Measuring and expanding your online presence is critical for generating brand recognition, engaging your target audience, and eventually driving company success. Focusing on your Share of Voice (SoV) is an excellent strategy to measure and improve your online presence. The proportion of your brand’s online mentions or discussions relative to your rivals in a certain market or sector is referred to as Share of Voice.

What is the share of voice?

Share of Voice (SOV) is a marketing metric that measures the proportion of a brand’s or advertiser’s presence compared to the total presence of all competitors within a specific advertising or marketing channel or medium. It helps businesses understand their relative visibility and impact in the market.

The term “voice” refers to the amount of visibility or exposure a brand or advertiser gets through various marketing activities. Share of Voice can be calculated for different marketing channels, such as television, radio, print media, online advertising, social media, and more. It is commonly expressed as a percentage.

The formula to calculate Share of Voice depends on the specific context and the data available, but in its simplest form, it can be calculated by dividing a brand’s advertising metrics (e.g., total ad spend, impressions, mentions) by the total advertising metrics of all competitors in the same channel over a specific time period.

Why Should You Measure Share of Voice?

Measuring Share of Voice (SOV) is essential for several reasons, as it provides valuable insights and benefits for businesses and advertisers. Here are some key reasons why you should measure Share of Voice:

• 1. Competitive analysis: SOV allows you to understand how your brand’s visibility and presence compare to your competitors in a particular marketing channel or medium. By monitoring your SOV, you can gauge your competitive position, identify areas for improvement, and stay ahead of your competitors.
• 2. Marketing effectiveness: Measuring SOV helps you evaluate the impact of your marketing efforts and campaigns. If your Share of Voice is high but your market share is not growing proportionally, it may indicate that your marketing strategies need adjustment or that your campaigns are not resonating with your target audience.
• 3. Brand awareness: SOV is directly linked to brand awareness. A higher Share of Voice indicates that your brand is being noticed and remembered by consumers, which can ultimately lead to increased brand recognition and recall.
• 4. Media planning and budget allocation: By understanding your Share of Voice in different marketing channels, you can make more informed decisions about where to allocate your marketing budget. Investing in channels where you have lower SOV compared to your competitors might be a strategic move to gain more visibility and market share.
• 5. Identifying opportunities and threats: Monitoring changes in SOV over time can help you identify emerging opportunities or potential threats in your industry. For example, a sudden drop in your SOV might signal increased competition or a shift in consumer behavior.
• 6.Campaign tracking: SOV is a useful metric for tracking the performance of specific marketing campaigns. It allows you to assess how well your campaigns are performing compared to your competitors’ efforts.
• 7. Evaluating partnerships and sponsorships: If you engage in co-marketing initiatives or sponsorships, measuring SOV can help you assess the impact of these collaborations and determine if they are yielding the desired results.
• 8. Justifying marketing investments: SOV data can be used to justify marketing investments to stakeholders and management. Demonstrating a strong Share of Voice can help build a case for the effectiveness of marketing strategies and secure further support and resources.

Why does it matter for brands on social media?

Share of Voice (SOV) matters for brands on social media for several reasons, as it provides unique insights and benefits specific to this digital marketing channel. Here’s why it is essential for brands to measure Share of Voice on social media:

