What is Share of Voice?
Share of voice (SOV for short) is a way to see how popular and noticeable your brand is compared to other brands selling similar products or services.
It measures how much attention and buzz your brand is getting versus your competitors in the same market.
Think of it like a big popularity contest between brands of one niche. Share of voice shows which brands are the most famous and talked about by consumers.
The higher your share of voice, the more people are seeing and engaging with your brand over others.
Why Share of Voice Matters
Knowing your brand's share of voice is super important because it gives you an idea of how well your marketing efforts are paying off.
If your share is high, it means your advertising, social media, website, and other marketing are really working to get your name out there more than the competition.
A high share of voice usually leads to benefits like:
More sales and revenue because people are aware of and considering your brand
Increased brand loyalty and customer retention
Being seen as a leader and authority in your industry
On the other hand, a low share of voice signals your brand may be getting ignored or overlooked compared to other stronger competitors in the marketplace.
How to Calculate Share of Voice
There are several different ways to measure and calculate a brand's overall share of voice:
Advertising Campaigns
Look at how many ads you run across TV, online, radio, billboards, etc. versus your key competitors. The brand running the most ad campaigns tends to have a higher ad share of voice.
Online Mentions and Buzz
Another factor is online chatter and website mentions. Search for your brand name and competitors to see who gets mentioned more in news articles, blogs, reviews, social media posts, etc. More online buzz equals a higher share of voice.
Social Media Engagement
On social platforms like Facebook, Twitter, and Instagram, check which brands get more likes, comments, shares, mentions, etc. The brands with the highest engagement levels likely have the top share of voice on social media.
Website Traffic
Compare the number of visitors to your brand's website against competitors' traffic. The websites getting the most traffic tend to have a larger share of voice online.
Using Share of Voice Insights
Once you understand your brand's share of voice across different channels, you can use those insights to improve your marketing strategy:
If your share is low, you know you need to increase efforts around advertising, social media, SEO, content creation, etc. to improve brand awareness and visibility.
If your share is high, analyze what marketing tactics are working best so you can double down in those areas.
Compare the share of voice year-over-year or before/after campaigns to measure effectiveness.
The key is to continually measure and adapt based on how your brand's share of voice ebbs and flows against the competition over time.
In essence, SOV shows how dominant and memorable your brand's presence is in the marketplace. By focusing on improving your overall share of voice, you can elevate your brand to be the loudest voice that captures potential customers' attention.