Share of Voice is sometimes referred to as share of market, meaning the space you own in your market compared to your competitors. Specifically, SoV calculates the efficiency of your marketing and reveals your visibility online.
As digital marketing has grown, so too has the metrics we need to consider in order to determine a true SoV online.
The simplified equation for figuring out SoV is:
Your brand advertising / Total market advertising = Share of Voice
The good news is that with all the analytics tools now at our disposal, free and otherwise, we have a wealth of accurate data to work with.
In traditional marketing terms, share of voice is a metric to judge the percentage of brand or product mentions across ad formats like billboards, TV, and print ads. It was used to judge how effective your marketing has been. So, if you spend a certain amount on marketing, you expect to achieve a share of voice proportionate to that. In modern marketing, the application of this metric to offline advertising can be very imprecise, but it works very effectively in an online context. It’s possible to accurately measure the share of voice across social media, paid search, and organic search.
For SEO, share of voice – sometimes referred to as ‘share of search’ – is an incredibly useful metric which allows you to find out more about your target market, monitor your performance, and measure the impact of optimisation efforts.
Share of voice can help in a number of ways:
Share of voice is a valuable metric which gives you some great insight into how your brand is performing. Using Pi, you can measure your own share of voice, assess your target markets, and competitor performance.
The importance of Share of Voice
Calculating Share of Voice across digital marketing channels will give you a clear idea of your competitors; there may be some that aren’t focusing on SEO, or have little social presence. You may also discover competitors you didn’t know existed or operated in your space, as well as topics you never knew you had ownership of.
With this information you’ll understand where the competition is and what threat they may pose, as well as what new opportunities competition may bring; from PR through to partnerships. This insight may even lead you to using smarter strategies with differing focuses on different channels.