• 1. Competitive analysis: Social media is a highly competitive space, with many brands vying for the attention of the same target audience. Measuring SOV on social media allows brands to understand how their presence and engagement compare to their competitors. This analysis helps identify strengths and weaknesses in social media strategies and informs adjustments to gain a competitive edge.
• 2. Audience engagement: Social media success is not solely about the number of followers; it’s about how engaged and active the audience is. By measuring SOV, brands can gauge how much of the conversation in their industry or niche revolves around them. Higher SOV indicates more engagement, indicating that the brand’s content resonates with the audience and encourages interactions.
• 3. Influencer partnerships: Collaborating with influencers is a popular social media marketing tactic. Monitoring SOV helps brands evaluate the effectiveness of these partnerships. Brands can measure how much share of the influencer’s voice they receive in the overall conversation, ensuring that the collaboration generates the expected visibility and engagement.
• 4. Brand awareness and sentiment: Social media is a powerful platform for building brand awareness. Measuring SOV allows brands to track the visibility and perception of their brand across different social media channels. Understanding how their share of conversations changes over time helps brands assess the effectiveness of their efforts in increasing brand recognition and managing brand sentiment.
• 5. Crisis management: Social media can be a double-edged sword. Brands need to be vigilant about potential crises and negative conversations. Measuring SOV during critical moments can help brands gauge the extent of the crisis and the overall sentiment towards the brand compared to competitors. This information aids in formulating an appropriate response and mitigation strategy.
• 6. Content strategy and trend identification: SOV data can help brands identify content themes and topics that are resonating the most with their audience and competitors. Understanding trending discussions allows brands to adapt their content strategy to stay relevant and capitalize on emerging opportunities.
• 7. ROI assessment: Social media efforts require investment in terms of time, resources, and content creation. Measuring SOV provides a quantitative measure of a brand’s social media presence, allowing them to evaluate the return on investment (ROI) of their social media activities.
• 8. Influencing purchase decisions: Social media plays a significant role in influencing consumers’ purchasing decisions. Brands with higher SOV can potentially sway consumer perceptions and preferences, leading to increased brand loyalty and sales.

Overall, Share of Voice is crucial for brands on social media as it provides valuable insights into the effectiveness of their social media strategies, competitor performance, audience engagement, and overall brand perception. By monitoring SOV, brands can optimize their social media efforts to achieve their marketing goals and stay relevant in the fast-paced world of social media marketing.

Here are some ways for mastering Share of Voice:

1. Set Clear Goals: Define your objectives for increasing your online presence and Share of Voice. Whether it’s improving brand awareness, generating leads, or gaining authority in your industry, having specific goals will guide your strategies.
2. Monitor and Track Mentions: Use social media listening tools and online monitoring platforms to track mentions of your brand and your competitors. By analyzing these mentions, you can gauge your current Share of Voice and identify areas for improvement.
3. Identify Key Platforms and Channels: Determine the most relevant social media platforms, forums, blogs, and other online channels where your target audience is active. Focus your efforts on these platforms to maximize your Share of Voice in the right places.
4. Create High-Quality Content: Develop valuable, informative, and engaging content that resonates with your audience. This could include blog posts, articles, videos, infographics, and more. High-quality content increases the likelihood of being shared and discussed, thus boosting your Share of Voice.
5. Leverage Social Media: Actively engage on social media platforms to initiate conversations and respond to comments. Share your content and interact with followers, encouraging them to share your posts, which contributes to a higher Share of Voice.
6. Influencer Marketing: Collaborate with influencers and industry leaders who have a significant following and influence. Their endorsement and mention of your brand can lead to increased conversations and higher Share of Voice.
7. Paid Advertising: Invest in paid social media advertising and sponsored content to increase your reach and exposure. This can help amplify your brand’s visibility and contribute to a larger Share of Voice.
8. Monitor Competitors: Keep a close eye on your competitors’ online activities. Understand their content strategies, engagement tactics, and Share of Voice. This analysis can help you identify areas where you can outperform them and gain a competitive edge.
9. Respond to Reviews and Feedback: Address both positive and negative feedback promptly and professionally. Showing that you value your customers’ opinions can improve brand perception and increase your Share of Voice.
10. Track Progress and Adjust Strategies: Regularly analyze your Share of Voice metrics and the impact of your strategies. Use the insights gained to adjust and optimize your approach to continually improve your online presence. Remember that Share of Voice is just one metric, and it should be considered in conjunction with other key performance indicators (KPIs) to get a comprehensive view of your online presence and marketing efforts. By mastering Share of Voice and consistently implementing effective strategies, you can enhance your brand’s visibility and make a lasting impact on your target audience.

Overall, measuring Share of Voice provides valuable market intelligence and helps you make data-driven decisions to improve your marketing efforts, enhance brand awareness, and increase your competitive advantage. It serves as an essential tool for understanding your brand’s position in the market and staying ahead in a dynamic and competitive business landscape.