How to measure Share of Voice across your digital marketing
Measuring Share of Voice is a great way to understand how your marketing efforts are paying off. But you can also use this insight to improve your strategy and win more share!
What is Share of voice (SoV)
Share of Voice is sometimes referred to as share of market, meaning the space you own in your market compared to your competitors. Specifically, SoV calculates the efficiency of your marketing and reveals your visibility online.
Calculating Share of Voice
As digital marketing has grown, so too has the metrics we need to consider in order to determine a true SoV online.
The simplified equation for figuring out SoV is:
Your brand advertising / Total market advertising = Share of Voice
The good news is that with all the analytics tools now at our disposal, free and otherwise, we have a wealth of accurate data to work with.
Share of Voice: Social Media
Your share on social media requires you to look at your brand mentions across social platforms. This approach is customer focused as all your data comes directly from your audience’s shares.
To calculate social SoV you need to be able to track brand or product mentions over a time period. A tool such as Brandwatch’s social listening platform allows you to track your brand mentions and those of your competitors.
Once you have both your mentions and your competitors’, divide your mentions by total mentions (i.e. yours and your competitors’ combined) and x100 to get a SoV percentage.
(McDonalds brand mentions / total fast food brand mention) x 100 = McDonald social SoV
(20,000 / 100,000) x 100 = 20%
Share of Voice: PPC
Pay Per Click SoV can be found using your Google Adwords data.
When looking at your campaign tabs, add the ‘search impression share’ column by selecting to modify the columns and going to the competitive metrics drop down.
This gives you the percentage of times your ads appeared to users compared to the potential amount of times they could have been shown.
You could potentially improve your ad share by spending more – however if you bid tactically, using search data and OVS, you can increase your share across the right terms that you’re not already ranking for organically to increase spend efficiency and avoid share overlap.
Share of Voice: SEO (organic search)
Your SoV for organic search concerns your visibility in search engine results for your relevant keywords.
Ranking well for these keywords means you have strong SEO, and therefore, good visibility. The more visibility you have the more likely you are to garner traffic to your site.
Calculating your organic search SoV can be tricky, and most companies opt to use a Share of Voice tool, such as Pi’s Market Intelligence report. This report includes global and historical SoV / share of value, enabling you to identify the opportunities in your market and benchmark your current performance.
A Share of Voice chart shows the most up-to-date snapshot of the top 30 sites within your market.
Share of Voice: Homeware sector
You can also drill-down into keyword categories for a more focused view.
A Share of Voice over time graph showcases the top 12 sites from the Share of Voice chart, giving you insight on performance over time, seasonal trends and market-level analysis.
Share of Voice overtime: Homeware sector
Using a Share of Voice tool shows you not just a SoV percentage for your own site, but the SoV of all your competitors across all of your search term categories.
Calculating SEO Share of Voice without enterprise tools
Finding your SoV without an enterprise tool is a pretty laborious task, and the accuracy isn’t great either; using free tools only provides limited data. Google Search Console, for example, only provides page 1 data, and you aren’t able to choose your keyword focus. So you have no idea about your rankings beyond page 1 or if the data is hugely relevant – you get what you’re given essentially.
Also, as search volume (and sometimes your performance) can fluctuate, your manual calculation may be out of date after a month or so, which means you’d have to run the calculation fairly frequently.
The importance of Share of Voice
Calculating Share of Voice across digital marketing channels will give you a clear idea of your competitors; there may be some that aren’t focusing on SEO, or have little social presence. You may also discover competitors you didn’t know existed or operated in your space, as well as topics you never knew you had ownership of.
With this information you’ll understand where the competition is and what threat they may pose, as well as what new opportunities competition may bring; from PR through to partnerships. This insight may even lead you to using smarter strategies with differing focuses on different channels.