Share of voice (SOV).
Share of voice (SOV) can be used to determine your position in the market. By measuring share of voice you can find out how your brand/company is doing relative to the competition.But why measure share of voice? Measuring your share of voice gives a good idea of your position right now, what it could be and how you could get there. In short, share of voice can tell you more about:
- Which platforms are doing well and which are not
- How a specific marketing campaign performed
- The ROI of a given campaign
- Which advertising efforts worked or didn't work
Calculating the share of voice
Traditional share of voice was calculated on the share of your ads for print, radio and TV. Now share of voice is about all kinds of measurable forms of brand awareness in website traffic, findability and more. You can measure the basic variety of share of voice by a simple calculation:
Brand advertising/the total advertising in the marketx 100 =yourshare of voice
Over the years, there have been a lot of ways to promote product, service and brand. But this also means a lot of ways have emerged to track these metrics. To simultaneously look at brand awareness, traffic, ad ROI, brand health, conversions and more can be overwhelming. To globally measure all of these aspects in one statistic, the share of voice can be used. With the share of voice, it is easier to calculate how your company ranks in the market. Otherwise, each separate item requires a comparison with the competition, which takes a lot more time.