Brand awareness, or the worth of a brand’s customer perception, grows over time. Brand equity drives both short-term activation (performance marketing) and long-term growth.
These assets can be sold and are usually worth significantly more than a company’s actual assets.
They are assets because they cost money to construct, and other companies may choose to buy them rather than invest the money, effort, and risk in building their own.
If you have a strong brand, your prospects will think about you every time they enter buying moments, then sales next year and beyond are going to be secured.
Ehrenberg-Bass Institute calls this Mental Availability. Having high mental availability means being thought of more often when a prospect enters buying situations.
Stronger brands can offer a wider range of products and services, as well as pivot when necessary.
Stronger brands have a competitive advantage over their competitors in their market, ensuring long-term revenue and market dominance.
Stronger brands have longer mental availability, which helps them get through lengthy B2B sales cycles.
Powerful brands have less pricing sensitivity, and they can boost profitability over time.
When they need to make a purchase, such out-of-market purchasers progressively come “in-market.”
How to increase the share of voice (SOV)
Share of voice (SOV) is the amount of ad spend delivered by your company divided by the total amount of ad spend in that category.
Businesses tend to grow when SOV is bigger than (SOM). Until you can quantify SOV and SOM, we propose that you boost your SOV by capturing more reach and impressions from your target audiences.
To get started, we propose increasing your share of voice by acquiring more reach and frequency with your target audiences.
you may use the total number of units or the total number of clients instead of the total revenue if that figure is not available.
A strategy that addresses everyone in your buyer category is more effective than one that focuses on specific segments.
Though loyalty and retention programs provide some profit, their share of overall revenue is lower when compared to the impact of reach.
This is due to the fact that reach both reaches out to prospects and reassures existing clients, creating and sustaining favorable feelings over time.
The possibility that a buyer will think of your brand when making a purchase is referred to as mental availability.
Share of Mind enhances the business’ Share of Voice by forging links between the brand, the purchasing occasion, and a suitable set of emotions and feelings.
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