When it comes to dominating your market in today’s digital-oriented world, reigning on social media is the name of the game for competing brands. Establishing an online presence serves as one of the key pillars that keep modern businesses standing tall despite the saturated landscape, making social media a powerful marketing tool for increasing visibility.
There’s no doubt that businesses strive to gain the spotlight in heavy-hitters like Facebook, Instagram, TikTok, Twitter, and other social channels, but how do you know your stake in the market? That’s where the share of voice takes center stage, one that plays the role of measuring your authority in the market.
What is Share of Voice (SOV)?
Share of Voice measures your brand’s position in the market, which allows you to compare your visibility and reach compared to your competitors. Knowing where your popularity and appeal stand in your audiences’ perspective can offer valuable insights into your performance.
Some critical pointers SOV can offer include the following metrics a competitive analysis and the success rate of your marketing campaigns. The more you know about your market share, the better strategies you can craft to propel forward.
SOV Metrics You Can Measure
- Organic keywords;
- PPC keywords;
- Social shares;
How Do You Calculate Your Share of Voice?
The list above shows the most important metrics you can use to determine your share of voice, which completes the following commonly used formula: your brand metric / total market metric X 100.
If you find the results less than satisfactory, remember that the digital space is fleeting. As market trends come and go, you can also deploy new strategies to widen your market share and strengthen your Share of Voice. Here are some easy ways to do it:
Monitor Your Audience’s Perception of Your Brand
Use internal analytics tools from Facebook, Instagram, Twitter, or other social networks to monitor your audience’s thoughts about your brand.
You can also use paid social listening tools like Hootsuite to receive alerts when someone mentions your brand. Additionally, you can also use the findings to compare the market’s awareness of your competitors’ brands and reveal your position in the race.
Increase Mentions by Engaging with Customers
Social media bridges the gap between brands and customers, so it makes sense to use the channel as intended: to make deeper and more meaningful connections with your audience. When you answer questions, address issues, or simply engage your customers in interesting conversations, you can build your brand awareness and organically grow your Share of Voice.
The Bottom Line: The Role of Share of Voice in Enhancing Your Brand Visibility, Boosting Your Market Share, and Improving Your Growth Strategy
When done right, you can use SOV to fuel your momentum and solidify a more authoritative position in your industry. By knowing what your audience thinks of your brand and how much market share you hold, you can create better engagement campaigns and maximize your marketing efforts since you know which channels would offer the most value.
Who Can Help You?
If you’re looking for a creative agency in California that will help you build your business and create a strong online community, C/C/G can help you.
We’re a full-service digital marketing agency that focuses on developing strategic and creatively driven output that unlocks innovative solutions that connect your brand to your clients and customers. Learn more about how we can help you today!