Are you one of the leading brands in your market? As all brands compete to claim their stake in the market, this question has become more important than ever. One way to answer this question is to look at your share of voice.
Many brands don’t know how to measure this or understand why it matters. In this article, you’ll learn what share of voice is, why it’s important and how to increase it.
What is share of voice?
Share of voice (SOV) is a measure of market your brand owns in comparison to your competitors. Simply put, determining your this allows you to have greater visibility on your brand, popularity, and authority in the market.
In the past, to figure out their SOV, brands would look at press coverage. Now, in the age of digital marketing, share of voice has become a bit more complex. Companies need to look at several different metrics including web traffic, social media engagement and more to determine their SOV.
Why does share of voice matter?
A large share of voice is directly connected to the success you’ll have in your industry. It indicates that you’re dominating your market and getting in front of your desired audience. Understanding this concept can also help you improve your marketing. Here are three things you can do when you have insight into your SOV.
1. Competitive analysis
How do you compare to other companies in your industry? Looking at your share of voice gives you an idea of how you stack up against big brands in your space. Since users can constantly access new content online, it’s critical to keep track of how you compare to other companies.
2. Measure the success of your marketing campaigns
You can track the success of recently launched marketing efforts by keeping a close eye on your impact throughout campaigns. Are more people talking about your brand? Is your audience engaging with and sharing your content? You can find out by taking a closer look at your share of voice.
3. Improve future marketing campaigns
With insight into your share of voice, you can set better goals for future marketing campaigns and improve your results. That way, you can ensure that your marketing budget lands in the right place. By looking at your SOV for each campaign, you can see which ones perform the best and dig into why that was the case. Companies can also look at their ad spending on different platforms to see which ones have the greatest impact.
How to calculate SOV
Not sure where to start when trying to figure out your SOV? Here’s the good news: calculating this isn’t as complicated as it may seem. First, you should determine what metrics you’ll be measuring. Here are some examples of SOV metrics.
7 share of voice metrics to measure
- Organic keywords
- Pay per click (PPC) keywords
- Social shares
Once you decide what metrics you want to measure, you can calculate your share of voice. Don’t worry if math isn’t your thing. You can use simple SOV formulas to figure this out.
The most commonly used formula for calculating your share of voice is:
Your brand metric / total market metric X 100
For example, to calculate your share of voice for mentions, you would divide your mentions by the total number of mentions for your competitors. Then, multiply that number by 100. This allows you to determine what your SOV for that metric. You can also separate the mentions out if you want to do a direct comparison with one of your competitors.
Using social media to increase share of voice
Now that we’ve covered what share of voice is and how to measure it, let’s talk about how to improve it. There are several different approaches you can take, but one of the fastest ways to do this is with social media. Here are four ways you can use social media to increase your SOV
Using social media can have a huge impact on your share of voice. However, you need to have a regular presence online to make this work. Start by choosing or re-evaluating the platforms where you’ll focus your efforts. Then, pay close attention to best practices and user behavior on the platforms you pick. This will help you grow your presence quickly.
Create share-worthy content
Your team can create great content, but it won’t go far if users aren’t motivated to share it. For example, a study by Kapost shows that B2B organizations waste nearly $1 billion on inefficient and ineffective content marketing each year. If it isn’t valuable to your audience, it won’t add value to your marketing campaigns or boost your brand.
According to one study, 90% of people say that they use social platforms to communicate with a brand. This is what your audience wants from you. Don’t use social media as a place to plaster constant advertisements for your business. Instead, use it to interact with your audience and engage them in meaningful conversations. This will help you organically increase your reach, mentions, and impressions.
Leverage employee advocacy
If you aren’t focusing on employee advocacy, you’re missing on opportunities to grow. Branded messages reach 561% further when shared by employees when compared to branded channels. You can leverage your employees’ networks on social media to increase your accomplish this. Employees can amplify your brand’s message and engage with your audience in ways that feel authentic to users.
Stand Out in Crowded Markets
Increasing your share of voice is key to standing out in crowded markets. In an ever-changing digital space, it’s important to measure your marketing efforts, test out new things and see what has the biggest impact on your audience.
If you use the strategies in this post, you’ll be on the right track for boosting your brand. Want to know more about branding, social selling, and employee advocacy?