Share of Voice is one of the tools to measure the value of PR and to justify this investment. In this post, we will be explaining the elementary way of looking at Share of Voice and some other ways that can elevate the way you look at Share of Voice.
Measuring media relationships is a very strong topic of conversation that keeps marketers anxious at night when trying to decide which metrics to measure.
However, there is a good reason for this concern. Budgets are tight and a lot of CMOs and other executives are demanding to see value for their investments.
Whether it’s PR or social media, these executives want the promise of great ROIs before they continue to invest or fund in certain marketing programmes. Public Relations is therefore accountable for the decisions that they make and the agencies that they hire.
A lot of hard questions are asked of these agencies or marketing consultants. Every executive wants to know what is the value of PR and how can they justify an investment to their CMO or boss.
What is Share of Voice?
Share of Voice (SOV) is a metric that measures the portion of ad inventory available to advertisers in a defined market.
It is a metric often laughed at by marketers but it is still a metric in KPI that is used by many marketing organisations throughout the world.
Here are the questions that we often get asked:
“Is Share of Voice a relevant data point?”
“Does it matter if my Share of Voice is 25% vs 50%?”
Share of voice is not the only datapoint but it is an impactful data point which matters a lot when the measurements are done correctly.
In simple words, Share of Voice (SOV) means counting coverage or how many times your business was mentioned in the media.
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How to Calculate SOV?
Let’s take a recent example. We are all working from home due to the Covid-19 pandemic so many companies are using technology such as video conferencing to communicate with teams and customers to make it more interpersonal as we are mainly isolated.
One company that comes to mind in this regard is Zoom, which is a video conferencing solution. Zoom is becoming a consumer household name and you can hear people all over schools, colleges and homes talking about ‘zooming’ others.
If we wanted to measure their Share of Voice, we might look at the last 30 days and find out how many times Zoom was mentioned in the media and let’s say that number is 50.
Then we would look at their competitors like WebEx or GoToMeeting and find out how many times they were mentioned.
Then we would total this all up and divide by the respective subtotals and we will get a percentage of Share of Voice. It might be 20%, 25% or even 50% but that is a very elementary way to look at Share of Voice because there is no context.
Elevating The Share of Voice Metric
Let’s discuss the four different ways to elevate the understanding of Share of Voice.
This is quite self-explanatory but it means building a buoyant that excludes your competitors.
Measuring Just Exclusives
This refers to tracking whether your brand is mentioned in the headline or is it in the body. If your brand is mentioned in the headline, it will be a bit more relevant than if it was in the body.
It doesn’t matter if your competitors were mentioned or not. If your company such as ‘Zoom’ was mentioned in the headline, that would be a very valuable piece of coverage to include in your measurement.
Another way to think about this is taking your media list (Top 50 or 100) and measuring your Share of Voice against that list.
Not only does that eliminate spam, but it shows you a more accurate representation of how relevant you are in the media that matters the most to you.
Let’s take this a step further by doing these two things simultaneously i.e., looking at exclusive coverage, whether your brand was mentioned in the headline or the body and also exclude your competitors.
It is important when doing this that you follow the same technique with your competitors i.e., their exclusive coverage and excluding competition including you.
Some people in the industry might disagree with looking at exclusive coverage. If you think about it, how often are people reading the full text of an article?
They might see an article on social media or Google search, they read the headline and the sub-heading and skim through the rest of the article.
They do not read the full article given how dynamic and busy we are as professionals.
When people see the headline and your brand is mentioned in it, not only does it drive mindshare, but it also drives visibility on Google.
So, the more coverage you have with your brand in the headline, the more real estate you’ll have on Google and we all know that earned media content has the shelf life of pretty much forever.
Segmenting The Content Sources
When you are measuring the Share of Voice coverage, make sure that you segment the content sources.
In other words, pull just news media when looking at Share of Voice, do not consider social data or data from Reddit or other forums.
This does not mean that it is not important to look at that data because you do want to look at the context of the conversation but the way that people talk about your business on those platforms is very different from the way journalists are talking about you in the media.
Things You Can Measure With Share of Voice
Share of Voice lets you measure the following metrics:
- Impressions on content, website and posts etc.
- Revenue that you generate from marketing activities.
- Mentions you get on media platforms.
- Organic Keywords you target.
So, we have discussed that Share of Voice is a good statistic for measuring brand awareness because if people are not talking about you, they may not know about you and therefore are not going to buy from you.
However, it is important to elevate the way we all look at this metric to understand its true potential and drive marketing success. That will be all for this post. If you are looking for all sorts of cool digital marketing services, give us a call.