I was sitting in a big board meeting at a non-profit and several decisions had to be made to move the group forward. What I really remember about this meeting was how the decisions were actually made. It was very revealing.
Several people would then give voice to their idea’s. But, usually one person would start to control the conversation.
How? This person would say something about each of the other peoples comments first, then insert his (or her) own idea.
In other words, one person spoke often during the discussion. And, in every case it seemed the ultimate decision was made in favor of the person who spoke MOST AND who usually who spoke LAST.
I don’t even think it was always the best decision, that’s just the way it worked.
Now let’s put this into context of magazine advertising and ask the question….
What’s Does The Meeting Sound Like In Your Prospects Head?
Here is one way to monitor the sound of the meeting in your prospects head. It’s what we call the Share Of Voice Report.
The Share Of Voice is a calculation of the percentage of advertising of one brand relative to the total advertising in the brand’s category. Or, who’s talking up in the meeting and how much are they talking.
In these examples we’re just looking at magazine advertising. Take a look yourself.
The Share Of Voice Report
In this example we see the Magazine Advertising Share Of Voice Battle in the Product Category of Marine Engine Accessories. We track 29 Boating, Sailing, Yachting Magazines here at Patterson Advertising Reports
So, within these 29 marine magazines we have advertisers in the product category of Engine Accessories. Looking further into the detail of the Engine Accessories category we also have two sub categories: Ignition Systems-Batteries, and Engine Parts.
What you see in the graph above is the advertising activity in the Marine Ignitions Systems-Batteries product category. In this product category there are 13 active magazine advertisers during the first half of 2012.
In other words, from January through June of 2012 these 13 advertisers have spoken up in the meeting of “What Battery Should I Buy For My Boat?”
In this meeting these 13 advertisers purchased 29 total ad pages.
Among these advertisers we found out that Optima Marine Batteries is the Clear Share Of Voice
Leader with 45%.
Balmar Marine and Rolls Battery come in with 19% and 16% share of voice and the ten other advertisers in this product category combined for 21%.
The Battle For Share Of Voice In Magazine Advertising
Is Being Waged In Every Category.
If you look at this pie chart below, it shows total ad pages for each major product category in Marine Display Advertising during the first half of 2012. Notice that the Marine Engine Accessories Advertisers are just a small segment, 75.87 ad pages, of the larger picture.
Now can you imagine what the Share Of Voice Battle is like for Boats? How About Marine Equipment?.
Keep in mind that within each of these major categories we show above there are many sub categories. We code every advertisement in magazines at three levels:
- Top Line –( Marine Display, Non-Marine Display, Special Adv, Classified)
- Major Product Groups – (like what you see in the chart above:Boats, Marine Equipment, etc)
- Detailed Product Categories-(We breakdown Major Categories like Boats into more detail, Sailboats, Stern-drives, Runabouts etc. or Engine Accessories into Ignitions and Batteries and Engine Parts. )
We do this so that our clients can dig into our data to very specialized groups and see their Share Of Voice against their most direct competition. This allows them to monitor their share of voice in a variety of “meetings” and plan their advertising attacks very quickly and very specifically.