In this digital age, the internet has become informational chaos.
- 42,033,600,000 Facebook logins
- 8,078,400,000,000 emails sent
- 159,840,000,000 Google searches
Happening every minute on the internet. There is no shortage of things to be said.
Keeping this in mind, marketers are often left wondering what portion of that conversation brands can call their own. They want to understand where their brand is talked about, what’s said and who has the potential to outrank them in popularity (if they don’t already).
This is where Share of Voice comes into play.
Let’s first understand what is Share of Voice?
What is Share of Voice?
In simple terms, Share of Voice measures how much of the conversation with target consumers your brand owns versus your competitors. This conversation can be on social media, your blog, and any other place your target audience can hear from brands.
In simple terms, SOV the percentage of the market a brand holds in a given time period compared to that of its competitors.
Share of voice is the share of exposure a brand gets and can be used to measure brand awareness and gauge how visible the brand was in a specific medium among a specific audience. It can also be used in competitive analysis as a measure of reach, relative to a set of competitors.
How to Calculate Share of Voice?
Share of voice (SOV) can be measured for Organic search (SEO), PPC and Digital. Depending on the advertising channels, there are different ways in which one has to approach to measure the share of voice.
The basic formula to calculate the Share of Voice (SOV) of a brand is:
Share of Voice = Brand Advertising (£/$ or #) / Total Market Advertising (£/$ or #)
Calculating Share of Voice for Organic search (SEO)
What does share of voice of a brand for organic search mean?
Share of Voice for organic search basically shows us the brands occurrence in the SERPs for a group of keywords we are interested in, compared to that of our competitors. One can either measure the share of voice based on impressions or the no. of clicks (CTR).
Simple! isn’t it?
So, how do we find the share of voice of a brand for organic search? Let’s check it out.
Either you can calculate the share of voice using paid tools or manually following the below simple steps:
Step 1: Choose the keywords for which you want to calculate the share of voice for your brand
Step 2: Zero down a list of your top competitors
Step 3: Take note of the rankings of your keywords:
There is only point looking at the top 10 or top 20 results; the top 10 results receive almost all of the clicks, but being in the top 20 might mean the rankings for the website you’re measuring are going up.
Step 4: Calculate Share of Voice for each keyword:
Different positions in the SERP’s have different CTR’s or the number of clicks. For example: If you had three keywords in the top 10 results of the SERP and so does your competitor, then it doesn’t mean your share of voices are the same – it all depends on the rank.
For this reason alone, using average click-through rates (CTR’s) for organic search is the best way to calculate the share of voice for organic search.
Step 5: Add up the CTR’s for all the keywords:
For each keyword, add the CTR numbers together and say hello to your final SOV number. And if you only ranked once for a page, no addition required!
For example: If you are calculating the Share of Voice for the keyword ” Online groceries” and your website/blog appears on 3rd, 8th and 12th position, then your share of voice will be 14.5%
Calculating Share of Voice for Social Media
Social media Share of Voice ( SOV) is just like the normal SOV but with a twist.
Social media Share of Voice (SOV) takes into account not only the share of social media advertising carried out by a brand, but also the amount of user-side social media activity that relates to the brand, including content shares and mentions.
The Social media Share of Voice is – The sum of all traceable social activity surrounding your brand (The noise your brand makes with its advertising, and the noise your audience makes about your brand) divided by the same data for your competing brands.
How to measure your social share of voice
The easiest way to calculate your social media share of voice is using paid tools and track where all your brand is mentioned on all statistically significant social media channels.
There are some good social media analytics tools like Mention and Hootsuite Pro available that can easily provide data about the number of mentions
Not only can you track your own mentions using Mention and similar tools, but you can also compare your daily mentions with your competitors’. From this point, establishing your social SOV is simple:
- Add your brand’s mentions tally to the combined total of your competitors’ mentions
- Divide this figure by 100 to work out 1% of the total voice for your sector or product group
- Divide your brand’s mentions tally by the figure derived from the previous step. The result is your brand’s SOV percentage.
Calculating Share of Voice for PPC
Its a normal question asked by marketers on how to calculate the share of voice of their paid campaingns. And there is one simple answer for it ” Google Adwords”
It is called Impression Share, and represents the percentage of times your ads were shown to users compared to the number of times your ads could have been shown, based on your keyword and campaign settings.
To discover your impression share, log in to your AdWords account, and click on the campaigns tab.
Click on the columns button, and pick ‘Modify columns’ from the menu. Next, click Competitive metrics, then add the Impression share columns you wish to track.
So, now you can calculate the Share of Voice for your brand using the above steps and understand where your brand stands against your competitor.
This concludes the “What is Share of Voice” and “How to calculate the share of voice”
Learn more about the Marketing strategy of Uber
Check out the marketing strategy of Netflix
Learn more about the Swot analysis of Amul
Check out the swot analysis of Samsung
Explore more about SWOT analysis of KFC
Read more about the SWOT analysis of Mcdonald’s
Check out the SWOT Analysis of Toyota
Check out the swot analysis of Patanjali
Check out the SWOT Analysis of Netflix
Read more about the swot analysis of Walmart