In today’s hyper-competitive market, it’s not enough to simply have a great product or service – you need to ensure that your target audience is aware of your brand’s presence. That’s where Share of Voice (SOV) comes in.
In this guide, we will explore the definition of share of voice, the ways and different tools available to help you measure it, and the reasons it’s essential for your marketing strategy. By the end of this guide, you’ll have the knowledge and tools to enhance your brand’s visibility and stay ahead of the competition.
Share of voice definition
Share of voice is a marketing metric that measures the percentage of total advertising or marketing communication within a particular market or industry that a brand or company is responsible for. In essence, the share of voice represents the brand’s or company’s relative presence and visibility in a specific market compared to its competitors.
SOV in marketing can be measured across different media channels such as television, radio, print, digital, or social media. A higher SOV indicates that a brand dominates the advertising or content in its industry, while a lower SOV suggests that a brand has a smaller presence or is being outperformed by competitors.
Share of voice vs. share of market
Share of voice (SOV) and share of market (SOM) are two distinct metrics that are often used in marketing to assess a company’s performance. While SOV in marketing measures the percentage of advertising or content generated by a brand compared to its competitors, SOM measures the percentage of total sales in a particular market or industry that a brand is responsible for.
SOV is a measure of a brand’s visibility and the extent to which it captures the attention of consumers in a particular market.
On the other hand, SOM measures a brand’s market share, which is the percentage of total sales within a particular market that a brand captures.
Both metrics are important for brands to track, as they provide insights into different aspects of their performance. While SOV can help brands assess their advertising and content strategies, SOM can provide insights into their overall market position and the effectiveness of their sales and marketing efforts.
Importance of share of voice for businesses
As it was mentioned before, SOV in marketing is an essential metric for several reasons:
Additionally, tracking SOV over time can provide insights into how a brand or company is growing or declining in relation to its competitors.
- Competitor Analysis: By tracking the SOV of competitors, businesses can gain insights into their market position, identify areas for improvement or opportunities for growth, and adjust their strategies accordingly.
- Brand Awareness: A high SOV indicates that a brand is top of mind among consumers and is more likely to be considered for a purchase decision.
- Marketing Effectiveness: SOV can also be used to measure the effectiveness of a brand’s marketing campaigns. If the SOV increases after a campaign, it indicates that the campaign has resonated with the target audience.
- Customer Loyalty: A high SOV can be an indicator of customer loyalty. If a brand has a high SOV, it suggests that its customers are highly engaged and talking about the brand with others.
Overall, monitoring and improving SOV in marketing can help businesses improve their market position, increase brand awareness, and drive customer engagement and loyalty.
How to calculate the share of voice?
For measuring share of voice for different channels, you need to follow specific methods for each channel. Here are the methods for calculating the share of voice for different channels:
1- Social media share of voice
Social media share of voice is the percentage of social media mentions that your brand has received compared to your competitors. To do social media share of voice calculation, you can follow these steps:
- Choose the social media platforms you want to analyze (e.g., Twitter, Facebook, Instagram, LinkedIn).
- Determine the total number of posts, tweets, or mentions about your brand, product, or service on those platforms during a specific time frame (e.g., a week or a month).
- Determine the number of posts, tweets, or mentions about your brand, product, or service on those platforms during the same time frame.
- Divide the number of your brand’s mentions by the total number of mentions and multiply by 100 to get the percentage of social media share of voice.
For example, if there were 1000 social media mentions about a particular product category during a specific time frame, and your brand had 200 mentions, your share of voice would be 20% (200/1000 x 100).
2- PR share of voice
PR share of voice is the percentage of media coverage your brand has received compared to your competitors. Here is the share of voice formula for PR:
- Identify the media outlets and publications that you want to analyze (e.g., major newspapers, industry-specific blogs).
- Determine the total number of articles or news stories published by those outlets during a specific time frame.
- Determine the number of articles or news stories that mention your brand, product, or service during the same time frame.
- Divide the number of articles or news stories that mention your brand by the total number of articles or news stories and multiply by 100 to get the percentage of PR share of voice.
For example, if there were 50 articles published about a particular industry during a specific time frame, and your brand was mentioned in 10 of those articles, your share of voice would be 20% (10/50 x 100).
3- PPC share of voice
PPC share of voice is the percentage of ad impressions your brand has received compared to your competitors for a specific set of keywords. Follow these steps to calculate the PPC share of voice:
- Define the keywords you want to analyze.
- Determine the total ad impressions for those keywords during a specific period.
- Determine the number of ad impressions for your brand for those keywords during the same period of time.
- Divide the number of ad impressions for your brand by the total number of ad impressions and multiply by 100 to get the percentage of PPC share of voice.
For example, if there were 1000 ad impressions for a set of keywords during a specific time frame, and your brand’s ads appeared 200 times, your share of voice would be 20% (200/1000 x 100).
4- SEO share of voice
SEO share of voice is the percentage of organic search results that your brand has received in comparison with your competitors for a specific set of keywords. To calculate SEO share of voice, follow these steps:
- Define the keywords you want to analyze.
