Learn all about digital marketing, we have built this glossary to help you understand everything to thrive in online marketing and promoting your website or business.
What is Share of Voice?
Share of Voice (SOV) is a quantifiable metric in the digital marketing realm that represents the proportion of marketing efforts, or 'conversations' about your brand compared to those of competitors. These conversations can occur in various digital spaces including organic and paid search, social media platforms, website mentions, and more. The higher your Share of Voice, the more dominant you are in the marketplace.
The SOV can be calculated by dividing your brand’s measures (like brand mentions) by the total measures in the market and multiplying the result by hundred. It basically gives you a percentage of market share that your brand occupies.
It's a helpful tool to determine the effectiveness of your marketing strategies and to gauge where you stand against your competition. Thus, SOV provides insights into market penetration and brand popularity.
Share of Voice’s Role in Digital Marketing
Share of Voice plays a crucial role in assessing the overall performance of digital marketing campaigns. It offers an unbiased perspective of a brand's presence and its interaction with audiences in comparison to its competitors.
In digital marketing, SOV assists in identifying the level of visibility a brand has in its market segment. Thus, it helps in setting realistic objectives for advertising campaigns, optimal budget allocation and in re-evaluating the marketing strategies.
Moreover, SOV has a perpendicular relationship with brand equity. An increased SOV can indicate higher consumer mindshare and brand preference, making it a key metric for enhancing brand equity and reputation in digital marketing.
Share of Voice Examples
An example of SOV can be illustrated in social media ad spending. If there are 1000 social media ads in a specific category and your brand places 200 of them, your SOV would be 20%.
In the context of SEO and pay-per-click (PPC) marketing, if your website appears in 40 out of 200 total search results, your SOV is 20% again.
In essence, SOV acts as a quantifiable indicator of your digital presence. Understanding it, allows brands to implement effective strategies to enhance their reach, whether it's by boosting social media posts, investing in PPC advertising, or improving SEO efforts.