Share of Voice (SoV) is a marketing metric that measures the percentage of a market that a brand owns compared to its competitors. It helps businesses understand their brand's share in the industry and how they fit into the bigger picture. With the rise of social media, SoV has come to include online presence as well, such as the volume of mentions a brand receives on social media and the traffic figures that a webpage receives over a set period of time.
Measuring SoV is important for several reasons:
- Understanding your audience: Knowing what people are saying about your brand or related topics can inform you on what they believe and prefer.
- Learning about your competition: Studying competitors' SoV data can help you identify opportunities to improve your own standing in the industry.
- Assessing your brand's health: SoV data includes the volume of mentions you receive and the sentiment behind those mentions. Comparing this data to that of a competitor can highlight issues with your product, communication, business practices, and more.
To measure SoV, you can use the following formula:
A brand's Share of Voice = your brand's mentions / total mentions * 100
Social media listening tools like Awario make it easy to measure SoV for your brand and competitors. These tools collect relevant mentions of target brands across various social media platforms, visualize the data in a report, and provide comparative graphics.
To increase your brand's SoV, you can:
- Maintain an active presence on your social media channels: Consistent and regular content on your social pages is a surefire way to drive up your share of voice.
- Engage in conversations with customers: Social media algorithms will favor you with more attention and engagement if you participate in conversations about your brand, competitors, or industry-related topics.
- Create memorable content: Sharing content that inspires, educates, informs, or entertains your customers is more likely to drive engagement and attention.
- Leverage influencers: Recruiting influencers to help you get your voice out there can also help you tap into a new audience.
By understanding and measuring your brand's SoV, you can identify opportunities for improvement and take steps to increase your share of the market.