Share of voice is a crucial SEO term that primarily showcases an individual’s or brand’s visibility within a specific market or sector. Frequently utilized in competitive analysis, it can offer substantial insights, facilitating strategic planning and enhancing marketing outcomes. Hereby, we embark on a comprehensive exploration of ‘share of voice’.
What is share of voice?
Share of voice (SOV) is used to measure the prominence of an advertiser, brand, product, or even an individual within a specific market segment or advertising medium. It takes into account various aspects such as search engine reach, ad exposure, social media engagement, and more. SOV aims to provide an objective measure of the 'noise' a brand makes in proportion to its competitors, therefore is a significant indicator of market presence and reach.
For clarity, consider share of voice as the representation of your brand’s voice compared to the voice of your competitors within a specific space. For instance, if your brand posts fifty blogs in your industry, and all the competitors collectively post five hundred blogs, then your brand’s SOV in the blog posting domain is 10% (50/(50+500)). This percentage represents your brand’s visibility or presence among the competition.
That said, understanding ‘share of voice’ is not just about looking at numbers on a competitive scale. It facilitates the leverage of strategic positioning, steering relationships with customers, and making tactical changes based on what’s happening in the industry. Comprehending share of voice serves as the cornerstone to successful branding and marketing initiatives.
Why is share of voice important?
The significance of share of voice stretches across multiple domains, playing an essential role in brand popularity, market dominance, and competitive positions. It’s an exemplary tool to measure your brand’s health and determine your marketing strategy’s effectiveness.
First and foremost, SOV provides a concrete indicator of your brand’s visibility against its competitors, which is vital for both strategic planning and performance evaluation. With a robust SOV, brands can confidently project that they are top-of-mind for consumers, and hold a strong market stance. As a result, the higher your SOV, the greater your market penetration.
Further, share of voice can drive consumer choice, influencing buying behavior. A substantial SOV often equates to greater brand awareness and popularity, leading to increased trust and credibility among consumers. Ultimately, a strong SOV can help you when consumers are making purchasing decisions.
Lastly, SOV mirrors marketing campaign performance. It measures the campaign’s effectiveness and provides crucial data to reassess, tweak, and enhance your approach. Overall, regularly monitoring your share of voice can help ensure your brand stays proactive and competitive in the ever-evolving digital landscape.
Types of share of voice
Share of voice can be broken down into three essential types: Paid SOV, Earned SOV, and Owned SOV.
The Paid SOV refers to any paid form of media used for promotion. This could be print ads in a magazine, billboards, or digital platforms like Google ads or promoted posts on social media. The key aspect here is that you pay to make your voice heard.
Earned SOV pertains to attention or publicity you earn through word-of-mouth, customer recommendations, social shares, or press mentions. It’s quite similar to how one earns a good reputation. Essentially, it’s like free publicity achieved not through self-promotion but via customer satisfaction, excellent service, or quality products.
Owned SOV refers to the media channels owned or controlled by the brand, such as its website, blogs, newsletters, or social media profiles. Here, the brand is entirely in control of its voice, crafting the content and messages that it wishes to share with its audience.
Examples of share of voice
Coca-Cola vs. Pepsi
In cola wars, Coca-Cola consistently outperforms Pepsi in terms of SOV. Coca-Cola’s consistent ad presence and aggressive marketing campaigns have resulted in a more substantial SOV, thus impacting its brand perception and dominance in the industry.
Apple vs. Samsung
In the smartphone market, Apple and Samsung continuously aim for the highest SOV. Industry research suggests that Apple’s launch of the iPhone 12 saw the brand dominate the SOV, accounting for approximately 30% of the total digital coverage worldwide.
Nike vs. Adidas
In the athletic wear sector, both Nike and Adidas maintain substantial SOV but in different avenues. While Nike dominates in more traditional methods like TV and print ads, Adidas has carved out a considerable SOV in the digital and social media spheres.
Handy tips about share of voice
Understanding and utilizing share of voice can be complex, but with the right approach, it can be transformed into a powerful tool in your marketing arsenal. Here are some handy tips:
Regular check on SOV
Consistently monitor your SOV to check your brand’s health and competitive standing within the industry. Brainstorm the causes behind a low or declining SOV and implement strategic measures to boost it progressively.
Use SOV to direct strategy
As SOV provides insights into your brand’s visibility, use it to guide your marketing strategy. A high SOV indicates that your strategies are working. On the contrary, a low SOV should prompt a closer examination and potential strategic shift.
Keep an eye on competitors
Understanding your SOV involves grasping your competitors’ standings. Monitor their tactics to understand how you can differentiate yourself and increase your share.
Conclusion
In a nutshell, the concept of ‘share of voice’ serves as a significant contributing factor in a brand’s overall market presence. Functioning as a critical tool for competitive analysis, it enables brands to recognize their positioning within the industry and develop streamlined marketing tactics to increase visibility and brand awareness.
From Paid to Earned to Owned SOV, understanding the varied types is integral to a comprehensive marketing strategy. Similarly, using real-world examples such as Coca-Cola versus Pepsi or Apple versus Samsung, further provides a tangible understanding of how SOV plays out in different markets.
Moreover, key strategic takeaways like regularly monitoring SOV, aligning it with your marketing strategy and keeping an eye on competitor movements, may enable your brand to maintain a substantial share of voice. As a result, with a more significant market share, better engagement, and a robust brand identity, your business can enjoy long-term sustainability and growth.
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Frequently Asked Questions
What is the difference between Owned, Earned, and Paid SOV?
Owned SOV refers to the media a brand controls, such as their website, blog, or social media profiles. Earned SOV is the attention garnered from word-of-mouth or customer recommendations or views. Paid SOV involves any medium where the brand has paid for visibility, such as print ads or promoted posts on social media.
How can a brand increase its share of voice?
A brand can increase its SOV by implementing various tactics, such as improving its content strategy, increasing its advertising spending, fostering customer engagement, and leveraging SEO for better online visibility. Additionally, monitoring the competition and adjusting strategies accordingly can also contribute to a higher SOV.
What role does SOV play in digital marketing?
In digital marketing, SOV helps measure a brand’s online visibility and awareness, which directly correlates to its online reputation and customer engagement. It allows marketers to gauge the competitiveness of their marketing strategies and make necessary adjustments to improve their online visibility and engagement.
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