Share of voice. What is it? Is share of voice an important metric to track? We already have plenty of marketing and advertising metrics to monitor. Measuring the share of voice will bring many benefits to your business. How to measure share of voice effectively? Let’s find out!
Share of voice provides valuable information about your brand’s online presence.
This blog posts will answer all the question you might have about the share of voice.
We discuss how to track different kinds of the share of voice, how to measure the metrics, and finally, how to improve your share of voice.
Let’s dive in!
What is share of voice?
Share of voice is a measure of the visibility of your brand across different communication channels. The share of voice of your brand is then compared to the share of voice of your competitors.
Share of voice can be measured across different channels, for example,
- social media (impressions, hashtags, reach)
- organic traffic
- volume of mentions
The change in measuring the share of voice came with the development of social media. Social media measure the share of voice of your customers.
Social media platforms, for example, Facebook, Instagram, or Twitter, allowed many brands to develop their brand tone and brand awareness without investing tons of dollars into paid advertising.
That’s when the share of voice changed.
Today, while thinking about the share voice, besides taking a look at paid ads traffic, you have to calculate the social media share of voice as well.
Which brings us to the problem we encounter with almost every marketing metric – how to measure the share of voice so you can get actionable insights to improve your marketing strategy?
Why is share of voice important?
The share of voice measures the level of brand awareness. The metric tells you how well-known your brand, product, or service is among your target audience.
Measuring the share of voice has many benefits that will directly impact your bottom line.
Let’s discover the most important pros of share of voice.
Share of voice allows you to get the big picture of the market. The more you know about the market you operate in, the better decision you will make. Competitive analysis will also pinpoint you position on the market and show to direction for development.
Share of voice tells you a lot about your audience. You can measure the sentiment around your brand, and learn about your strengths and weaknesses. Putting the data into segments will help you target your desired audience in the most efficient way.
Measure marketing campaign
The ultimate goal of a marketing campaign is to boost brand awareness. Measuring the changes in the share of voice will help you determine whether the campaign was a success.
By tracking the share of voice you will determine how many people your campaign had reached, what are the main sources of traffic and mentions, and what the sentiment around the campaign is.
The share of voice data will help you improve your future campaigns.
Prioritise social media channels
Tracking the share of voice across different social media channels will help you identify the most attractive networks worth exploring. These are the networks where your share of voice is the strongest. These channels are characterised by high engagement levels and positive sentiment.
How to measure share of voice?
While measuring the share of voice, you have to take a look at various marketing metrics.
Some of them, especially metrics related to PPC, are easily available.
Measuring the social share of voice might be a bit harder than measuring the share of voice you generated with paid ads.
No matter what you need to track, we got you covered!
PPC share of voice
Of course, the easiest way to calculate the PPC share of voice is to use a dedicated tool.
Fortunately, there’s a way to measure the share of voice without using a paid tool. It’s not an easy task, though.
I’ll do my best to make the whole process as comprehensible as possible!
To calculate the PPC share of voice you have to divide your brand advertising by total market advertising.
PPC share of voice = (your brand advertising/total market advertising) x 100
What metrics will you need?
- list of your keywords or your competitors’ keywords (if you’re conducting a competitor analysis)
- the total value of your market
- a click-through rate
The first two metrics are relatively easy to find, especially, if you use a SEO tool.
The click-through rate for each keyword, on the other hand, is hard to assess. Many external factors influence the CTR, for example, your domain authority or any changes in the Google algorithm. And that’s just for the share of voice of a single keyword.
Here’s a video that does a good job explaining how to detect a Google search algorithm change — and how often they occur!
If you want to calculate the share of voice for a whole group of keywords, take a look monthly search volume (you’ll find it in Google Analytics).
To calculate your share of voice divide brand traffic by total market traffic.
The disadvantage of calculating the share of voice is that you have to do it manually which takes a lot of time. Some SEO tools will calculate the share of voice for you and will do it on a regular basis. You’ll be able to compare the fluctuations in your share of voice over time and, ultimately, increase the share of voice for your brand.
Social share of voice
Calculating the share of voice you generate on social media is even trickier than measuring the paid share of voice. Especially, if you don’t have a dedicated tool to measure
You have to know the social media reach of every single social media post, the type and number of interactions, and compare these metrics to the whole industry.
