Invest to maintain and grow your network of relevant associations
Crisis tempts brands to tighten their belts, with media budgets an obvious candidate for cost-cutting. However, we know from Binet and Field’s work that there is a proven link between achieving an ‘Excess Share of Voice’ (excess share of voice, ESOV, refers to whether a brand’s advertising spend is above or below their market share)1 and market share growth.
Looking at an example from a brand working in the energy sector highlights the importance of maintaining an ESOV before and during the pandemic. We saw one of the category disruptors invest in advertising and, by doing so, deliver dramatic increases to their SOV year-on-year, resulting in huge gains in brand measures (such as the number of potential customers that would consider the brand) and customer acquisition throughout 2020. Their investment allowed them to promote messages which aligned with changing market needs during the pandemic, around customer service and trust. Some of the more established brands suffered because they had not been investing prior to the crisis and then did not pivot to more relevant messages during it.