The Share of Voice is the amount of brand awareness in a marketplace. Social media marketing strategies aim to raise your business’s profile and make it more visible among other brands.
For a brand, SOV is a measurement that shows how much control it has over the market’s “conversation.” As your market share grows, so will your popularity and authority among users and potential clients. If you want to grow your Instagram platform, consider partnering with Mixx. In this article, we will discuss the share of voice in social media and how to measure it.
Share of voice: what is it?
By comparing your brand’s visibility to that of competitors, you may determine your share of voice. This measure is a terrific place to start if sales or marketing goals are paramount. Share of Voice measures how much advertising space or time a brand occupies in consumers’ minds. It is often used by advertisers and marketers to determine how much presence their brand has in the market.
Why monitor social media share of voice?
Monitoring your share of voice on social media can help you learn more about how visible your business is. A larger share of voice leads to more sales and brand exposure, so it is critical for companies to monitor.
Superiority over rivals
Social share of voice monitors the volume and spread of customer conversations about your brand. It also analyzes what people say about your competitors. You can stay ahead of the game if you are aware of market trends and how your business compares.
You can determine which social networks are right for your company by monitoring the share of voice.
Effectiveness of the campaign
By measuring the number of social media shares that your efforts receive, you can evaluate their success.
Why Is Share of Voice Analysis Important?
By studying your share of voice in relation to competitors, you can see where you are right now and how to improve. This strategy may be useful in a variety of marketing situations. It will help you learn more about your competitors and improve your approach to sales.
If you track the share of voice in your market and make that information a priority, it will show where you stand right now but also why. Share-of-voice analysis can help companies determine which types of advertising are most effective at reaching their target audience.
How to Evaluate Voice Share?
For a specific statistic, take the target measure and divide by the whole value of your market or sector. To determine your share percentage for that stat, multiply this amount by 100.
For example, let’s say the market average is 50 hashtags per post and your company manages 30 (60% of SOV). That would make you recognized as a leader in the industry. Many brand analytics systems have built-in tools that compare your SOV to others.
How to Increase Share of Voice?
Once you know how your brand stacks up against the competition, it’s easier to think strategically about how to improve its share of voice.
1. Keep a strong presence
Keeping a consistent presence on all of your social media channels is the best way to get customers to interact with you.
2. Produce material that is shareable
The more material you can post that people would want to share, the better. The better the videos, GIFs, and images, the more likely they are to become memes.
3. Customer Insights
Monitoring SOV can give you valuable insights into what is important to your audience. Unlike the share of voice, which is based on the amount of advertising a company has purchased, the online share of voice focuses more on what Internet users are talking about and doing.
The social media share of voice is a metric that quantifies how popular a specific brand is on various social media platforms. The calculation is straightforward, and determining your online presence share of voice can be done in just a few steps.