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As a marketer, you are always striving to capture a larger share of the market, but how do you know how much of that market you own? This is where Share of Voice (SOV) comes in. SOV is a marketing metric that measures how much of the online conversation your brand has versus your competitors. It tells you how much of the overall conversation in your industry or product category you are dominating. In this blog post, we will demystify SOV and explain how to measure it across all your marketing channels.
What is Share of Voice?
SOV measures the percentage of the total conversation within your industry or product category that your brand owns. This includes conversations across social media, blogs, forums, news, and other digital platforms. The higher your SOV, the more dominant your brand is in your market. Here is the formula for calculating SOV:
SOV = (Your Brand Mentions / Total Brand Mentions) x 100
For example, if there were 100 total brand mentions in a given period, and your brand was mentioned 30 times, your SOV would be 30%.
Why is measuring Share of Voice important?
There are several reasons why measuring SOV is important. Firstly, it helps identify your brand’s position in the market compared to your competitors. Secondly, it provides insights into how effectively you are communicating to your target audience. If your SOV is low, it could mean that your messaging is weak, or you aren’t reaching your audience effectively. Lastly, it helps you benchmark against industry standards so that you can set realistic goals for future campaigns.
How to measure Share of Voice
Now that you know what SOV is, it’s time to learn how to measure it. Here are some steps to follow:
Step 1: Identify your competitors
To measure your SOV, you need to know who your competitors are. Identify the top players in your industry or product category and make a list of them.
Step 2: Determine the time frame
Decide on the time frame for which you want to measure SOV. It could be a week, a month, a quarter, or a year.
Step 3: Collect data
Collect data from various sources such as social media, blogs, forums, news, etc. Use social listening tools like Hootsuite, Mention, or Brandwatch to make this process easier.
Step 4: Analyze the data
Once you have collected the data, analyze it to determine the number of mentions for each brand. You can use excel or Google sheets to create a table to make this process easier.
Step 5: Calculate your Share of Voice
Use the formula we discussed earlier (SOV = (Your Brand Mentions / Total Brand Mentions) x 100) to calculate your SOV and that of your competitors.
How to improve your Share of Voice
Once you have measured your SOV, you may realize that there is room for improvement. Here are some ways to improve your SOV:
1. Invest in content creation
Creating high-quality content can help increase your SOV by increasing brand awareness and engagement. Create content that resonates with your audience and showcases your expertise.
2. Leverage social media
Social media can be a great tool for increasing your SOV. Share engaging content, interact with your followers, and promote your brand consistently.
3. Monitor your competitors
Monitoring your competitors can help you stay ahead of the curve. Analyze their content, social media activity and incorporate strategies that work for them.
4. Use influencers
Partnering with influencers can help increase your SOV by promoting your brand to their followers. Research influencers in your industry and partner with those whose audience aligns with your brand.
Conclusion
Measuring your SOV can provide valuable insights into your brand’s position in the market, help you identify areas for improvement, and benchmark against industry standards. By using the steps we discussed in this blog post, you can easily measure your SOV across all your marketing channels. Remember, improving your SOV takes time and effort, but the rewards can be well worth it in the end.