That seems like a lot of work.
A helping hand is a media listening tool.
The share of voice tool, for example, Brand24, will collect all the publicly available mentions containing the keyword you monitor.
Brand24 collects all publicly available posts containing your predefined keyword. You can use the number of publicly available mentions to calculate the share of voice.
Set up projects for your own brand and for your competitors. Once you gather all the data you need, you can calculate the share of voice.
To calculate the social share of voice use this formula:
(the total number of your brand’s mentions/the total number of mentions within your market)x100
The percentage will indicate the share of voice your company generates.
But that’s not all. Social media listening tool will also analyse the online talk and provide a detailed analysis.
How does the share of voice look like inside Brand24 dashboard?
The share of voice measures the amount of online talk that is generated by given author or a public social media profile.
You get a list of the 10 most active profiles, so you can compare the share of voice you’ve generated to the share of voice of your competitors.
If you want more detailed results you can always use filters and analyse your social media presence in-depth. The filters include:
- filter by domain
- filter by author
- filter by date
The best part? You can combine different filter to get even more precise data.
Brand24 will also give you the components of the share of voice, such as estimated social media reach or the total number and type of interactions.
Social media monitoring tool doesn’t have to drain your marketing budget!
Measure the share of voice of your brand! Start your free trial here (we don’t even ask for your credit card number!).
How to improve your share of voice?
Once you measure your share of voice, you’ll know whether you need to improve it.
When people think about a certain service or product, they should think about your company. If your brand is not as recognizable as you with it were, don’t worry!
Social media gave us, besides distractions and cute kitten videos, a great platform to broadcast your message.
Here are our tips and tricks on how to take advantage of it!
1. Develop your social media accounts
The first tip is kind of a no-brainer, yet it’s still a surprise for many companies. Mainly because building a robust social media presence takes a lot of time, and you don’t see the results right away.
But choosing the right social media platform, posting regularly and engaging with your audience is the best way to establish your company as an industry leader.
2. Don’t sell right away
The beauty of social media? It’s about being social – talking to your friends, sending GIFs, and sharing photos.
That’s why the main purpose of your social media presence should be natural engagement with your audience. Thank them for their comments, reply to their complaints and share their posts. People will come and will buy your product, even if you don’t sell to them directly.
3. Invest in share-worthy content
The more people see your posts, the higher your share of voice will be. That’s why it’s important to invest in content that people want to share.
If you have no idea what type of content works best in your industry, explore your competitors’ pages. They either already discover what works, and in that case, you can get inspired by their posts.
Or they’re completely lost, in which case you can learn from their mistakes.
4. Think beyond social media
Traditional media is not dead! You can raise your online share of voice by promoting your business offline. It does sound crazy, doesn’t it?
But it works!
Many people bring the conversation from offline to online. If your campaign is well-executed and interesting, there will be online buzz around it.
Moreover, you can invest in SEO of your website, so that your home page or blog will rank high in Google search results. This will boost your visibility.
5. Become an industry leader
Being part of the conversation is one thing, but leading the industry is what will boost your share of voice.
It’s the most time-consuming tactic of building the share of voice, but it will yield the highest results. Start with initiating talk on your social media profiles.
The best way to build your industry leader position and spark a conversation?
Start asking questions!
Nothing makes your business profile more approachable than showing a little behind-the-scenes footage. It makes people feel connected to your brand and humanises it.
If you’re offering a tangible product, for example, clothing or cosmetics, there are plenty of opportunities to ignite a conversation. From the top of my head you could:
- ask how should you name your product;
- ask which colour should you produce next;
- show how production looks like. Customers are more aware of ecological and economic impact their purchases have on environment
The list can go on and on! The sky is the limit.
The share of voice – a quick recap
That’s quite a lot of information for one blog posts, so let’s sum it up quickly!
- The share of voice related to the share of the advertising market your company has.
- With the development of different social media channels, the definition of the share of voice changed. Nowadays, it includes the online talk around your brand.
- Measuring the share of voice will help you better scale your marketing activities.
- If you’re not happy with your current share of voice there are easy ways to improve your share of voice.
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