As a brand, you need to invest in various marketing strategies and keep updating them from time to time. However, how do you determine your brand visibility amid competition? The most important metric for performing this function is the share of voice (SOV).
There is no denying that digital marketing has opened a wide variety of marketing opportunities for companies all around the globe. Simultaneously, companies need to keep track of the various metrics used for measuring the efficiency of these tactics. There are various metrics available nowadays for measuring your brand awareness, the SOV being an important one.
What is Share of Voice?
SOV is a parameter for determining the visibility of your company across various communication channels. This metric helps you to form a basis for comparison with competitors in your industry. Overall, it enables you to understand your position concerning the entire market when it comes to brand visibility. It is the percentage of online conversation and content regarding your brand compared to that of your competitors.
This way, you can determine how much content on the internet is focused on your brand compared to your competitors. These numbers can then be plotted on a pie graph for better comparison. Most companies devote effort into their PR campaigns for brand awareness which is very difficult to quantify.
Share of voice is a comprehensive way of evaluating if your brand is being looked up to by those interested in your industry.
Calculating SOV
There are several specific tools available for calculating SOV. In general, the first step in determining this metric is to find out your time range and competitive set. You will then have to count every unit of competitive coverage set during a particular time range.
When you divide the coverage of your company by the total coverage in a particular market, you will be left with your share of voice. It has to be noted that there are various metrics available for evaluating your PPC share of voice. However, you may even do it manually.
While PPC SOV is easier to measure, it can also be used for understanding the efficiency of PR campaigns. The campaigns are generally held on social media platforms, and it might be a little difficult to measure your SOV during organic PR activities.
You will have to determine the reach of every social media post, the number of interactions, and the type of post. These will then have to be compared with similar metrics in the whole industry.
However, there are several media monitoring tools as well that will help you to generate an SOV of your PR campaigns easily. They collect every brand mentioned from various social media sites like Instagram, Facebook, YouTube, or Twitter and from other sources like blogs or podcasts review sites to find your share of voice.
Important of Share of Voice
SOV is a critical starting point when you want to figure out your company’s standing in the market. You cannot only find out about your present position in the market, but it also helps you to predict where you could be in the future. It is a great place to gather competitor insights and upgrade your marketing tactics. The following are the reasons why you should pay attention to your SOV:
- Tracking your campaign: SOV can be used to measure the efficiency of various campaigns running simultaneously in the market. You can get a deeper insight into audience-specific information by segmenting the share of voice, based on a particular social media platform, a country, or a particular language. This helps you track your campaigns’ efficiency and understand what is more effective with your audience in particular.
- Managing your brand value: The most critical aspect of digital marketing is maintaining your brand value and creating brand awareness. SOV can help you understand how well your brand is resonating amongst people, how much your campaigns are being discussed, and how often they are mentioned online. This is important for you to measure your brand awareness in the long run.
- Maintaining Public Relations: As already mentioned, measuring your SOV helps you form a reliable basis for comparison with competitors. It enables you to understand what is more attractive for the media and which outlets you need to cover maximum efficiency.
If you can tap into your share of voice efficiently, you will be able to make perfect use of this data from time to time. It is a creative avenue for you to manage your brand and understand your customers for making the right move in the future.
