Imagine you’re standing on a cliff overlooking a canyon that stretches far beyond what your eyes can see. You yell as loud as you can, only to realize there are hundreds of other people on neighboring cliffs doing the exact same thing. So much for seclusion, huh?
Now, think of this very same cliff as your digital marketing channels and those on the neighboring cliffs surrounding you as your competitors. Together, you are all shouting into a wide open space that is nowhere near as wide and open as it once was. How do you gauge how much of what you’re yelling is actually being heard and more importantly, being heard by the audiences that matter? What is your brand’s share of voice across the many channels it’s “shouting” from?
What is Share of Voice?
In 2019, what you have to say as a brand will continue to matter, possibly more than it ever has before. Thirty-seven percent of marketers expect their content marketing budgets to increase in the year ahead, which is a good indicator of how much more strategic companies will need to be in targeting audiences. And an even better reason for keeping a finger on the pulse of your brand’s share of voice.
Share of Voice (SOV) is the percentage of the market a brand holds in a given time period compared to that of its competitors—essentially a “share of engagement”. SOV is a key element in developing your competitive analysis.
Measuring Share of Voice
The measurement of a share of voice is approached in a variety of ways, depending on the advertising channel(s) analyzed and competitor data available. To break it down as simply as possible, you’ll be looking to measure the total digital exposure your brand gets over the total digital exposure in your industry and competitor base.
There are tools available to help determine where your brand stands when it comes to its share of voice such as Sycara, AdWords impression share, Brandwatch Analytics, but we’d be remiss if we did not mention PowerPost’s own Content Intelligence software and our ability to easily offer comparison benchmarks to that of your competitors.
If you’re not ready to commit to a technology and would like to do calculate your share of voice manually, we’ve shown you how to do that, too.
How to Impact Your Brand’s Share of Voice in 2019
Understanding your brand’s share of voice will help you more effectively allocate resources. If your presence on social is well received but not ranking on search, you may want to spend more time on SEO and influencer partnerships. Or maybe you’ll want to dedicate even more time to solidify social initiatives while exploring other, less obvious areas of opportunity that have yet to be saturated. It all comes down to your end goals for the year ahead.
Narrow your focus
The larger the canyon you yell into, the more difficult it is to be heard amidst your fellow cliff dwellers. Decrease the size of the playing field by focusing in on long tail keywords you’re better suited to target. This is also where having a deep understanding of your target audiences will come in handy. The better you can predict how they’ll search, the better you can tailor your messaging to correspond with exactly what they’re looking for.
Is your brand’s share of voice falling short? These tips can help you get thoe most from your share of voice!
Make engagement a regular practice
Listening without responding is just as useless to your audience as speaking at them without listening. Whether in Facebook comments, blog forums, or on review sites — if your audience is posing questions and concerns, and receiving nothing in response, your brand is missing out on a huge opportunity from a share of voice perspective. The more you engage and give back to your audience in useful ways, the more likely you are to increase sentiments and drive future mentions.
Develop quality content
Contributing to the conversation is not just a matter of reacting to the needs of your customers, however. It’s about proactively anticipating needs and then using that knowledge to develop the resources that’ll help best meet them. This is why creating quality content as a driving factor in strengthening share of voice is so key to your brand’s marketing efforts in 2019. If you, like many, struggle to remove your voice from your brand’s, we can help!
If you’ve found your share of voice to be lacking in the new year, the work begins now. Learn how you can become a master in brand publishing in just 7 easy steps — download our ebook!