Share Of Voice Software
When you and your team select metrics to track your content, it can be overwhelming to choose the most beneficial measurements for your business. You want to gauge key details without overlooking anything significant; at the same time, you do not want to overwhelm yourself with information.
One metric that we think everyone should track, which often goes overlooked, is called share of voice.
The share of voice definition may seem complex on the surface, but it is in fact fairly straightforward. To put it most simply, share of voice is generally defined as the measurement of the market your brand owns, compared to the amount your competitors own, across all digital channels. It essentially measures your brand awareness on a specific channel. It’s accepted as a leading indicator of your market share.
Some key terms that you will want to remember include:
- Share of voice: Calculates brand awareness and customer engagement
- Share of search: Brand awareness and category dominance in organic search
- Share of market: Calculates the total market percentage controlled by a single company by revenue or number of customers
The actual process of tracking share of voice can vary depending on which platforms you prefer to use. Fortunately, there is share of voice software that can make the process easy and straightforward. There may even be a share of voice tool available for particular channels, including social media platforms, paid advertising campaigns, and organic search results.
In this guide, we will cover:
- What share of voice means in different contexts
- Why share of voice is important for marketers to grasp
- The differences between share of voice and share of market
- How to calculate share of search and share of voice
What is Share of Voice?
So, what is share of voice exactly?
As briefly mentioned above, share of voice is a relatively general term that can seem abstract to some. Most people define it as the measurement of the market you own compared to how much your competitors own. It is worth noting that share of voice is defined slightly differently for advertising and social media purposes, however.
If you work within these realms, you will then want to consider more carefully: what is share of voice in advertising, and what is share of voice in social media? Fortunately, these distinctions are quite simple to make.
Share of voice in advertising calculates the total amount you spend on paid advertisements versus the total amount everyone in your market spends on paid advertisements combined.
On the other hand, share of voice in social media, also known as social share of voice, defines your share of conversation on social media platforms versus the total conversation of all other competitors in your market. Your share of conversation basically outlines how often and how much your brand or products are mentioned on social media. It is an excellent way to measure your company’s popularity and gauge your industry authority.
Why is Share of Voice Important?
Sometimes, it can be difficult to determine exactly where you stand in your industry, especially when that industry is crowded. Share of voice is important simply because it will help you understand where your brand fits within the industry, which makes it easier to set achievable goals. More specifically, you can compare the types of content your competitors are creating in order to improve your own, or you can look at examples of unsuccessful ad campaigns to learn what not to do. However, if you are wondering how to increase share of voice quickly, you will need to invest more money in your marketing efforts.
Your share of voice is an approximate measurement of your brand’s popularity or authority in your market. Generally speaking, share of voice will often correlate with the share of revenue your company earns. In other words, if your marketing is the most visible in the digital space, and resonating well with your audience, the success and growth of your business will reflect this.
We understand that finding a practical share of voice example can be difficult, especially if this is a new concept for you. We also understand that how illustrative an example is will depend upon your specific industry and the context provided. That is why at Demandwell, we are happy to provide share of voice examples to clients as needed.
Share of Voice vs Share of Market
To get the most out of your marketing efforts, understanding the differences between share of voice v share of market is key. As such, you should be able to easily identify their similarities, as well as what makes them distinct.
Share of voice determines how popular or well-known your brand is, whereas share of market calculates your company’s share of revenue compared to the entire market. Comparing these two metrics will give you your share of spending:
Here are some definitions that you will want to remember:
- Share of spending: This is a breakdown of all your marketing channels and what percentage of your total marketing budget is going towards each marketing channel.
- Share of market: This represents how much revenue your company holds compared to the rest of the market.
- Excess share of voice: This measures the difference between share of voice and share of market (by percentage)…If you have more share of voice than share of market, it’s said that you have excess share of voice.
When you compare your share of spending with your share of voice for a certain channel, such as social media ads, SEO, and paid advertising efforts, it will inform you if you need to modify your marketing budget. If your share of market is below your share of voice, this is defined as excess share of voice. Brands that reach this balance tend to grow since their brand presence is more apparent online.
The excess share of voice calculation subtracts the difference between share of voice and share of market. For example, if your share of voice is 12% and you have a 10% share of market, then your excess share of voice would be 2.
How to Measure Share of Search
As you calculate your share of voice, it is also beneficial to determine your share of search. If you are wondering how to measure share of search, this term can fortunately be defined fairly succinctly. Share of search measures the amount of web traffic your company gets from specific keywords or phrases compared to the total amount of traffic your competitors receive from the same keywords. Reviewing your share of search metrics will help you improve your SEO strategy and gain deeper insights about your competitors. When you know how to calculate share of voice vs a competitor, you are much more likely to come out on top.
The good news is that calculating your share of search is as cheap as it is simple. In fact, it does not have to cost anything to you at all.
That is because one of the easiest ways to calculate share of search is by using Demandwell’s free share of search report. This simple tool will explain your share of search results, including share of search Google results, and compare this information to your top competitors. We will also offer a share of voice analysis and give you tips to improve your share of voice SEO.
In other words: you do not have to navigate this strange territory alone. We will give you all the tools you need to make sense of share of search to ensure that you understand where both you and your competitors stand and how you can surpass them most effectively.
How to Calculate Share of Voice
In theory, the formula that lays out how to calculate your share of voice is simple: just divide your brand’s traffic by the total market traffic. However, depending on how many channels, platforms, or advertising campaigns you want to monitor, these numbers can get difficult to keep track of on your own. Luckily, you can use a share of voice calculator or run a share of voice report to expedite this process.
If you have a social media automation tool, you can easily figure out how many mentions your brand received over a certain period of time. From there, you can calculate the number of mentions your top competitors have received in the same timeline. Then, you can get your share of voice metric by adding the total number of mentions and dividing that number by the amount of mentions your company had.
If you want a quicker (and likely more accurate) share of voice tool, there are several specialized features for most platforms and online channels. For expert advice and recommendations, our team at Demandwell can help you get started! We will give the tools you need to accurately calculate your share of voice so that you can better strategize how to outsmart your competitors.