The share of voice sounds like another useless marketing metric. The one thing marketing managers don’t need is another useless marketing metric. The share of voice is not a useless vanity metric. On the contrary, it will help you achieve your marketing goals.
Why introduce the share of voice to your marketing analysis then?
Because, not like the followers count or total number of likes, the share of voice provides valuable information about your brand’s online presence.
What exactly is the share of voice? And how do you calculate it? Do you need tools to measure the share of voice or can you calculate the metric on your own?
Let’s find out!
What is the share of voice?
Back in the days, before the social media revolution, the share of voice was a metric commonly used by marketing managers.
The share of voice determines how big your share of advertising is compared to the whole market.
Since marketing landscape is constantly changing, the definition of the share of voice changed as well. To be more precise, the share of voice is another marketing metric altered by the development of social media channels.
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 where 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.
How to measure the share of voice?
While measuring the share of voice, you have to take a look at different 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!
How to track PPC share of voice?
Of course, the easiest way to calculate the share of voice is to use a dedicated tool.
Fortunately, there’s a way to measure your share of voice without using a paid tool, but it’s not an easy path.
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.
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 increase the share of voice over time.
How to measure social share of voice?
Calculating the share of voice you generate on social media is even trickier than measuring the paid share of voice.
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.
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 metric is based upon 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 more depth. The filters include:
- filter by domain
- filter by author
- filter by data
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!
Brand24 starts at $49 a month and offers a 14-day completely free trial (we don’t even ask for your credit card number!).
Why should you measure your share of voice?
Now that you know how to measure the share of voice, you might ask why bother? After all, it’s a pretty complicated marketing metric, and following it on your own is time-consuming.
Why should you spend your valuable time measuring the share of voice?
First of all, the share of voice, and especially the share of voice on social media, helps you understand your audience.
You measure the results of your marketing activities – how much people talk about your brand or products? Are you building a community around your social media profiles? Spreading your message organically is much more valuable than paid traffic.
Share of voice is also a great metric if you’re running a competitors analysis.
By comparing the share of voice on different social media platforms, you will know where you should build your social media presence. Combine it with sentiment analysis, and you have bulletproof insights into the market you operate in.
And thirdly, monitoring the share of voice will indicate the context of discussion your brand is mention within. The context of discussion helps to understand the broad spectrum of topics your audience associate with your brand. This helps with differentiating your brand positioning from your competitors.
How to improve your share of voice?
Once you measure your share of voice, you’ll know whether you need to improve it or not.
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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