Want to Grow Market Share in Healthcare? Increase your Excess Share of Voice.
Healthcare is getting hugely competitive and growing market share is becoming increasingly complex for brands. In a world of programmatic promises with surface digital KPIs, a few simple metrics are often overlooked and not tracked: Share of Voice (SOV) and Excess Share of Voice (ESOV).
Understanding Share of Voice and Excess Share of Voice
Share of Voice (SOV) refers to a brand’s visibility in conversations and media compared to its competitors. It encompasses various channels like social, surveying, news outlets, and more. A greater SOV implies more brand awareness and influence. SOV is normally closely correlated to SOM (Share of Market).
Excess Share of Voice (ESOV) is when a brand’s share of voice outstrips its market share. Research suggests that ESOV can lead to market share growth, as it indicates a brand is dominating the conversation more than its current market position would suggest. This means that if you want to grow your SOM, you need to grow your SOV. And if your SOV outpaces your SOV, you’ve created ESOV.
Here’s an in-depth look at how healthcare brands can leverage these concepts for market growth.
Strategies to Increase SOV and Achieve ESOV
Patient-Centric Brand Building: Ensure your strategies are empathetic and address the emotional journey of patients, not just their healthcare needs. Most people make decisions based on their emotions and they post-rationalize it afterwards. Find the emotional power for your brand.
Invest in Multi-Channel Marketing: Don’t rely on a single platform. Utilize a mix of channels – social, email, content, podcasts, and traditional media (TV / OOH / Print), to reach a broader audience.
Create Engaging, Shareable Content: Develop content that resonates with your audience and encourages sharing. This can include interactive posts, thought-provoking articles, or engaging videos. Viral content can significantly increase your brand’s visibility.
Utilize Influencer Partnerships: Collaborate with influencers who align with your brand values. They can introduce your brand to a wider audience and lend credibility through their endorsement.
Personalized Campaigns: Use data-driven insights to create personalized campaigns. Tailoring messages to specific segments of your audience can increase engagement and brand loyalty.
Community Building: Foster a community around your brand. This can be through social media groups, forums, or events. A strong community can act as brand ambassadors, spreading word-of-mouth recommendations.
Continuous Experimentation: Regularly test new marketing tactics, messages, and channels to see what works best for your audience. This keeps your strategy fresh and adaptable.
Strategic Partnerships and Collaborations: Partner with other brands or organizations for cross-promotion. This can open up new audiences and add value to your brand.
How ESOV Translates to Market Growth
- Building Brand Equity: A high ESOV suggests that a brand is more visible and influential than its market share indicates. This can lead to increased brand equity, making it a preferred choice among consumers.
- Competitive Advantage: Dominating the conversation in the healthcare space can set a brand apart from its competitors, attracting more patients / customers.
- Long-term Growth: Studies indicate that brands maintaining a high ESOV over time are more likely to see sustained market share growth.
- Consumer Trust and Loyalty: Continuous engagement and visibility build consumer trust, translating to higher loyalty and customer retention.
For healthcare brands, increasing share of voice and striving for excess share of voice are crucial strategies in the quest for market share growth. This dominance, as indicated by a high ESOV, is a potent predictor of future market share growth, establishing the brand as a leader in the industry.
If you’re looking for help in tracking or improving your SOV, we’d be happy to connect.