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Share of voice is a key metric for setting budgets and predicting growth, but digital media make it impossible to calculate accurately. Understanding your share of search queries is a simple and elegant alternative.
By Mark Ritson
James Peckham was a smart guy. He joined AC Nielsen in his early 20s and spent the next 43 years working for the company. He was one of Nielsen’s most important and senior marketing thinkers, working at the company during the key ‘Mad Men’ era. But his claim to fame goes well beyond simply being a big player, at a big company, during a big time in the history of marketing.
Peckham is one of the few marketers to have a theory named after him. Peckham’s Formula posits that when you launch a brand you should set its advertising budget based on your desired share of market. Specifically, your initial share of voice should be 1.5 times the desired market share you want to achieve by the end of the brand’s second year.
Let’s say Marketing Week decides to diversify into ice cream – something I know our editor is constantly considering. He should first estimate the total amount spent by all the ice cream brands on communications. Let’s say it’s £100m in 2020. Next, he has to decide what success looks like for the new tubs of Marketing Week Vanilla. Why don’t we set an ambitious 5% market share target? Finally, he should apply Peckham’s formula and set his ad budget at £100m x 5% x 1.5. About £7m.
The Formula itself is based on some pretty significant empirical analysis. Peckham spent almost 20 years studying the relationship between what grocery brands spent on marketing communications and the subsequent market share they achieved. And, as such, Peckham was the first marketer to connect the dots between a brand’s share of voice and its share of market in a formal, prescriptive way.
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- Written by Super User
- Category: Marketing Strategy
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It may no longer be news that Scangroup, a network of marketing and advertising agencies which is a big player in the East African market recently set up shop in the country.The agency is known as Scanad Nigeria. Scangroup agencies include Scanad Kenya, Scanad Uganda, Scanad Tanzania, Scanad Rwanda, Scanad Ghana, Ogilvy Africa, Hill & Knowlton, Red Sky, McCann-Erickson, Roundtrip and JWTAfrica.
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- Written by Super User
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...launch smaller packets
By Sanya Ademiluyi
Leading global consumer chocolate brands - Snickers and Milky Way are leading the way in the introduction of smaller size product packs for their brands. The two brands have recently introduced a 50 gram and 30 gram packs. A 120gram pack, with average price of N150 used to be the standard for store counter chocolate bars for most of these products.
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- Written by Super User
- Category: Marketing Strategy
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“Video is the most powerful way to drive marketing strategies.”
That unequivocal statement came from Paul Casinelli, director of product marketing at online video platform provider Brightcove. Casinelli spoke to the crowd at this year's Marketing&Tech Innovation Summit in New York. He says that video is an integral tool that helps drive the customer journey; it leads consumers through channels, content, and eventually to a purchase.
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- Written by Super User
- Category: Marketing Strategy
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The yuletide shopping season and its typical sales discounts by retailers should have ended sometime in January of the New year. But curiously, the countless sales promo banners and signs are still there on countless fashion and consumer products shops — in March!