Founded by two University of Michigan undergraduates in 2021, Tab Chocolate is taking the internet by storm. From the genius use of UGC on TikTok to extensive influencer marketing, this newbie in the confectionery industry has created a social media strategy even the top brands can learn from. But turning a mere dorm-room startup into
SOV stands for Share of Voice. It refers to the measure of a brand’s visibility and presence within a specific market or industry compared to its competitors.
How to calculate SOV?
The method for calculating Share of Voice (SOV) can vary depending on the specific industry, market, or channel being measured. Generally, there are different ways to calculate SOV depending on the data you have available. Below are some ways to calculate SOV:
- Advertising Impressions: SOV can be measured by analyzing the total number of advertising impressions garnered by your brand, and comparing it to the number of impressions achieved by your competitors in the same market. The formula for calculating SOV in this case would be:
SOV = Brand Impressions / Total Market Impressions x 100
- Social Media Mentions: To calculate SOV for social media, you can measure the total number of mentions or shares that your brand receives on social media, and compares it to the total mentions achieved by competitors in the same industry. The formula would be:
SOV= Brand Mentions / Total Industry Mentions x 100
- Organic Visibility: To measure SOV for organic visibility, you can analyze your brand’s ranking for specific keywords or phrases on search engines and compare it to competitors in your market. This calculation can be done in various online tools, such as Ahrefs. The formula would be:
SOV= Brand’s Keyword Rank / Competitor’s Keyword Rank x 100
Why is SOV crucial in marketing?
Share of Voice (SOV) is crucial in marketing for several reasons. It provides valuable insights into a brand’s market presence, brand awareness, and competitive positioning. Here are some key reasons why SOV is important:
- Benchmarking against competitors: SOV allows marketers to compare their brand’s visibility and presence across different marketing channels against their competitors. It provides a benchmark to measure how well the brand’s advertising, social media mentions, or website traffic compare to the competition.
- Identifying market share: SOV helps marketers understand the share of the market their brand owns compared to competitors. It gives insights into how much of the conversation or market space the brand dominates. This information is crucial for understanding the brand’s popularity and authority among users and potential customers.
- Evaluation of marketing effectiveness: SOV can be used to assess the effectiveness of marketing campaigns and initiatives. By analyzing changes in SOV over time, marketers can gauge the impact of their marketing efforts and identify areas for improvement.
- Opportunity identification: Tracking SOV allows marketers to identify opportunities to increase their brand’s market share. By analyzing the competition and identifying gaps or areas where the brand has a low presence, marketers can develop targeted strategies to improve visibility and gain a larger share of the market.
- Allocation of resources: SOV can guide resource allocation decisions, as it provides insights into areas where the brand is lagging behind competitors. By understanding the share of voice in different marketing channels, marketers can allocate resources effectively to improve brand visibility and expand market share.
How to track SOV?
There are several ways to track Share of Voice (SOV) depending on the marketing channels involved. Here are some examples:
- Social media SOV: To measure social media SOV, you could use social media analytics tools, such as Sprout Social, to track brand mentions and sentiment analysis. The formula for social media SOV is:
Brand mentions / (Brand mentions + Competitor mentions) x 100
- Organic search SOV: To track organic search SOV, you can use SEO tools like Ahrefs or SEMrush to analyze visibility, keyword rankings, and traffic data. These tools also allow you to compare your brand’s visibility against competitors through keyword tracking. The formula for Organic Search SOV is:
Your brand’s ranking visibility for target keywords in search results / Competitor’s ranking visibility for target keywords in search results
- Paid search SOV: For paid search SOV, you can use Google Ads or Bing Ads to analyze your impression share against competitors. The formula for Paid Search SOV is:
Your ad impressions / Total ad impressions of your brand and competitors x 100
How to increase SOV?
