Share of voice is one indicator that is frequently disregarded. In a competition study for social media, organic traffic, or even paid advertisement, this is a flexible indicator that you may employ. Share of voice is crucial for marketers because it gives you insight into how well your brand is doing in comparison to its rivals. We’ll go over everything there is to know about the share of voice (SOV) down below. One of the most crucial marketing indicators is the share of voice (SOV). You can use it to assess your brand’s visibility in comparison to that of your competitors. The more authority you have inside your industry, the higher your SOV.
Share of voice (SOV) contrasts the visibility of your brand vs that of rivals across various marketing platforms. The notion of the share of voice altered when various social media networks emerged. These days, it also involves online brand discussion. Your marketing activities will be more effectively scaled if you measure the SOV.
Share of voice (SoV) is a term used to define the metric that is used to compare an organization’s brand awareness to that of its rivals. The ratio of the number of conversations about your brand to all other brands is used to calculate SoV. Articles, tweets, postings, and other forms of conversation. Knowing your SOV will help your brand better comprehend the difficulties it faces and its current position in the market. This will help you understand how to grow and enthrall users.
This statistic has historically been used to compare your advertising (print, radio, or TV) to that of all of your niche competitors. Today, the phrase has been broadened to refer to all measurable kinds of brand awareness, including website traffic, PPC, the volume and reach of online mentions, and more. As it’s much simpler to identify and monitor your competition online, digital marketing enables more accurate estimations. Even if you’re new to the market, you shouldn’t have any trouble estimating SOV if you’re utilizing the appropriate tools.
How it Works
Comparatively, a share of voice enables you to gauge your brand’s popularity in comparison to all of your rivals. A brand’s share of voice has been shown to correlate with its market share and revenue, basically, making it a very useful indicator in and of itself. By calculating the share of voice of your competitors, you can gain some insight into their profit margins.
Space ownership and potential traffic derived from the SERP are the two methods that can be used to measure the share of voice. It is determined how many of the potential organic spots in a SERP belong to your brand using the “Share of Voice by Space Ownership” formula. Contrarily, the average CTR of your website’s rank on the SERP is multiplied by the volume of searches for a certain keyword to determine traffic share of voice. These measurements are informative in nature, but it’s crucial to remember that they aren’t perfect, even though both are useful.
The study of SEO “share of voice” reveals which websites appear more frequently in organic search results for a given set of keywords or subjects. This kind of exercise enables website owners to recognize link-building, content production, and social media opportunities while also better understanding the pressures of search engine competition. The process of determining your share of voice in organic search results and what you can do with the findings of this analysis are outlined in the following framework.
You must examine your brand’s occurrence on search results pages in order to calculate your brand’s share of voice in organic search (SERPS). The statistic used to measure this is typically the number of impressions, but you could alternatively use clicks. To obtain this information, you can use a variety of tools (more on those in the next section). Finding out which websites rank the highest for a certain set of keywords will be easier if you conduct SEO share of voice research.
Put your list of chosen keywords or themes into a keyword research tool once you’ve made up your mind about them. Take the first page (SERP) rankings for each topic from the search engine results. You can export this data from there. You require the aid of SEO tools that assess your search visibility in relation to rivals in order to calculate your SEO share of voice. Let me describe this procedure using Ahrefs, a program I regularly employ for SEO-related tasks. Selecting keywords and setting up a rank tracker are the first steps. Then you can include your main rivals. The tool will therefore contrast your visibility with that of your rivals.
You’ll need to make use of some of your marketing tools to find these figures. For example, to determine the number of brand mentions, check your social media automation program. After that, you may determine how many mentions your rivals have. After adding everything up, you may calculate your mentions’ share of voice % by dividing it by the sum. You should be able to find out how you compare to rivals and which channels most require your attention by calculating the share of voice. Let’s look at the channels for which you should compute the share of voice.
Pick a target measure that symbolizes your brand and divide it by the whole value of your market or sector. To determine your market share percentage for that specific statistic, multiply that amount by 100.
The general formula for determining the share of voice is
SOV = Your brand’s measures / Whole market measures, regardless of what aspect of marketing you are concentrating on.
Your goals will now determine the metrics you use to compute your SOV.
Share of voice = (Your brand metrics / Total market metrics) x 100
Although it could appear difficult, we can utilize some voice tools to make it easier for us. You can use this formula to measure: As the share of voice that can be tracked across a variety of channels, including social media, conventional media, and online search:
- PR share of voice
- PPC share of voice
- SEO share of voice
These are some examples of metrics to calculate for SOV:
- Organic keyphrase
- PPC (pay-per-click) keywords
- Impressions
- Reach \sRevenue \sMentions
- Hashtags
Share of voice is a marketing indicator that enables you to contrast your competitors’ brand awareness across various marketing channels. This metric can be used to assess how effectively your advertisements, social media mentions, or even website visitors stack up against the competition. A marketing measuring model is called “share of voice.” Share of voice quantifies how much money a business spends on media compared to the overall market spending on that product, service, or category. For instance, if an electronics company spent $5 million promoting their newest kindle, but $100 million was spent advertising kindle in this shared category overall, the $5 million investment would represent 5% of the market.
Content analysis: Look at the kinds of content that these rivals are producing that might be boosting their positions.
