How to measure the share of voice?
The share of voice is one of the most important marketing metrics. The SOV helps you determine the visibility of your brand and the percentage of online discussions around your product or service. The higher the share of voice, the more authority you have within your business niche.
How do you calculate the share of voice? What insights will it provide?
This blog post will answer all the questions you might have about this marketing metric.
We discuss how to track different kinds of the share of voice, how to measure it, and, finally, what can you do to improve your SOV.
Let’s dive in!
What is the share of voice?
The 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. That’s why the share of voice gives you an overview of your brand’s position on the whole market.
The share of voice can be measured across different channels, for example:
- social media (impressions’ share, 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.
Today, we’ll cover two types of this marketing metric — social media share of voice important for PR and PPC SOV.
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?
How to measure share of voice?
While measuring 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 but if there’s a will, there’s a way!
Hopefully, this short guide will help you assess the results of your marketing efforts and make the calculations much easier.
No matter what type of SOV you need to measure, we got you covered!
Share of voice in PR
The share of voice is a great metric to assess the results of a PR campaign. It’s an important metric that will help you assess the results of your PR marketing campaign.
PR is all about interacting with other users. What better place to do it than social media? If you focus your PR campaign on social channels, then you have to measure the social share of voice.
Calculating the share of voice you generate while conducting organic PR activities is a bit trickier than measuring the paid share of voice.
You have to know the social media reach of every single post, the type, and the number of interactions, and compare these metrics to the whole industry.
That seems like a lot of work.
A helping hand is a media monitoring tool. A social listening tool will collect and analyse the data you need to calculate share of voice. I show you how to measure share of voice based on examples from Brand24.
Brand24 collects all publicly available brand mentions containing your predefined keyword, including mentions posted on all major social media networks, for example, Facebook, Instagram, Twitter, YouTube, or Twitch. Moreover, the tool collects mentions of your brand from other publicly available sources, including, news sites, blogs, reviews sites, podcasts, and newsletters.
Set up projects for your own brand and for your competitors. That way, you can conduct competitor research and measure the SOV.
You can calculate the share of voice manually or take a look at the social listening tool dashboard:
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.
Brand24 will also give you the components of the metric, such as estimated reach or the total number and type of interactions. Combine all the data with sentiment analysis, and you have all the information you need about your brand’s online presence.
Social listening tools don’t have to drain your marketing budget! Brand24 is one of the most affordable and robust tools on the market.
Once you gather all the data you need, you can calculate share of voice.
To calculate the social share of voice, use this share of voice 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 a particular social media account generates.
This method of calculating the share of voice requires you to know the number of mentions relevant for your industry.
The share of voice in PPC
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 it 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 an 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.
If you want to calculate the share of voice for a whole group of keywords, take a look at the 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 your share of voice is that you have to do it manually. That’s not only a time-consuming process, but it is easy to miss important brand mentions.
Some SEO tools will calculate the SOV for you and will do it on a regular basis. You’ll be able to compare the fluctuations in brand’s share over time and, ultimately, increase the share of voice for your brand.
Why is the share of voice important?
The share of voice 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 business bottom line.
Let’s discover the most important applications!
Perform competitors’ analysis
The 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 your position on the market and show direction for development.
Calculating share of voice will tell you what are the levels of your online presence compared to your competitors. Analysing the online presence of your competitors and their social media share can indicate the areas you can improve.
Learn about your audience
The 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.
Tracking the mentions of your brand and will give you consumer insights that will be delivered straight to your inbox. People talk about your brand on different marketing channels. Social media monitoring tools can discover social networks where your audience is present.
Measure marketing campaign
Measuring the changes in the share of voice will help you determine whether a marketing 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 networks 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.
Build brand awareness
Brand awareness can be measured using the share of voice. High levels of brand awareness will translate directly into better business performance.
Building a robust brand awareness levels will help you establish your business as an industry leader. Ultimately, that position has a positive impact on your sales levels.
The benefits of raising brand awareness include also:
- influence consumers’ decision making process
- encourage repeat purchases
- increase market share
Choose the right influencers
Influencer marketing can do wonders for your marketing campaigns. The trick is to find the right influencers to work with. The good news, the best influencers are probably already talking about your product.
To find the right influencers for your marketing campaign, measure their share of voice. The higher the share of voice, the bigger influence the person will have on its followers.
If you include a data-based influencer marketing campaign in your marketing stack, you can expect rise in the levels of customer engagement. Don’t forget to measure the campaign effectiveness by setting up KPIs beforehand.
How to improve your share of voice?
Once you measure your share of voice, you’ll know whether you need to improve it.
Compare your SOV to your competition. The comparison will give you benchmarks and you will be able to correctly assess your SOV levels.
When people look for a certain service or product, they should think about your company. If your brand is not as recognizable as you wish it were, don’t worry!
Social media networks 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 increase you share of social media share of voice!
1. Develop your social media accounts
The first tip sounds like 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 improve your share of voice on social media.
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, increasing organic search traffic, and improving your online advertising efforts. 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 an 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 the ecological and economic impact their purchases have on the 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 post, 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 networks, the definition of the share of voice changed. Nowadays, it includes 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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