Advertisers used to be able to buy their way to market share.
It was easy. Paid media was all we had. The formula was money = share of mind. And share of mind = share of market.
But with the emergence of owned and earned media, this has changed. Evidence now points to the fact that both owned and earned media are becoming more influential in regards to purchase behavior.
And no amount of money can buy earned media.
Granted, paid media can drive people to owned media (websites, blogs, Facebook, etc.). In other words, paid media activates owned media. And owned media is where videos and information often reside, waiting to be shared.
But whether they are shared or not depends on the content itself.
Which is why money is no longer a precursor to sales.
So while many advertisers still want to buy share of voice in the belief that share of voice = share of mind = share of market, share of voice is no longer enough.
Share of mind must now also be earned. It’s no longer just a matter of how many. Share of mind is now also a matter of how long people want to spend with your content.
The longer they spend with it, the more interesting it must be to them.
The more interesting it is to them, the more likely they are to share it.
In other words, share of time could be seen as the difference between owned media and earned media.
Which means it could also be seen as a precursor to sales.