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Media Monitoring is fast-becoming the “go-to” tool for marketing managers and advertising professionals who want to better analyse and improve their campaign strategies. Among the data metrics that can be broken down to better understand target audience, campaign performance and competitor performance, Share of Voice is one of the most important metrics. But does this marketing concept refer to more than just a brand’s popularity? Here’s what you need to know about Share of Voice and how to measure measure share of voice.
Share of Voice (SOV) is an important marketing metric that helps you to determine how much your brand can dominate the conversation in your industry in comparison to your competitors. It’s a highly accurate gauge of your brand’s visibility and usually refers to paid advertising. However, it can include digital marketing efforts, social media mentions, common industry keywords and even web traffic.
Share of Voice can be easily calculated. Take a metric of your choosing that represents your brand and divide it by the total in your industry. Then multiply that number by 100 to get the percentage of your brand’s market share for that particular metric.
Your brand metric / Total market metric x 100 = Share of Voice
This formula can be used to calculate the Share of Voice for many metrics that are important to your brand including Mentions, Impressions, Reach, Hashtags and Revenue among others.
Knowing your brand’s Share of Voice will allow you to have a clearer view of where you stand in the conversation about your industry. It also puts into perspective your brand’s performance data, identifying areas for growth and improvement. Share of Voice is important because it measures how many people are aware of your brand in comparison to your competitors.
With customers’ limited attention span and budget, you need every advantage to ensure that your brand is visible as your ads and content will be competing not only with your direct competitors but also all of the content across media platforms.
Share of Voice provides a wealth of data that can be manipulated in many ways to benefit your brand. The insights from this data will allow you to understand what works for your brand, how to captivate your audience and how to achieve growth. you can:
● Identify which platforms your brand performs well
● Evaluate the success of digital campaigns
● Analyze all the competitors in your industry
● Track your Return on Investment in your marketing campaigns
● Analyze your target audience by demographics, markets, sentiments etc
● Make improvements for future campaigns
Use Share of Voice data (included in Media InSite Ltd’s Media Monitoring and Advertising Reports) to break through the noise, keep abreast of competitors and reach new customers. Contact us today to learn more!
Media InSite News is a monthly educational newsletter distributed free via email to executives, managers & professionals in communications, public relations (PR) marketing, customer service and media.
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