Beyond Likes: Diving Deep into the Share of Voice (SOV) Calculation

Oct 31, 2023
|
Loading the Elevenlabs Text to Speech AudioNative Player...

Goodbye, dreary world of "likes"! It’s time to join the rebellion and dive deep into the expansive ocean of Share of Voice or SOV. Eager to learn more? Well, sit tight, because this is going to be one mind-blowing ride!

Understanding the Concept of Share of Voice (SOV)

Alright rebels, let's not hitch a ride without knowing our destination.

Before we dive deeper into the world of Share of Voice (SOV), let's take a moment to imagine ourselves as DJs at a party. Picture this: you're standing behind the decks, the crowd buzzing with anticipation. The music you play represents your brand's message, and the level at which your beats are heard among the noise is essentially your SOV. Got it? Good.

Now, let's break it down a bit further. Technically speaking, SOV is a measure of your brand's chatter in the market compared to your competitors. It's like being at that party and seeing how much attention you're grabbing compared to all the other DJs spinning their tracks. Are you the one making everyone go wild on the dance floor, or are you blending into the background?

Importance of SOV in Digital Marketing

Why do we care so much about this SOV thing, you ask? Oh, rebel, you're asking all the right questions!

SOV goes beyond the shallow pool of 'likes' and 'shares' on social media. It allows us to delve deeper and discover the true depth of our brand's influence. It's not just about being popular; it's about being heard and remembered.

Think about it this way: imagine you're at a massive rave, surrounded by thousands of people. You want your beats to be the loudest, the most electrifying, and the ones that make everyone lose themselves in the music. That's the kind of impact we're aiming for with our brand, and that's why SOV is crucial in digital marketing.

When you have a higher SOV, you automatically gain more visibility. It's like being the DJ who commands the main stage at the biggest music festival of the year. Everyone's eyes and ears are on you, and your brand becomes the life of the party. It's an exciting place to be, and it opens up countless opportunities for growth and success.

So, rebels, let's aim for more SOV and strive to make our brand's beats the ones that resonate the loudest in the market. Let's be the DJ that everyone talks about long after the party ends.

The Shift from Likes to SOV

Remember when we used to count likes as a measure of success? Ah, those were the days! But now, it's time to leave that comfort zone and join the rebellion.

However, let's take a moment to reflect on the limitations of relying solely on likes as a metric. "Likes" are like fast food - quick, fleeting, and lacking depth. It's as if we were judging the success of a meal based solely on how many fries we ate. Sure, it gives us a sense of satisfaction in the moment, but it doesn't tell us much about the quality of engagement or the overall impact your brand has.

Imagine going to a restaurant and ordering the same dish over and over again. At first, it might be enjoyable, but after a while, it becomes monotonous. Similarly, counting likes as a metric is like dancing to the same song over and over again - it gets old fast! We need something more substantial.

Why SOV is a More Comprehensive Measure

Contrastingly, SOV (Share of Voice) is like a great buffet - there's depth, variety and, most importantly, substance. It's like walking into a restaurant with a wide array of dishes to choose from. Each dish represents a different aspect of your brand's exposure and impact.

SOV allows you to gauge your overall brand exposure by comparing it to your competitors. It tells you if your message is being heard amidst the noise of the market. It's like attending a bustling food festival where you can showcase your unique flavors and see how they stack up against others.

Just like a buffet, SOV provides a comprehensive measure of your brand's performance. It takes into account not only the quantity but also the quality of your brand's presence. It considers factors such as the reach of your content, the engagement it generates, and the sentiment it evokes.

So, it's time we step up and join this all-you-can-eat measurement party! Let's move away from the limited perspective of likes and embrace the broader picture that SOV offers. By focusing on SOV, we can gain a deeper understanding of our brand's impact and make more informed decisions to drive success.

How to Calculate Your Brand's Share of Voice (SOV)

Now that we've talked the talk, it's time to walk the walk. Calculating your brand's Share of Voice (SOV) is crucial in understanding your position in the market and how you stack up against your competitors. Here's a step-by-step guide on how to calculate your brand's SOV:

Identifying Your Competitors

Your competitors are the other DJs at the party. Just like in a real competition, it's important to know who you're up against. Take the time to identify these folks and understand their strengths and weaknesses. Remember, your mix has to be louder and better-indexed than theirs to stand out and capture the audience's attention.

For example, if you are a DJ specializing in electronic dance music, your competitors might include other DJs who play similar genres, clubs that host similar events, and even online platforms that offer similar music streaming services.

Gathering Relevant Data

Can you feel the beat yet? Perfect! The next step is to gather data concerning total mentions of your brand, your competitors' brands, and the industry as a whole. This data will serve as your playlist, providing valuable insights into the overall conversations happening in your market.

