With the advent of digital marketing, there were now scores of new available revolutionary ways to get the message across for many brands and products. But along with success comes many challenges, and it also increased the number of metrics that are now so important to constantly monitor. The stark truth of this matter is that if you don’t keep track of these important things, it’s like trying to manage your business while wearing a blindfold!
What Exactly is Share of Voice? With all of the different possible ways that exist to gauge your place on the market, the share of voice metric is a good source of very clear insights regarding ways to rise above the competition. The metric traditionally portrayed the share of your advertising medium in stark comparison the competitors in your category.
Lately, the term has come to include different forms of measurable brand awareness such as other people mentioning you online, PPC, and overall traffic amounts on URLs. The share of voice metric is basically a way of comparing how popular your brand is when the timing really matters most. It is also a metric that been proven to be directly related to the amount of revenue a brand can drive, which is the all-important bottom line no matter what time of year you are trying to excel in.
Why is This Measurement so Important? This metric has the ability to show you where you reside currently, what the future could bring, and pointers on how to achieve that goal. Share of voice is not only great at showing you your place on the market, but it also shows you how many people know your brand, which can gauge their tendency to spend money in the end.
One reason this measurement is so important is that it also can leave you with a good idea of how many people are talking about your brand. Some would imagine that this is most important in the arena of products such as beverages and clothing, but we assure you, it’s important for ANY type of namesake.
The Benefits of Campaign Tracking: It is not imperative to limit measuring share of voice to just your brand. It is possible to gain insight into segments like country, language, social media platform, and see what elements from your competitor’s campaigns could have you drawing massive inspiration for your own.
Once you successfully determine your share of voice it allows you to see if there are any outlets your competitors use that may not work for you, and it can also convey some very important traits about stories, and what kind of stories media tends to favor. One thing we have learned over the years here while honing our expertise at Far Fetched Studios is that if the story is told with sincerity, simplicity, and a few layers of true depth, there is a certain kind of consumer that simply will NOT be able to hold onto their wallet.
One myth of advertising that was prevalent during the 1980s was that only the senior citizen market was prone to enjoying a great story. As brands like Jeep, Nike, Pepsi, and Apple soon found out, generations of all ages were paying attention to a well-created and though-through tale.
How to Measure Share of Voice: The general formula for calculating your SOV is this:
SOV = Your brand’s measures / total market measures.
Share of voice on social media allows you to find out how often people talk about you, and the best part about it is that it is completed in a very organic manner. We can help you with many tools beyond the standard dashboard that give you the opportunity to see interactions, what social listening tools are the best, and reaching the finish line when it comes to your needs.
Many companies need help with the creation of a successful Google ads campaign. You can add very powerful impression share metrics to your stats, and use the insights you discover to implement future marketing decisions. Even though things change very rapidly every day and it can feel impossible to stay on track, incorporating measurements like this are key when figuring out where the buzz is occurring because trendsetters are ALWAYS going to be sought-after when it comes to the all-important digital checkout line.