How to Measure Share of Voice on Social Media

Businesses are continuously learning and understanding practices to get a competitive edge for standing out among the crowd. The insights of market presence for a particular business can be evaluated by measuring its share of voice.

Are you searching for the term share of voice, or do you want to know how this important metric can evaluate your business value? Well, this blog post is for you. In this comprehensive guide, we have covered all the major aspects regarding share of voice – SOV.

Users can find the answers to the queries, including what share of voice is, why measuring the term has become crucial for businesses, how one can measure SOV, and the potential tips to increase it. So, let’s begin your SOV learning journey here!

What is a share of voice?

In the marketing and advertising world, the SOV is considered a key metric in quantifying the visibility or presence of a brand or individual compared to its competitors.

In terms of social media, the SOV is based on metrics, including views, likes, shares, comments, hashtags, and others.

These metrics represent how much recognition or interaction a brand is obtaining within its niche and to what extent its marketing strategies are effective against its competitors.

Today, SOV has become the most prominent social analytics tool because it counts awareness about a particular business between the audiences belonging to different social media networks.

Why you should measure the share of voice?

If you are questioning why you should measure the SOV, you must keep in mind that measuring the SOV of your brand can help you evaluate the worth of your brand at a broader scale.

It is a source of adding context to the performance data, authorizing you to pinpoint opportunities for improvement and growth. Here is the analysis proven and shared by the experts on why you should measure the share of voice for your business:

1. Audience insights

SOV helps you measure your audience insights, evaluating your business values and performance on social media. Analyzing audience insights helps you know what exactly your audience is.

For example, it helps you calculate the detailed data of your audience demographics. You can know what age of people are mostly interacting with your brand, from what particular regions or countries people are showing interactions with your content, and at what specific time you are more popular on social media networks.

Having detailed analytics of all these metrics can help you create a stronger marketing strategy, helping you get far better results compared to the previously followed strategies.

2. Competitive research

Share of Voice is a way to know what your competitors are doing to get better results in your niche. Once you have detailed ideas of what your competitors are doing, you can bring potential solutions, helping you do better work to stand out among them. Consequently, you can compete with them more effectively.

You have to do competitive research on almost all social media channels on which you are maintaining your presence. If your primary source of social media marketing is YouTube, find out if your competitors are on YouTube.

If you find them there, check out how they work to facilitate their audience. You must also implement the same strategies, or try to bring more accurate strategies than them. In such a way, you can easily gain more YouTube subscribers and recognition over the platform.

3. Business management

Measuring the SOV of your brand helps you get the number of conversations around your business and the beliefs resulting from those conversations. This data helps you evaluate your business reputation in the market.

The more you are good at evaluating your business performance, the more chances you will get to bring improvements. Consequently, you can stand out among your competitors, offering your brand a good reputation. Once you become a reputed entity in the market, you can unlock the potential of your business growth and revenue.

How to measure the share of voice?

After acquiring the ideas about what share of voice is and why it has become a necessary part of business marketing, you will probably search for how to measure it. If yes, then worry not as we’ve got you covered here.

Generally, social media marketing professionals share a formula that assists users in measuring the SOV:

Share of voice = Your brand metrics / Total market metrics

Marketing professionals suggest another way to evaluate this data. For example, you can get the answer also by following the given formula:

Share of voice = (Number of brand metrics ÷ Total number of industry or competitor metrics) x 100

Below are the examples of metrics you can measure or calculate by Share of Voice, SOV:

  • Pay-per-click (PPC) keywords
  • Organic keywords
  • Impressions
  • Reach
  • Hashtags
  • Mentions
  • Revenue

Tips to increase your share of voice on social media?

Social media marketing professionals come with po tips, helping individuals and businesses to increase their SOV on social media. Read out these tips carefully and add them to your next social media marketing strategy to maximize your share of voice:

1. Always stay active on social media

The basic tip for you is to stay active on social media. The more you will show your active presence, the more chances of promotion you will get on social media.

For example, the algorithms of almost all social media channels, including Facebook, Instagram, YouTube, TikTok, and more work to promote active social accounts. You can stay active by regularly posting content and participating in other conversations.

2. Regularly engage with your audience

Marketing professionals suggest regularly engaging with your audience on social media. For example, if you are on TikTok, you must interact with the audience through comments, DMs, and by uploading tutorials.

You can also start live or question-answer sessions with your audience. It will maintain an active or regular interaction. Thus, it helps boost TikTok followers and better engagement, leading to an enhanced Share of Voice.

3. Upload share-worthy content

Ensure that you are creating and uploading share-worthy content. In order to create your content more shareable, ensure that you are creating valuable content that will bring potential solutions to your audience. Create short tutorials to educate your audience, show the potential benefits of your services or products, and provide users with the latest updates within the niche or industry.

4. Use effective tools

Experts also suggest using effective and professional tools, as they can help individuals or businesses to get valuable data and bring more accurate results. There are plenty of tools available in the market that can work freely or under a specific subscription to smooth your task. Check them and choose the best one according to your needs.

Conclusion

Indeed, social media platforms have become the most effective sources to increase your business revenue. But remember that only those businesses are getting success that can create and implement better social media strategies. Here comes SOV, helping businesses to create better business marketing strategies.

FAQs

1. What exactly the Share of Voice is in the context of social media?

The term Share of Voice, SOV is actually used as the percentage of online discussions and conversations of a brand within a specific market or industry. However, in the social media context, the term reflects the influence and presence of a brand in the digital space.

2. What are the metrics used to measure SOV?

There are several metrics used to measure the Share of Voice of a business in the digital space. For example, you can measure the share of voice based on the engagement rates, the number of mentions, social media users reach, and the overall share of conversations relevant to a particular business or market.

3. Is there any tool to measure SOV?

Yes! There are several social media analytics tools used by marketing professionals and brands to evaluate the Share of Voice. The best examples of these tools and platforms may include Mention, Brandwatch, Hootsuite, and others. These tools work to provide detailed insights into sentiment analysis, brand mention, and overall social media performance.

4. What challenges do businesses face while measuring SOV?

Businesses sometimes face different challenges while measuring SOV. The common challenges may include dealing with the data noise, staying updated with the dynamic nature of social media conversations, and accurately attributing mentions to a specific business or brand. For every business, it is crucial to overcome these challenges, as it can obtain reliable results.

5. What are the common practices for increasing SOV?

Brands can enhance the Share of Voice by pursuing different strategies. These strategies may include creating engaging content, collaborating with influencers, actively participating in related conversations, and staying ahead of industry trends. Besides this, establishing a strong online presence and fostering positive interactions may also contribute to good results.

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