a marketing campaign is easy. What’s hard is managing it and measuring its
effectiveness. Moreover, today’s marketers are susceptible to data overload when there’s too much data and
metrics to work with.
is precisely why both marketers and business owners should learn about the
metric called Share of Voice (SOV). In this article, learn
about this metric thoroughly and why it’s essential in marketing.
What is Share of Voice in
is a metric used in marketing to determine the share of your company’s presence
across all media compared to your competitors. So it is a relative metric.
metric signifies how familiar your brand is in the market and measures your
impact. It tells you whether your product delivers the customer’s expectations
and if your marketing efforts are effective.
of Voice is an old marketing concept that has been in existence since the radio
marketing days. Traditionally, it reported the share of the advertising of a
particular company compared to the companies in the niche. The greater the
advertising spends (and share), the higher the SOV metric.
you’re planning a new marketing campaign, you should consider tracking the
Share of Voice metric all the way through. With that said, you should learn
other things about SOV that will help you in your marketing activities.
It Sets Benchmark
you’re looking to set the benchmark, then SOV is a great place to start. It
will help you figure out the company’s current position in the market fairly
accurately. SOV will also reveal where you could be and how you could get
the past, setting the benchmark was easy. You would have taken your total brand
advertising spend and divided it by the total advertising spend in your
industry. That’d have given you your Share of Voice.
now, calculating it is a bit complicated. You need to combine search results,
PPC data, social media stats, among other metrics, to arrive at your SOP.
benchmarking is essential to gauge effectiveness, make sure to always calculate
your SOV before running a marketing campaign.
You can Track Share of Voice for
you feel like you need to make a lot of investment in tracking your SOV, then
it’s not the case. Setting up and monitoring this metric is free.
begin with, make a list of keywords and your competitors. Next, perform a
search and record the rankings. Specific SEO tools like SEMRush can also help
you track the rankings.
metric that will accurately tell you your SOV score is CTR or
Click-through-rate. It can be hard to establish. But by looking at your Google
Analytics reports, you can uncover the details.
the traffic your website receives versus the total traffic generated by the
market is your SOV.
you can calculate SOV for free, it’s not recommended. You need to invest a
certain amount and get data from PPC reports and social media.
SOV can Offer Consumer Insights
key ingredient for the success of any marketing campaign is targeting the right
people. You should know as much as possible about your targeted customer base
to see maximum ROI on your marketing spend. And the SOV metric can help you
online SOV is based on the conversation and behavior of netizens, you can dig
into the information that correlates with your brand’s voice. If more people
are mentioning your brand, commenting on your profiles, or sharing your videos
than your competitors, your SOV is probably higher.
you can dig even deeper and uncover which type of posts are getting more
engagement. It will help you learn more about your customer’s expectations and
tactics on tools like Google Analytics can uncover even more information.
SOV can Help in PR Campaigns
you’re running (or going to run) a PR campaign, you can make use of SOV metrics
as well. Calculating your SOV in the news will help you determine the
effectiveness of your media strategy. You can compare it to that of your
competitors to get the complete picture.
researching news articles, look for the following things:
there news outlets that are covering your competitors but not you?
kind of stories media outlets gravitate towards?
can then use the data to improve your presence in the media outlets and improve
your PR results.
Share of Voice isn’t
restricted to a particular sector. Any industry ranging from finance to
technology should incorporate SOV into its marketing analytics. To get started,
you should consult with a PR and marketing agency.