There are various tools and platforms available to help you collect this data. Social media monitoring tools, market research reports, and industry publications are great sources to start with. Keep track of mentions, discussions, and any other relevant metrics that indicate the level of buzz surrounding your brand and your competitors.

The Calculation Process

The last step is math. Fear not, my rebellious friend, this isn't as hard as calculus in high school. You simply divide your brand mentions by the total market mentions and multiply by a hundred to get your SOV! Turn that volume up!

For example, if your brand has been mentioned 100 times in a given period, and the total market mentions for all brands in your industry is 1000, your SOV would be 10%. This means your brand holds 10% of the overall conversation in the market.

Calculating your SOV on a regular basis allows you to track your brand's performance over time and make informed decisions to improve your market share.

Remember, Share of Voice is not just about being the loudest. It's about understanding your brand's presence and influence within your industry and leveraging that knowledge to gain a competitive edge. So, step into the spotlight and let your brand's voice be heard!

Tools and Techniques for Measuring Share of Voice (SOV)

Share of Voice (SOV) measurement is an essential aspect of any successful marketing strategy. It allows businesses to assess their brand's visibility and impact in the market. In this article, we will explore various tools and techniques that can help you effectively measure SOV.

Manual Calculation vs. Automated Tools

When it comes to measuring SOV, you have two options: manual calculation or automated tools. Manual calculation involves old-school methods, similar to scribbling song lyrics on a napkin. While it can get the job done, it can be time-consuming and cumbersome, requiring deep pockets of patience.

On the other hand, automated tools offer a more efficient and streamlined approach. They are like the autotune of SOV measurement, saving you valuable time and keeping you on track. Just like how autotune enhances vocals in a song, these tools enhance your ability to track and analyze your brand's share of voice.

Top SOV Measurement Tools in the Market

Now that we understand the importance of using automated tools for SOV measurement, let's take a closer look at some of the leading options available:

  • Brandwatch: Known as the grandmaster flash of SOV tools, Brandwatch offers comprehensive features and advanced analytics. It allows you to monitor and analyze your brand's share of voice across various channels and platforms.
  • Netbase: Consider Netbase as your very own digital PR manager. This tool provides real-time insights into your brand's share of voice, allowing you to identify trends, track sentiment, and measure the impact of your marketing efforts.
  • Hootsuite: Dubbed as the James Brown of social listening, Hootsuite brings the funk when it comes to measuring SOV. With its robust suite of social media management features, it enables you to monitor conversations, engage with your audience, and track your brand's share of voice across various social platforms.

These are just a few examples of the top SOV measurement tools available in the market. Each tool offers unique features and capabilities, so it's essential to choose the one that aligns with your specific needs and goals.

Remember, measuring your brand's share of voice is crucial for understanding your market position, identifying areas for improvement, and staying ahead of the competition. By utilizing the right tools and techniques, you can gain valuable insights that will help you make informed decisions and drive your brand's success.

Interpreting and Utilizing SOV Results

Okay, we've got the tools, and we know how to use them. Next up is interpreting the results:

What a High SOV Indicates

A high SOV is like having the most requested song at the party. It means your beats are loud, your brand stands out, and you're essentially the superstar DJ of the marketing world. High five, rebel!

Imagine being at a party where everyone is dancing to your beats. The energy is infectious, and you can feel the excitement in the air. That's what a high Share of Voice (SOV) is like in the marketing world. It means your brand is dominating the conversation, capturing the attention of your target audience, and leaving your competitors in the dust.

When your SOV is high, it's a clear indication that your marketing efforts are resonating with your audience. Your messaging is on point, your content is engaging, and your brand is establishing itself as a leader in the industry. It's a cause for celebration and a testament to your hard work and creativity.

Strategies for Improving Your SOV

What if you're not the superstar DJ yet? Well, remember, every top player started from the bottom. So, keep playing, keep experimenting and most importantly, keep pushing the boundaries.

Building a high SOV requires dedication and a willingness to take risks. It's about constantly evolving and finding new ways to captivate your audience. One strategy to improve your SOV is to engage with your audience on a deeper level. Listen to their needs, understand their pain points, and create content that addresses those challenges. By doing so, you'll build a loyal following and increase your brand's visibility.

Another approach is to create compelling and shareable content. Think outside the box and come up with innovative ideas that will make your audience stop scrolling and pay attention. Whether it's a thought-provoking blog post, an entertaining video, or an interactive quiz, find ways to make your brand stand out from the crowd.

Remember, building a high SOV takes time and effort. It's not something that happens overnight. But with persistence and a willingness to learn from your successes and failures, you'll not only be creating your own remixes but leading the rebellion in your industry. Let's do this, rockstars of the digital world!

Chris Kubbernus
CEO

As CEO of Kubbco, Chris leads the company's vision and uses his 20 years of advertising experience to drive results for our clients.