November 21, 2014

Focus Your Share of Mind

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Share of Voice is a local business' percentage of all the advertising done in her market for her category.

Here's an overly simplistic example: Jane owns a kitchen design company in a town where there are 4 other kitchen design companies. Each of them runs a weekly newspaper ad, 10 weekly cable TV ads and 10 weekly radio ads. That's 21 ads each for a total of 105 advertisements in the market for kitchen design. Each owner has a 20% Share of Voice.

Share of Mind is the percentage of all the people exposed to those ads who think of Jane first and feel best about her when the decision to remodel a kitchen comes to mind.

Let's make another simplistic assumption: All of their ads say just about the same thing in the same manner. They look and sound like average ads.

With these assumptions, you could make the case that NONE of these businesses will be getting much increased business from their advertising efforts.

WHAT IF Jane were to FOCUS her ads on one media? Let's say she decided to take her entire budget and run 20 ads per week on a single cable channel, only focusing on remodel shows in the evening hours. Even if her ads remained average, the frequency and repetition she would achieve with the fans of the remodel shows would make a difference in her sales.

When these people finally decided to shut off the TV and get busy in their kitchen, Jane would be the first phone call because she'd be the first business they think of and feel confidence in…simply because of the repetition.

Quit trying to "reach" your way to advertising success. Start putting your money into some smart frequency and it won't be very long until your focused Share of Mind begins to pay off!

Share of Voice x Impact Quotient = Share of Mind

That's the first sub-formula in the Advertising Performance Equation. If you want to learn more about the rest of the equation, just sign up for my email list. You'll be the first to know about an exclusive learning opportunity!

PRO Convention in Portland

I_am_the_internet I just finished a week in Portland, Oregon delivering 5 presentations to the Photographic Research Organization’s convention. What a great group of dedicated retail store owners. I absolutely love the passion that locally-owned stores have for their customers. These folks get together each year for a very fast-paced meeting full of educational sessions, product information and a buying expo with all of the big manufacturers in the digital photography industry.

I gave presentations on Buying Word of Mouth, the Advertising Performance Equation, Persuasion Architecture and threw in a few fun tidbits as well like my Ad Budget Calculator.

I got a real kick out a TV campaign put together by Jerry Sullivan of Precision Camera in Austin. The ads cut to the heart of the challenge these people have in convincing us that they are the best places to buy today’s digital cameras. Have a look. The series of 5 TV spots spoof the "I’m a Mac" campaign. They’re all on YouTube.