Why share of voice matters
Historically share of voice (SOV) meant a brand’s advertising £ / total market advertising £. Now clear use of relevant digital metrics provides a much more useful measurement.
So you’ve developed clear marketing objectives across the channels that matter. Surely you must also assume that your competitors have done the same thing? Measuring your share of voice in each of those target channels is going to be really important. It is also a straightforward way to assess your marketing effectiveness.
Web activity and search should be the primary digital activities for focused analysis. But the brand dialogue being evaluated should be broken down into specific product or service categories. Equally geographical segments merit specific analysis.
Also this share of voice analysis should include an overall gauge of your competitor group, and a head-to-head evaluation with each of these competitors, in each of these categories and segments.
Snapshots are of some use. But tracking SOV over time will reveal advances and retreats within the categories and segments that matter to you. Tracking competitor SOV metrics over time will also give reports on who has gained or lost ground. With a structure incorporating the target customers for your categories and segments, this analysis will unveil real insight.
Just as important as tracking web SOV is tracking what portion of the conversation on major social networks you are getting.
So as a straightforward measure of marketing effectiveness, SOV can inform decision making. Proper SOV tracking will also alert you to your competitors’ changes of focus, and point to opportunities within product categories and geographic segments.