"Splitting the Vote" implies that an outsider applicant comes in and strips away votes from some hopeful of the real gatherings. It can have a major effect in a nearby race, and a standard hopeful loses (or wins) when the greater part ordinarily would have chosen the other one.
It can be important since it makes a big difference in a close race, and a mainstream candidate loses (or wins) when the majority normally would have elected the other one.