The Share of Voice, often shortened to just "SoV", is a comparative metric used in marketing. It measures the percentage of a market one brand owns versus its competitors.
With the advent of social media, SoV definition came to include online presence as well — the volume of mentions a brand receives on social media as well as traffic figures a webpages gets over set period of time.
Why measuring the SoV matters
Understanding your brand's share in the industry allows you to see the bigger picture and how you fit into it. It contextualizes your performance metrics, revealing potential growth points. Knowing your share of voice can be handy in a few areas:
- Knowing your real audience — the conversations people have about your brand or related topics can inform you on what they believe and prefer;
- Learning what the competition is up to — studying competitors' SoV data can help you pinpoint the opportunities to improve your own standing in the industry;
- Assessing the brand's health — share of voice data consists of the volume of mentions you get and the sentiment behind these mentions. Pititng that data against a competitor can highlight issues with your product, communications, business practices, and so on.
How to measure the SoV
The way of measuring one's SoV can be generalized in a simple formula, with the metrics taken depending on the marketing channel you're measuring:
A brand's Share of Voice = your brand's mentions / total mentions * 100
In the context of social media channels, the key metric to use is the volume of conversations happening around your target brands.
Social listening tools like Awario make measuring the SoV for you and your competitor brands as simple as possible. The tool will find the relevant mentions of target brands across the various social media platforms, collect them in a single feed, and visualize comparative graphics in a report. The only thing left at this stage would be to have a look yourself to find out what can be gleaned from the data.
Best ways to enhance your brand's SoV
Owing to it's ease of use and popularity, social media activity is one of the best paths to increasing your share of voice. Your brand's social media activity is fully in your control, easy to analyze and make adjustments to on the fly. Here're some tips you can implement for reasonably quick gains on social share of voice:
- Maintain active presence on your social channels — regular and consistent content on your social pages is the surefire way to drive your share of voice upwards. Try planning the content plan ahead of time, incorporating latest trends, seeing what your competitors do, and post more than once a day to increase your visibility;
- Engage in conversations with customers — social media algorithms are sure to bless you with more attention and engagement if you make sure to participate in the conversations revolving around your brand, competitors, or any industry-related topics. Do not talk into the void, be a social media user as well;
- Create memorable content — sharing content that inspires, educates, informs, or entertains your customer is more likely to drive engagement and attention;
- Leverage influencers to your advantage — social media is a tough battlefield, so recruiting influencers to help you get your voice out there is a perfectly valid strategy that can also help you tap into a new audience.