Are you a marketing professional and don’t know which indicator to use to measure and quantify your work?
So that this doesn’t keep you up at night, we’ll explain a metric that will allow you to determine the level of participation of your company or brand in the market. Of course, we’re referring to Share of Voice (SOV).
Share of Voice is a KPI that represents the market share or percentage that your company has of the total investment made in your business sector in terms of advertising , promotion, marketing, among others.
With the fervent digital revolution in which we currently find ourselves, this definition acquires a lot of application value, since the Internet represents the best tool to advertise your company or brand.
Without a doubt, this is a technique you should explore and we will tell you what it is all about.
What is the Share of Voice (SOV) calculation formula?
Knowing that Share of Voice is a metric singapore telegram data that determines your brand’s market share compared to the competition, it is clear that calculating it requires a mathematical formula.
This is the generic calculation:
Your brand’s advertising value / Market’s advertising value = SOV
Now, the SOV can be adapted to different environments.
In what contexts does Share of Voice apply?
Share of Voice is a fairly extensive technique that can be used as an indicator in various contexts. Learn about 2 of them.
1. Social networks
The calculation of SOV as a social media crm platform can boost the success of a business metric seeks to collect all customer mentions where your brand appears in a specific online social structure such as Twitter .
Let’s say that in September a trending topic about the global crisis emerged with 2,000 tweets and your brand was mentioned in 1,000, that is, this gives us a Share of Voice of 50% on this social network.
In this way, you will be evaluating how well-known your brand is, how and how much people talk about it when compared to your competition.
2. Advertising campaigns
Advertising is one of the best marketing ba leads weapons. You may be wondering how to measure this wide range of commercial strategies. Here we tell you !
Example
You are a successful entrepreneur who has an advertising campaign for your beer during Super Bowl LIII. Let’s imagine that 30,000 people commented or mentioned something about your beer online and 500,000 people talked about beer in general.
The way to calculate it is the same:
SOV = 30,000 users who talked about our beer / 500,000 users who commented on any beer = 0.06%.
Now, with this data you already know your market share in relation to the competition. The next step is to evaluate all, or the vast majority of your competitors, to find out the different levels of participation of each of them.
If the result is negative, that is, other brands have a higher percentage than yours, you must redefine your strategy because something is wrong.
What to do with SOV data?
Evaluating the results and making decisions based on them is an essential task that will determine the success of the campaign.
First, we need to evaluate the data and determine the positive and negative factors, both for us and for our competition, in the same time period and with the same segmentation.
Which will allow you to do an analysis a priori or a posteriori.
- Short term : You will need to include automated processes to monitor the performance of your platform as it happens.
- Long term: You should keep track of information of interest to plan more advanced campaigns.
In addition to this, you need to incorporate measurement tools that give you greater security and veracity in obtaining data, such as, for example, Google Analytics .
To finish
A campaign defines its success even before it is executed. Choosing the right metrics is a fundamental aspect of our marketing strategy, in this way, we can measure our actions and determine the good course of our tactics.
To properly define your social media campaign, I recommend reading this social media glossary to ensure you have an effective impact. Enjoy reading!