In the first volume of Polchinski page 39 we can read a compact formula to perform normal-order for bosonic fields $$ :\cal F:~=~\underbrace{\exp\left\{\frac{α'}{4}∫\mathrm{d}^2z\mathrm{d}^2w\log|z-w|^2\frac{δ}{δφ(z,\bar z)}\frac{δ}{δφ(w,\bar zw)} \right\}}_{:=\mathcal{O}}\cal F, \tag{1} $$
What I do not understand it is that I would like to have (bearing in mind the definition involving $a$ and $a^†$ $$ ::\cal F::~=~:\cal F:\tag{2} $$ but with this formula $$ \cal O^2\cal F~≠~\cal O \cal F.\tag{3} $$
EXAMPLE:
$$ :φ(z)φ(w):~=~φ(z)φ(w)-\frac{α'}{2}\log|z-w|^2\tag{4} $$ but $$\begin{align} ::φ(z)φ(w)::~=~&:φ(z)φ(w):-\frac{α'}{2}\log|z-w|^2\cr ~=~&φ(z)φ(w)-α'\log|z-w|^2.\end{align}\tag{5} $$