Share of Voice (SOV)
Share of Voice (SOV) is a marketing metric that refers to the percentage of a brand's total advertising impressions or mentions within a specific market or industry.
What is share of voice?
Share of voice measures the percentage of advertising impressions or mentions that a brand has in a specific market or industry. It is used to evaluate a brand's visibility and market share compared to its competitors.
SOV can be measured across various marketing channels, including digital advertising, social media, television, radio, and print. It can also be measured across different time periods, such as a day, week, month, or year.
How is share of voice calculated?
There are two main methods for calculating share of voice:
SOV can be calculated by dividing a brand's total advertising impressions by the total advertising impressions of all brands in the same market or industry. For example, if a brand had 10,000 impressions and the total number of impressions for all brands in the market was 100,000, the brand's SOV would be 10%.
SOV can also be calculated by dividing a brand's total number of mentions by the total number of mentions for all brands in the same market or industry. For example, if a brand had 100 mentions and the total number of mentions for all brands in the market was 1,000, the brand's SOV would be 10%.
Why is share of voice important in marketing?
Share of voice is an important metric in marketing for several reasons:
SOV can be used to evaluate a brand's visibility and market share compared to its competitors. By analyzing SOV data, brands can identify opportunities to increase their market share and improve their competitive position.
SOV can also be used to measure a brand's overall visibility and awareness in the marketplace. By tracking SOV over time, brands can identify trends and evaluate the effectiveness of their marketing campaigns.
SOV can be used to evaluate the effectiveness of specific marketing campaigns. By comparing SOV data before and after a campaign, brands can determine the impact of their advertising efforts and make adjustments as needed.
SOV can be used to inform media planning and budget allocation. By understanding their SOV in different markets and channels, brands can optimize their advertising spend and maximize their ROI.
How do you improve your share of voice?
There are several strategies that brands can use to improve their Share of Voice:
Increase advertising spend
One way to improve SOV is to increase advertising spend. By investing more in advertising, brands can increase their visibility and reach a larger audience.
Brands can also improve their SOV by targeting their advertising efforts to specific audiences and markets. By focusing on the most relevant channels and platforms, brands can maximize their reach and improve their competitive position.
Creating and promoting high-quality content can also improve a brand's SOV. By using content marketing strategies that resonate with their target audience, brands can increase their visibility and establish themselves as thought leaders in their industry.
Partnering with influencers and thought leaders in a specific market or industry can also improve a brand's SOV. By leveraging reach and influencer marketing, brands can increase their visibility and credibility with their target audience.
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