- Determine the total number of organic search results for those keywords during a specific time frame.
- Determine the number of organic search results that include your brand for those keywords during that time.
- Divide the number of organic search results that include your brand by the total number of organic search results and multiply by 100 to get the percentage of SEO share of voice.
For example, if there were 100 organic search results for a set of keywords during a specific time frame, and 20 of those results included your brand, your SEO share of voice would be 20%.
Best tips for increasing the share of voice
Increasing the share of voice refers to the proportion of a brand’s total media presence in a particular market or industry. Here are some tips to help you make your share of voice marketing better:
1. Create high-quality content
The quality of your content plays a significant role in increasing your share of voice. Your content should be relevant, informative, and engaging to your target audience. You can use various types of content, such as blogs, videos, podcasts, and infographics, to increase your brand’s visibility.
2. Leverage social media
Social media is an excellent platform to increase your share of voice. You can use social media to engage with your audience, share your content, and promote your brand. You can also use social media to monitor your competitors and track their activities.
3. Collaborate with influencers
Collaborating with influencers can also help you reach a larger audience and increase your visibility. You can partner with influencers in your industry to promote your brand, create content, and increase your brand awareness.
You can find your desired influencers by searching on influencer marketplaces, such as Ainfluencer. Ainfluencer is a DIY marketplace that allows you to search through numerous filters, such as location, hashtags, category, number of followers, etc.
4. Use paid advertising
Paid advertising can help you increase your SOV and reach a larger audience. You can use various types of paid advertising, such as Google AdWords, social media ads, and display ads.
5. Monitor your competitors
Monitoring your competitors can help you identify their strengths and weaknesses and develop strategies to increase your share of voice. You can use various tools to monitor your competitors, such as social media monitoring tools, competitor analysis tools, and SEO tools.
6. Use SEO techniques
Search engine optimization can help you increase your visibility and improve your rankings on search engines. You can use various SEO techniques such as keyword research, on-page optimization, and link building to improve your search engine rankings and, consequently, your share of voice.
Keep in mind that increasing your share of voice requires a combination of the abovementioned strategies.
Best share of voice tools
There are several tools available that can help you measure and improve your Share of Voice in the market. Here are some of the best tools:
SEMrush is a comprehensive marketing platform that offers a range of tools for SEO, content marketing, social media marketing, and PPC advertising. Their SOV tool allows you to track your brand’s visibility in search engines and social media platforms and compare it with your competitors.
Brandwatch is a social media listening and analytics tool that can help you monitor your brand’s mentions, sentiment, and share of voice on social media channels. It’s like a share of voice calculator and provides real-time insights and alerts, allowing you to respond quickly to any changes in the market.
Mention is another social media monitoring tool that can help you track your brand’s mentions and sentiment across different platforms. It allows you to analyze your share of voice compared to your competitors and identify opportunities for growth.
Ahrefs is a powerful SEO tool that can help you track your visibility in search engines and analyze your competitors’ backlink profiles. Their Content Explorer feature also allows you to find popular content related to your industry and track its performance.
5- Google Analytics
Google Analytics is a free tool that can provide valuable insights into your website’s traffic and user behavior. By tracking your website’s referral sources and organic search traffic, you can get a sense of your reach in the market.
These tools can help you track your brand’s performance in the market and identify opportunities for growth. By using them effectively, you can improve your share of voice and drive business success.
In conclusion, the share of voice is a crucial marketing metric that measures a company’s visibility and reach in a given market. Understanding and calculating your SOV can help you evaluate your brand’s performance and identify areas for improvement. Additionally, utilizing SOV tools such as SEMrush and Ahrefs can provide valuable insights into your performance and competitors’ strategies.
By implementing the tips outlined in this guide, such as focusing on content marketing, leveraging social media, and monitoring competitors, you can increase your share of voice and drive business growth.
Ultimately, having a high share of voice can help your brand stand out in the market, increase brand awareness and recognition, and ultimately lead to increased sales and market share.
In statistics, SOV typically refers to the “sum of squares due to lack of fit” or “sum of squares of residuals.” This is a statistical term used in regression analysis to quantify the amount of variation in the data that is not explained by the regression model. It is calculated as the sum of the squared differences between the observed values and the predicted values of the regression model. The SOV is then compared to the “sum of squares due to regression” to determine the overall fit of the model. In marketing, however, SOV typically refers to “Share of Voice,” which measures a brand’s visibility and reach in a given market, as explained in this article.
Share of Voice (SOV) metrics are used to measure a brand’s visibility and market share compared to its competitors. These metrics can include total mentions, the share of social media conversations, advertising spending, and search engine visibility. By monitoring SOV metrics, companies can track the effectiveness of their marketing efforts and optimize their strategies to improve their market position.
Share of Voice (SOV) can provide insights into a brand’s visibility and market share compared to competitors, but it should be analyzed alongside other metrics such as ROI, CPA, and CLV. It is a useful tool but not the only factor to consider when evaluating marketing performance.