paid data research.
The organizations with the dominant conversation(s) in a particular category are the brands that will become a household name. For example, when you think abortion, you think Planned Parenthood and Abortion Pill. Well done to Planned Parenthood and the pharmaceutical industry as they have achieved category dominance. Here’s the age old dilemma…. does top of mind or category dominance always equal the best solution? Emphatically no. We can think of many top well-known brands that are low quality. So how can they continue to behousehold names? How do they have category dominance? The answer is simple, they invest into their marketing. But, here’s the thing. I see good business spend less money and have thriving businesses! Be encouraged!
Here’s the big question, if you can’t compete with huge ad budgets, is it still possible to build a brand and have a successful business?
The good news is yes you can!
You don’t have to have the largest share of voice to be successful!
What you do have to have is a strategy, consistency, repetition and a significant budget combined with the ability to deliver high quality outcomes with every single customer experience. This means, the local guy with a smaller budget can still have a very successful and thriving business even while being outspent in marketing. I know this to be true firsthand as we have helped so many organizations, big and small, do just that. You only need to know the secret.
So what is the secret?
The secret to success in marketing, no matter your budget, is having a clear strategy based on your non-wavering and realistic expected outcomes. Utilize enough budget properly placed into a consistently executed campaign with the right amount of repetition as you review your specifically measured outcomes.
Clear Strategy
Start with the end in mind.
Non-Wavering Realistic Expected Outcomes
Whatever you decide to measure, be realistic with it and don’t waver. Of equal important, be realistic. You may want a 15% growth over last year, but if you don’t have the budget to support it, or, you cut your budget, then what you want isn’t realistic. To set that goal is to set yourself up for failure. Set specific and realistic measurable outcomes.
Enough Budget:
You must have enough. Ask yourself, what share of voice do you want? AKA, how much “pizza” are you interested in buying?
Properly Place:
Right Ad, Right Message, Right Time, Right Place.
Consistently Executed:
Be Consistent.
Repetition:
In advertising it is important to consistently repeat your advertising messages in the most memorable way to those you want to become a household name to.=
Accuracy of Placement:
Consider your persona and their medium consumption behaviors. What are they looking at, watching, or doing. Place ads there.
Evaluation of Impact:
Evaluate your marketing monthly, quarterly and annually. Evaluate it against equal measurements for example, this month this year vs this month last year.
Specifically Measured Outcomes
Be specific in what you hope to gain and how you measure it.
Every business knows there are good and bad months due to weather or other unexpected events. For this reason, I recommend quarterly, semi- annual, and annual evaluations with your agency making weekly and monthly optimizations based on your report of traffic flow.
There is one more secret called “outside factors”. “Outside Factors” relate to other considerations that may be prohibiting you from getting the most out of your marketing. Let’s save that for next time.
For now, here is some homework for you this month.
- Do you have an annual marketing strategy?
- How are you making decisions for marketing?
- What are your non-wavering realistic and specific expectations for your marketing?
More questions? No worries! We will look deeper into the above secret recipe in detail next month along with understanding how outside factors could be helping or hindering your growth.
As always, feel free to email me!
I would love to hear your favorite type of pizza AND anything else you’d like to share!
To your continued success,
Liliana Grace
Owner Founder L Grace Brands