Increasing Share of Voice (SOV) requires a strategic approach to improve your brand’s visibility and presence across various marketing channels. Here are some effective ways to increase your SOV:
- Invest in content marketing: Develop high-quality, relevant, and engaging content that resonates with your target audience. Create blog posts, videos, infographics, and other content formats that provide value and address the needs and interests of your audience. By consistently publishing valuable content, you can attract more organic search traffic and social media engagement, increasing your brand’s SOV.
- Leverage social media: Build a strong presence on social media platforms where your target audience is active. Regularly share informative and engaging content, respond to messages and comments, and actively engage with your audience. Encourage social media sharing, mentions, and discussions about your brand to increase your social media SOV.
- Optimize for search engines: Implement search engine optimization (SEO) strategies to improve your website’s visibility in organic search results. Conduct keyword research to target relevant search terms, optimize your website’s on-page elements (titles, meta descriptions, etc.), and build high-quality backlinks. Higher rankings in search engines will increase your organic search SOV.
- Invest in paid advertising: Utilize paid advertising channels such as Google Ads, social media ads, or display advertising to increase your brand’s presence in paid search and online advertising spaces. By strategically targeting your ads and optimizing your campaigns, you can gain a larger share of paid search SOV.
- Collaborate with influencers: Partner with social media influencers or industry experts who have a significant following and authority in your niche. Collaborating with influencers can help expose your brand to a wider audience and increase your social media SOV through their endorsements and mentions.
- Monitor and address user reviews: Actively monitor online reviews, ratings, and discussions about your brand or products. Respond promptly and professionally to both positive and negative feedback. Addressing customer concerns and providing excellent customer service can boost positive word-of-mouth and increase your brand’s SOV through user-generated content.
- Understand your competitors: Keep a pulse on your competitors’ activities, messaging, and marketing strategies. Identify any gaps in their SOV and capitalize on those opportunities. Differentiate your brand by highlighting unique features, values, or benefits to attract market share from your competitors.
- Measure and analyze results: Continuously track and analyze your SOV metrics across different marketing channels. Regularly review your performance, assess the impact of your marketing efforts, and identify areas for improvement and optimization.
Remember that increasing SOV is a long-term strategy, and it requires consistent effort, quality content, and active engagement with your target audience across multiple marketing channels.
What is a good SOV percentage?
There is no definitive answer to what constitutes a good Share of Voice (SOV) percentage as it varies depending on the industry, market, and competition. However, a higher SOV percentage generally indicates a stronger presence and visibility for your brand.
It’s important to consider benchmarking against your competitors and aiming for a higher percentage than theirs to gain a competitive advantage. For instance, if your main competitor has a 40% SOV, achieving a 50% SOV would indicate a greater market share and visibility for your brand.
Additionally, it’s crucial to analyze the overall market conditions and your marketing objectives. If you are a new player in the market, achieving a significant SOV percentage may require more time and effort compared to an established market leader.
How can Keyhole help in the SOV?
Keyhole is a social media listening and online monitoring solution that can help in measuring and improving Share of Voice (SOV). It provides valuable insights and analytics regarding brand mentions, engagement, and overall online visibility.
Here are some ways in which Keyhole can help in Share of Voice:
- Monitoring brand mentions: Keyhole allows you to track and monitor mentions of your brand across various social media platforms, news outlets, blogs, and forums. This enables you to understand how often your brand is being discussed and measure its visibility compared to competitors.
- Analyzing sentiment: Keyhole analyzes the sentiment of brand mentions, helping you understand the overall sentiment associated with your brand. This information can be essential in determining the perception of your brand and identifying opportunities for improvement.
- Identifying influencers: Keyhole helps identify influencers who are discussing your brand or industry. Collaborating with these influencers can significantly impact your brand’s visibility and increase its SOV.
- Tracking hashtag performance: Keyhole allows you to track the performance of hashtags related to your brand or industry. This helps you understand the reach and engagement of specific hashtags and optimize your hashtag strategy to increase your brand’s SOV in relevant conversations.
- Comparing against competitors: Keyhole enables you to compare your brand’s SOV with that of your competitors. This allows you to identify areas where your competitors have a higher SOV and take actions to improve your own visibility.
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