Analyzing the format of your competitors’ material will reveal its length and format. Is it text, audio, video, or visuals? Is it short or long form?
How are your competitors organizing their products or editorial material in terms of information architecture? Do they employ an internal connection scheme with pillars that have been carefully planned?
Social Media
Promotion Channel: Which content types are connecting with your competition the best? This can assist you in discovering fresh promotional avenues and the many social media tactics you might use.
Influencers and Publications: Which significant media outlets and influential people are sharing or connecting to the content of your rivals? Building relationships with these sources through PR or outreach may be a useful possibility at this time.
Social media and open forums: Choose social media platforms or public forums that you may use. You won’t be able to surpass certain reputable, authoritative channels in search, almost certainly.
Link building:
Which of your top rivals’ links do you lack that they do not? This analysis can be retrieved via SEMRush, Moz, or HubSpot.
SERP attributes: What SERP characteristics appear most frequently in your topic set? There are numerous organic search SERP aspects that you might appear in (excluding paid search listings like Google Ads).
While determining the share of voice might initially appear difficult, the good news is that there is a wealth of software and tools available to assist you in gathering the data you require. Some of our favorites are included below.
#1. Hootsuite
Most effective for: Social Media Share of Voice. With Hootsuite, you can monitor pertinent keywords and hashtags as well as conversations that involve your business. Hootsuite, like HubSpot, enables customers to view this information from a simple dashboard without switching between numerous social network accounts. Hootsuite is an excellent starting point for anyone who is new to social monitoring software.
#2. Google Ads
Most effective for PPC and advertising share of voice. It’s challenging to beat Google AdWords as a tool when you need to measure PPC share of voice. Use their impression share measure to determine your PPC share of voice. Because Google’s products are integrated, you may easily link your Google AdWords account to Search Console if you already have it. Nonetheless, Google AdWords is so popular, it frequently already forms a part of marketing initiatives. Pulling this data is made simple by having the Impressions share measure built in.
#3. Ahrefs
Ahrefs is a dependable tool for calculating SEO share of voice. With their batch analysis option, you can quickly get a glimpse of your organic traffic in comparison to your competitors. As an alternative, you might use Ahrefs to compare competitors’ share of voice against the terms you wish to rank for in order to monitor your own. In general, it’s a fantastic tool for most SEO requirements. Ahrefs is an all-in-one SEO tool that can assist you with a variety of SEO chores, including domain evaluations and content analysis.
#4. SEMrush
SEMrush is a fantastic all-in-one SEO tool that, like Ahrefs, may assist you in determining your share of voice. The position tracking feature of SEMrush can be used for this. To access it, you’ll need a business subscription, but for significant businesses, it’s worthwhile. You may measure the share of voice by location or topic in addition to the position monitoring tool, and you can also find new competitors. SEMrush may be used for technical SEO and content marketing requirements in addition to the share of voice analytics.
#5. Brandwatch
Brandwatch is a social media listening tool for businesses. Although it has a vast range of features, it is also one of the priciest tools available. When assessing a brand’s share of voice, Brandwatch can be helpful since it provides ready-to-implement information that could improve your company’s online visibility. It enables you to make better decisions, and ultimately grow your market share. There is no free trial time or pricing information available for Brandwatch on the official website.
How is SOV Calculated?
Use the formula below to determine your voice share: (Your brand’s mentions divided by all brand mentions, including your competitors’) x 100 = SOV.
The frequency with which your brand is discussed on news websites and blogs are known as your media share of voice. You have a 40% share of voice, for instance, if your brand is mentioned in 40 publications while your rival is featured in 100. The New Yorker magazine experienced a single advertiser taking control of the entirety of its publication in 2005 for the first time ever. Up to 18 adverts advertising the well-known retailer were included in the magazine. Many of the illustrations were created by renowned artists. Target not only made it easier to capture everyone’s attention by buying the entire edition, but they also got a good share of voice in that particular issue.
Share of voice is crucial in social media because it enables you to see which rivals are being referenced more frequently and compare what you do with what they do. You can use this to find any weaknesses in your plan.
What Is SOV in Business?
A measurement of the market share that your brand holds in relation to your rivals is called share of voice (SOV). It serves as a barometer for your brand’s visibility and how much you control the dialogue in your sector.
Share of Mind vs Share of Voice: What portion of the advertising in your market and sector is actually produced by you? Share of Mind: What names or businesses come to mind when people think about your product or service?
What Is SOV vs. SOS?
Share of search (SOS) compares a brand’s online visibility to that of other businesses in the same sector. This is a tool for a company to assess the health of its brand and market share. While the share of voice (SoV) gauges how much money a business spends on media in relation to the whole market spending on that particular good, service, or category.
What Does 100%, SOV Mean?
The term “SOV” (also known as the acronym for “Share of Voice”) is frequently used in media buying and planning in the online advertising sector. The relative percentage of ad impressions purchased compared to all the advertising accessible during that time period is represented by SOV, which is typically reported as a percentage.
Conclusion
Marketers use a metric called “share of voice” (SOV) to measure how much of the conversation or advertising they control in relation to their competitors in a given space. The equation (your advertisements / total ads = share of voice) can be applied to a variety of marketing strategies, including pay-per-click, online advertising, and even social media.
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