What Should You Know About Share of Voice Before Planning Your Marketing Campaign

Running a marketing campaign is easy. What's hard is managing it and measuring its effectiveness. Moreover, today's marketers are susceptible to data overload when there's too much data and metrics to work with.

This is precisely why both marketers and business owners should learn about the metric called Share of Voice (SOV). In this article, learn about this metric thoroughly and why it's essential in marketing.

What is Share of Voice in Marketing?

SOV is a metric used in marketing to determine the share of your company's presence across all media compared to your competitors. So it is a relative metric.

The metric signifies how familiar your brand is in the market and measures your impact. It tells you whether your product delivers the customer's expectations and if your marketing efforts are effective.

Share of Voice is an old marketing concept that has been in existence since the radio marketing days. Traditionally, it reported the share of the advertising of a particular company compared to the companies in the niche. The greater the advertising spends (and share), the higher the SOV metric.

If you're planning a new marketing campaign, you should consider tracking the Share of Voice metric all the way through. With that said, you should learn other things about SOV that will help you in your marketing activities.

It Sets Benchmark

If you're looking to set the benchmark, then SOV is a great place to start. It will help you figure out the company's current position in the market fairly accurately. SOV will also reveal where you could be and how you could get there.

In the past, setting the benchmark was easy. You would have taken your total brand advertising spend and divided it by the total advertising spend in your industry. That'd have given you your Share of Voice.

But now, calculating it is a bit complicated. You need to combine search results, PPC data, social media stats, among other metrics, to arrive at your SOP.

Since benchmarking is essential to gauge effectiveness, make sure to always calculate your SOV before running a marketing campaign.

You can Track Share of Voice for Free

If you feel like you need to make a lot of investment in tracking your SOV, then it's not the case. Setting up and monitoring this metric is free.

To begin with, make a list of keywords and your competitors. Next, perform a search and record the rankings. Specific SEO tools like SEMRush can also help you track the rankings.

The metric that will accurately tell you your SOV score is CTR or Click-through-rate. It can be hard to establish. But by looking at your Google Analytics reports, you can uncover the details.

Calculating the traffic your website receives versus the total traffic generated by the market is your SOV.

While you can calculate SOV for free, it's not recommended. You need to invest a certain amount and get data from PPC reports and social media.

SOV can Offer Consumer Insights

A key ingredient for the success of any marketing campaign is targeting the right people. You should know as much as possible about your targeted customer base to see maximum ROI on your marketing spend. And the SOV metric can help you with that.

Since online SOV is based on the conversation and behavior of netizens, you can dig into the information that correlates with your brand's voice. If more people are mentioning your brand, commenting on your profiles, or sharing your videos than your competitors, your SOV is probably higher.

But you can dig even deeper and uncover which type of posts are getting more engagement. It will help you learn more about your customer's expectations and desires. 

Advanced tactics on tools like Google Analytics can uncover even more information. 

SOV can Help in PR Campaigns

If you're running (or going to run) a PR campaign, you can make use of SOV metrics as well. Calculating your SOV in the news will help you determine the effectiveness of your media strategy. You can compare it to that of your competitors to get the complete picture.

When researching news articles, look for the following things:

       Are there news outlets that are covering your competitors but not you?

       What kind of stories media outlets gravitate towards?

You can then use the data to improve your presence in the media outlets and improve your PR results.

Share of Voice isn't restricted to a particular sector. Any industry ranging from finance to technology should incorporate SOV into its marketing analytics. To get started, you should consult with a PR and marketing agency.

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