In the fast-paced world of digital marketing, understanding your brand's impact and visibility is crucial for success.
October 4, 2023
As marketing experts and e-commerce brands, you strive to outshine competitors and capture the attention of your target audience.
That's where "share of voice" steps in - a metric that holds the key to unlocking your brand's potential.
Share of voice (SOV) refers to the proportion of brand visibility and presence within a given market or industry.
This metric allows us to gauge how loudly our brand's voice resonates amidst the cacophony of competitors.
Share of voice can be calculated by dividing the brand's advertising expenditure or impressions by the total advertising expenditure or impressions in the market or industry.
It is often expressed as a percentage :
Share of Voice (%) = (Brand's Advertising Expenditure / Total Market Advertising Expenditure) x 100
Now, let's explore the channels for which it is important to calculate share of voice.
Social media stands out as a primary channel to leverage share of voice analysis due to its role as a platform where consumers find their voice and freely express their thoughts.
It serves as a hub that gathers the collective voice of consumers, as they actively engage in conversations and share their opinions.
Here you can compare various aspects of brand visibility, such as brand mentions, hashtags, reach, impressions, and even sentiment.
This one compares the brand's impressions (or clicks) due to organic search to the total organic impressions (or clicks) in the market.
It gives an indication of the brand's visibility and prominence in organic search results.
it compares the brand's number of impressions due to PPC ads to the total number of impressions in the market.
This helps determine the brand's proportionate visibility and presence in paid search results.
It compares the number of press mentions the brand receives to the total press mentions of competitors in the market.
This reflects the brand's visibility and representation in the media.
Calculating share of voice across different channels serves as a powerful tool that unveils insights and enables data-driven decision-making.
Let's explore the compelling reasons why measuring share of voice should be a top priority for your brand.
By calculating share of voice, you gain the ability to benchmark your brand's performance against competitors.
It offers a clear perspective on how your brand stacks up in the market.
Is your share of voice increasing or decreasing?
Are you gaining ground or falling behind?
These insights help you assess your brand's position, identify areas for improvement, and devise strategies to outpace the competition.
Share of voice analysis sheds light on untapped growth opportunities within your target market.
Are there channels where your competitors dominate, but you're underrepresented?
Discovering such gaps empowers you to reallocate resources and increase your brand's visibility in those specific areas.
Share of voice acts as a litmus test for your marketing efforts.
It helps you assess the effectiveness of your advertising campaigns, search engine optimization (SEO) strategies, or public relations endeavors.
Are your investments generating the desired impact?
Monitoring your share of voice provides valuable feedback on whether your marketing initiatives are resonating with your target audience and driving meaningful engagement.
A strong share of voice not only amplifies your brand's presence but also shapes its perception among consumers.
Higher share of voice implies greater visibility and, consequently, increased brand authority and credibility.
When consumers repeatedly encounter your brand across various channels, they develop a sense of familiarity and trust.
By monitoring and strategically improving your share of voice, you can enhance your brand's reputation and influence.
Discover the e-book on the Top 10 best practices for an e-commerce website in 2023 co-created with Karmen, Datashake and Loyoly.
Here are the six steps to calculate share of voice :
The first step is to select the competitors you want to include in your share of voice calculation.
Identify brands that are relevant to your industry, target audience, and market positioning.
Consider both direct competitors, who offer similar products or services, as well as indirect competitors who may be vying for the same consumer attention.
Choosing the right competitors ensures a comprehensive analysis and enables you to benchmark your performance effectively.
To ensure clarity and focus in your share of voice analysis, define the scope of your research.
Consider the following parameters:
Geographic Scope: Determine whether you want to measure share of voice locally in a specific country or expand it to an international level.
Period of Analysis: Specify the time frame over which you will measure share of voice. It can be a month, quarter, or half-year, depending on your objectives and industry dynamics.
Tone of Mentions: Decide whether you want to include all mentions, both positive and negative, or focus solely on positive sentiment to gauge the brand's positive impact.
Sources of Data: Identify the specific channels you will include in your analysis. It could be PPC ads, press coverage, social media platforms (only TikTok ? Only Instagram? Or both ?). It might be a combination of these ones, tailored to your industry and target audience.
Compile a comprehensive list of relevant keywords for your brand and each of the chosen competitors.
These keywords should encompass brand names, variations, social media handles, and any other terms associated with your brand or competitors.
For example, for the Coca-Cola brand, the list of relevant keywords would include:
This step ensures comprehensive coverage of relevant mentions and accurate data collection.
Gather brand-specific data for your brand and each competitor across the chosen sources.
Utilize social media listening tools, media monitoring platforms, or press monitoring services to collect data, based on your defined scope and sources.
Ensure the data collected is accurate, comprehensive, and covers the specified time period.
With the collected brand-specific data in hand, apply the appropriate share of voice formula to calculate the share of voice for your brand and competitors.
Utilize the relevant metrics, such as total mentions, social media engagement, or press coverage.
Analyzing the calculated share of voice results is crucial to derive actionable insights.
Compare the share of voice percentages between your brand and competitors, identifying trends, patterns, and variations.
Assess the impact of different factors, such as geographic scope, period of analysis, or tone of mentions, on the share of voice results.
Interpret the data to uncover strengths, weaknesses, opportunities, and threats for your brand.
This analysis will guide strategic decision-making, enabling you to optimize your marketing efforts, outperform competitors, and maximize brand visibility.
Calculating and analyzing your share of voice is just the beginning.
To truly harness the power of this metric, it's crucial to implement strategies that can help you increase your brand's share of voice.
Let's explore some of them.
Create compelling and high-quality content that resonates with your audience.
Develop a content strategy that showcases your expertise, addresses customer pain points, and provides valuable insights.
Leverage various content formats such as blog posts, videos, podcasts, and infographics.
By becoming a thought leader in your industry, you can establish your brand as a go-to resource and increase your share of voice.
Collaborate with influencers and industry experts who align with your brand values and target audience.
Partnering with influencers can significantly expand your reach and expose your brand to new audiences.
Seek out influencers who have a strong presence in your niche and engage with them through sponsored content, guest blogging, or joint marketing campaigns.
Embrace social media platforms as powerful channels to boost your share of voice.
Actively engage with your audience, respond to comments, and participate in relevant discussions.
Encourage user-generated content, conduct contests or giveaways, and create a sense of community around your brand.
By fostering meaningful connections and interactions, you can increase your brand's visibility and drive organic conversations that contribute to a higher share of voice on social media.
Read this article to learn the 9 steps to building a strong brand community.
Invest in paid advertising channels to amplify your brand's reach and increase share of voice.
Leverage platforms like Google Ads, Meta for Business, TikTok for Business, etc. to target specific demographics and reach a wider audience.
Design targeted campaigns that align with your brand's objectives and ensure consistent messaging across different touchpoints.
Forge strong relationships with journalists, reporters, and media outlets relevant to your industry.
Develop a proactive public relations strategy to secure press coverage, interviews, or mentions in reputable publications.
By positioning your brand as a trusted source and generating positive media exposure, you can increase your share of voice in the press and earn credibility among your target audience.
Let's imagine: you're scrolling through your social media feed, scrolling through pictures of cute dogs and envying your friends' exotic vacation snaps. Suddenly, you come across a thrilling post that casually mentions a new skincare product.