What is Share of Voice?
Share of Voice (SOV) is a metric that measures a brand’s dominance in the market compared to its competitors. It reflects the brand’s visibility and how well it is respected and trusted in the industry. A higher SOV indicates a more popular and influential brand.
The concept of SOV used to be limited to the proportion of paid advertising a brand had in a competitive market, but now it encompasses a broader range of digital marketing and advertising aspects such as social media mentions and website traffic for specific keywords. Understanding a brand’s SOV can help the brand understand its challenges and current market position, which in turn can help it grow and attract more customers.
Why is SoV important?
- Conduct a thorough market-wide examination of the competition. Find out the overall picture of how competitive the market is and whether you are a rising star or the leading force in the sector.
- Use SOV, to divide up your target market. Although calculating SOV is an effective method of audience analysis, you can go further and segment this data to gain a deeper understanding of your strengths and flaws. Examine your SOV considering important geographical markets, demography, and other factors.
- Analyze the results of your marketing initiatives. Check to see if your SOV increased after you recently started a campaign to see whether your marketing strategy and messaging were successful.
- Adapt future efforts considering the information in SOV reports. Utilize the information in your analytical reports to broaden your audience, participate in online discussions, and make sure that your voice is heard loud and clear across all marketing platforms.
What is an example of Share of Voice?
Share of Voice (SOV) is a metric that quantifies the percentage of total ad impressions or mentions a brand or product receives in a specific period. It is utilized to compare a brand’s performance against its competitors and provides insight into the efficiency of a company’s marketing initiatives.
For example, if a brand launches a new product, it can track its share of voice in the market by collecting data on the number of times its ads or product mentions appear in relation to its competitors. If the brand’s share of voice is higher than its rivals, it suggests that the brand is generating more interest and attracting more attention in the market.
There are various tools and platforms available to track Share of Voice, like social media monitoring tools, search engine marketing platforms, and media tracking services. By monitoring and analyzing this, along with other social intelligence metrics, brands can gain a better understanding of their market position and the effectiveness of their marketing initiatives.
Calculate Share of Voice
To determine your brand’s market share percentage, take a specific metric that represents your brand and divide it by the total value of the market or industry. Then, multiply that number by 100 to get your market share percentage for that statistic.
Your brand metric / Total market or Competitors metric x 100
To calculate share of voice, the first step is to identify the relevant time period and market in which the brand’s performance will be evaluated. Collect data on the number of times the brand is mentioned in the market, using tools such as social media monitoring tools, search engine marketing platforms, or media tracking services.
Once the data is collected, divide the number of brand mentions by the total number of ad impressions or mentions in the market. Finally, multiply the result by 100% to express the SOV as a percentage.
For instance, if a brand has 500 ad impressions in a certain market over a certain time frame and there are a total of 1,000 ad impressions in the market, the brand’s SOV would be calculated as follows:
SOV = (500 / 1,000) x 100% = 50%
This indicates that the brand’s mentions make up 50% of the total ad impressions in the market.
What you can measure with SoV (metrics per channel)
Share of voice (SoV) is a metric that measures the percentage of total mentions that a brand or product receives in a given time period. There are various metrics that can be tracked and measured in order to calculate SoV and gain insights into a brand’s performance and market position. These metrics can be grouped into different channels, such as advertising, organic, and social media, and can include:
Advertising:
Share of voice metrics: This refers to the percentage of total mentions that a brand or product receives in a given time period.
Pay per click (PPC) keywords: These are specific keywords or phrases that a brand pays to have its ads appear for in search engine results.
Organic:
Organic keywords: These are keywords or phrases that a brand ranks for organically (without paying for ads) in search engine results.
Social media:
Impressions: The number of times a post or advertisement is displayed on a user’s screen.
Reach: The number of unique users who have seen a post or advertisement.
Mentions: The number of times a brand or product is mentioned on social media platforms.
Hashtags: The number of times a specific hashtag associated with a brand or product is used on social media platforms.
By tracking and analyzing these metrics, organizations can gain a better understanding of their market position and the effectiveness of their marketing efforts.
Share of Voice Vs Share of Market
What is the difference between SoV and SoM?
Share of voice (SOV) and market share (SoM) are two important metrics that can help businesses understand their performance and position in the market. SOV measures the portion of a market’s brand awareness that can be attributed to a specific brand, business, or product. It helps businesses understand how frequently their target consumers see and hear their brand name.
On the other hand, market share, also known as share of market (SoM), measures the portion of sales in a particular market that can be attributed to a specific brand, business, or product. It helps businesses understand their sales in the marketplace and how they compare to their competitors.
Both SOV and SoM are important for businesses to track and analyze in order to make informed decisions about their marketing and sales strategies.
Read more about Share Of Voice
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- #5:Monitor engagement and sentiment to get valuable insights.
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