There is no shortage of data to collect and assess as firms discover new platforms and outlets to advertise their products. Marketers are sometimes overwhelmed by the sheer volume of performance data accessible. Which metrics are important to you, and which should you prioritize?
Share of voice (SOV) is a measure that reflects your market position, making it an excellent place to begin. It can contextualize all of your other social media stats so you can understand where your business stands.
Is your brand mentioned in relevant talks concerning the things you sell? Is your firm regarded as an industry leader? If not, you may be experiencing an issue with your brand’s share of voice.
This piece delves into this measure in-depth and shows you how to increase your share of voice on social media and other platforms.
What Exactly Is A Share Of Voice?
Share of voice is a measure of how much of a market share your brand has in comparison to other brands in the same sector. It assesses brand recognition and consumer engagement to see how you compare to the competition.
In the classic meaning, the share of voice determines how much money you spend on media relative to your competitors.
As the number of digital marketing channels has risen, the definition of share of voice has expanded to cover online exposure as a whole. It currently includes many aspects of digital marketing and advertising. This covers social media mentions and traffic for certain keywords.
Why Do You Need To Track Share Of Voice?
Measuring your brand’s share of voice allows you to understand the larger picture and where your brand fits in. It provides context to your performance data, helping you to identify areas for development and improvement.
Calculating your share of voice may help your business in a variety of ways, including:
- Audience Perceptions
Social media share of voice metrics gathers information from actual social media interactions. They examine what people are saying about a certain brand or issue and utilize that data to infer customer attitudes and preferences. You might be able to determine why individuals choose your brand over the competition using the share of voice statistics. Furthermore, you may be able to uncover chances to reach hitherto untapped audience segments.
- Competitor Analysis
Knowing your competition is essential for differentiating your brand. Identifying their strengths and shortcomings can assist you in developing strategic approaches to catching up or getting ahead.
You may use SOV calculation to see how you compare against the competitors. Which brand is stealing the spotlight in your industry? How much of their voice do they have in comparison to yours? Where are the dialogues taking place? And how do people feel about those discussions?
Understanding the answers to these questions can assist you in identifying chances to strengthen and differentiate your brand. Conducting in-depth competition analysis with a share of voice lenses can help you discover new possibilities.
Management Of A Brand
Data on the share of voice indicates the number of talks about your brand as well as the mood behind those conversations. This enables you to track your brand’s reputation and compare it to that of your competitors.
Changes in such benchmarks may suggest a growing controversy or a potential product problem. Tracking is especially critical when launching a new campaign. This helps you prepare to generate an acceptable reaction swiftly and manage your brand’s image.
How to Calculate Share of Voice
To compute your share of the vote, use the following formula:
Share of voice = Your brand metrics / Total market metrics
The same share of voice methodology applies to all marketing channels, with minor differences in specific measurements.
It’s now easier than ever to determine share of voice thanks to tools that do the heavy work for you and provide reasonably exact results.
When estimating share of voice, there are four primary factors to consider:
- Share Of Voice On Social Media
Consumer dialogues on various social networks contribute to your social media share of voice. Because you’re tracking actual customer postings and interactions, it’s a highly accurate statistic.
Social media analytics solutions make this process easier by recognizing all of your company’s or product’s mentions across all channels. You may then compare your brand metrics to those of your competitors to see where you stand.
Share Of Voice For PPC
Your PPC share of voice calculates ad visibility by comparing the potential number of times an ad may have appeared with the actual number of times it appeared. Google AdWords allows you to compute this as Impression Share, which takes your campaign and keyword parameters into account to estimate this “possible” visibility.
You may utilize your PPC SOV statistics to see how effective your campaigns are right now and where you need to adjust your budget.
- Share Of Voice For SEO
Calculating organic search share of voice is a little more difficult, but it is doable by employing SEO tools that compare your search visibility on critical terms for your brand to rivals.
This is the percentage of all clicks from the keywords you tracked that resulted in a visit to each site. Use this information to see whether you have gaps in your visibility on crucial themes for your business and where you may need to improve your competitive research activities.
- Share Of Voice In The Media
The media share of voice calculates the number of times your brand is mentioned on news websites and blogs. What industry journals are discussing your brand, and in what context? How many industry experts or journalists are writing about you, and how are they portraying you? This offers you a sense of how popular your brand is among your peers and industry professionals.
You may also determine which media are discussing your rivals and compare how many publications are referencing them in comparison to you. This can help you decide which newspapers to target for outreach and public relations activities.
5 Ways To Increase Your Share Of Voice
Social media is an excellent tool for actively increasing your brand’s share of voice in order to get faster outcomes that can be measured and refined.
Analyzing the impact of your SEO and PPC initiatives might take time, which delays your SOV assessment. You also have less control over your media SOV because you are dealing with third-party outlets.
In the meanwhile, social media is easy to manage and change. You can immediately assess performance and make modifications to maximize your efforts.
Try out these five techniques for increasing your social media SOV in particular.
Maintain An Active Presence On Social Media Networks At All Times.
You must be engaged on social media in order for your brand to obtain recognition.
To strengthen your brand’s voice on social media, you must begin posting regularly and consistently. You may utilize our study on the optimum times to publish or look at your data to see if there are any trends in how postings perform at different times of day. Create a social media calendar to prepare your content ahead of time and constantly schedule your updates to stay on track.
- Participate Rather Than Simply Broadcast
Avoid the common error of viewing social media as merely another route for content dissemination. Rather, it is a gathering place for communities to interact and engage with one another.
That is, in addition to writing on a regular basis, you should interact with your audience. Respond to their comments and messages — whether to answer a question, address a complaint, or offer assistance.
Create Social Media Content That People Would Want To Share.
Creating shareable content is one of the best methods to get people talking about your company.
Create content that is valuable to your audience and encourage them to share it with their audience. That is to say, your material should perform one of the following:
- Educate and inform them;
- Inspire and entertain them;
- Promote Dialogues On Social Media
Consider finding strategies to push conversations to your social accounts if your clients are engaged in other channels such as your blog entries or customer care. You may bring together conversations that are taking place across numerous platforms to enhance engagement and, as a result, your mentions and share of voice.
Highlighting social customer care on your website is one approach to encourage your consumers to use it instead of email or phone assistance. This might include speedier response times, simpler communication, or even obtaining quick replies from chatbots.
Go Beyond Social Media To Pique People’s Attention
The path to increasing your brand’s share of voice does not end with social media. There are other ways to strengthen your brand’s voice through different marketing channels:
- Look for opportunities to guest post on trustworthy blogs and include industry figures in your own blogs. This is an excellent strategy to obtain brand mentions in big publications, which may enhance your media and organic search share of voice at the same time. Furthermore, when those newspapers and influencers share the information with their social media followers, it will stimulate discussions about your business and increase your social media SOV.
- Increase your SEO efforts to get your material on Google’s top page and gain greater visibility. To begin, focus your keyword research on user intent and utilize those keywords to generate high-quality content that people are looking for.
- Increase brand exposure by running appealing and intriguing sponsored advertising across channels such as social and paid search.
Try out several sorts of copy and ad creative to find what works best. You may also improve the exposure of your adverts by adjusting your keyword and campaign targeting.
Utilize Your Share Of Voice Data.
Your social analytics may reveal a great deal about your brand’s share of voice and how to increase it for overall company success. So, take advantage of the chance to harness your social data to increase your share of voice while unearthing important customer insights.