Did you know that you can measure the amount of attention your brand is getting compared to your competition? It’s called share of voice (SOV), and it’s a valuable metric for understanding how well your digital marketing is resonating with customers. But share of voice measurment isn’t just about measuring visibility – it can also help you gauge mindshare, which is a key indicator of brand strength. In this post, we’ll explain what SOV and mindshare are, and discuss some benefits of measuring them. Stay tuned – we’ll also provide tips on how you can start tracking SOV for your business.
Share of voice definition
Share of voice (SOV) is a metric used to measure a company’s mentions share relative to its competitors. It is calculated by dividing the company’s total mentions by the total market mentions (all competitors and the company). This metric is important to track because it can give you an idea of how well your company is performing compared to your competitors.
For brand’s share of voice measurment you can use the same share of voice formula, just count brand mentions and competing brand’s mentions.
For brand share of voice measurment, use the same share of voice calculation; just count brand mentions and competing brands’ mentions.
Mindshare definition
Mindshare is a term used to describe the level of awareness and attention a brand commands in the market. It is calculated by dividing the number of people who are aware of a brand by the total population. If your mindshare is low, then you may need to invest in more marketing efforts to increase your visibility. Keep reading for more information on how to track and improve your mindshare!
The main difference between mindshare and voice of share
The main difference between mindshare and voice of share is that mindshare is calculated by tracking the number of times a brand is mentioned online, while voice of share is calculated by calculating the company’s share of voice relative to its competitors.
How to Measure share of voice
The first step in calculation your company’s share of voice (SOV) is to gather data on how often your company is mentioned online compared to your competitors. There are a few different ways to do this:
1. Count social media mentions. Use a social media monitoring tool like Sprout Social or Hootsuite to track the number of mentions your company and competitors receive on major social media networks.
2. Use Google Alerts to track the number of times your company and competitors are mentioned on the web.
3. Use a website crawler like Screaming Frog to track the number of pages on the web that mention your company and competitors.
Once you have this data, you can calculate your company’s SOV by dividing the number of mentions by your competitors and yours. Keep in mind that this metric is relative, so it’s important to track your company’s SOV over time to see if it’s trending up or down.
How to track your company’s mindshare
To track your company’s mindshare, you can use a variety of methods including surveys, market research studies, and focus groups.
You can also use social media monitoring tools to track the number of people who follow or engage with your brand on social media platforms. This data can then be used to measure the level of awareness and recognition your company has in the market.
Share of Voice vs. Share of Market
It’s important to note that Share of Voice (SOV) and Share of Market (SOM) are two different metrics. SOV measures how often your company is mentioned compared to your competitors, while SOM measures the size of market share your company holds relative to its competitors.
Both metrics are important for understanding the position and performance of your business compared to your competition.
By tracking both SOV and SOM over time, you’ll be able to make informed decisions about how best to invest in marketing efforts and stay ahead of the competition.
Why is it important to measure Share of Voice and mindshare?
There are a few key reasons why it’s important to measure your company’s Share of Voice (SOV) and mindshare:
1. To measure your company’s visibility and awareness in the market.
A company needs to be visible and have brand awareness in the market to be successful. Without visibility and awareness, a company can’t generate any interest or sales.
2. To track the success of your marketing efforts.
A company needs to track the success of its marketing efforts in order to determine whether or not its campaigns are effective. Measuring your company’s Share of Voice (SOV) and mindshare is one way to do this. By tracking SOV and SOM over time, you’ll be able to see if your marketing efforts are helping your business grow or if you need to make changes.
3. To understand how you compare to your competitors.
A company needs to track how it compares to its competitors in order to make informed decisions about where to allocate its marketing efforts.
4. To make informed decisions about where to invest in future marketing efforts.
Ways to improve your company’s share of voice and mindshare
There are a few things you can do to improve your company’s share of voice and mindshare:
1. Invest in marketing efforts to increase your visibility online. This could include paid advertising, SEO, and social media marketing.
2. Develop content that resonates with your target audience and promotes your brand values. This could include blog posts, infographics, videos, and social media posts.
3. Increase the frequency and quality of communication with customers and stakeholders. This could include responding to customer reviews, issuing press releases, and participating in industry events.
4. Monitor competitor activity and find ways to differentiate your brand from theirs. This could include developing unique selling propositions or investing in creative marketing campaigns.
The benefits of improving your share of voice and mindshare
There are several benefits of improving your company’s share of voice:
1. Increased visibility online
When you have a high SOV, it means that you’re generating more buzz than your competitors online. This can lead to increased traffic and leads for your business.
2. Increased brand awareness
When people see your company mentioned more often than your competitors, it increases the likelihood that they’ll remember who you are and what you do.
3. Improved customer loyalty
When customers feel like they’re getting more value from you than they are from your competitors, they’re more likely to stick with you over time.
4. Increased market share
As you continue to increase your SOV, you’ll gain more market share and eventually overtake your competitors.
Different types of share of voice
1. SEO share of voice
SEO share of voice is the percentage of total mentions on the web that your company gets compared to your competitors. You can track your company’s SEO share of voice using SEO tools. Increasing your company’s SEO share of voice can lead to more traffic and leads for your business.
2. Social media share of voice
Social media share of voice is the percentage of total mentions on social media that your company gets compared to your competitors.
3. PR share of voice
PR share of voice is the percentage of total mentions on the web that your company gets compared to your competitors.
4. PPC share of voice
PPC, or pay-per-click, advertising is a form of online advertising where you pay for each click on your ad. To measure your company’s PPC share of voice, you need to track the number of clicks on your ads compared to the number of clicks on your competitor’s ads. This will give you a percentage that shows how often people are clicking on your ads compared to your competitors.
The best Paid and Free share of voice tools
Google Alerts – a free tool for share of voice calculation
To track your company’s share of voice, you can use Google Alerts to monitor the frequency and volume of online mentions of your brand compared to your competitors.
1. Go to https://www.google.com/alerts and sign in with your Google account.
2. In the “Alert me about” field, type in the name of your company and any relevant keywords.
3. In the “How often” field, select “As it happens”.
4. In the “Where” field, select “On the web”.
5. Click on the “Create alert” button.
6. You’ll now be able to see a list of all the recent online mentions of your company and competitors. You can use this data to track your company’s SOV over time and see how it compares to your competitors.
Hootsuite Insights for share of voice on social media
To track your company’s share of voice on social media, you can use Hootsuite Insights.
1. Sign in to your Hootsuite account and go to https://insights.hootsuite.com/.
2. In the “Networks” tab, select the social networks you want to track your company’s SOV on.
3. In the ” timeframe” drop-down menu, select “Last 7 Days” or “Last 30 Days”.
4. In the “Compare with” field, type in the name of your company and any relevant keywords.
5. Click on the “search” button.
6. You’ll now be able to see a graph that shows how often your company is mentioned compared to your competitors on social media over the selected time period. You can use this data to track your company’s SOV over time and see how it compares to your competitors.
Mention for share of voice on social media
To track your company’s share of voice on social media, you can use the Mention tool.
1. Go to https://www.mention.com and sign up for an account.
2. In the “Search” field, type in the name of your company and any relevant keywords.
3. Click on the “Search” button.
4. You’ll now be able to see a list of all the recent online mentions of your company and competitors. You can use this data to track your company’s SOV over time and see how it compares to your competitors.
SocialMention for share of voice on social media
1. Go to https://www.socialmention.com and sign in with your account.
2. In the “Search” field, type in the name of your company and any relevant keywords.
3. Click on the “Search” button.
4. You’ll now be able to see a list of all the recent online mentions of your company and competitors.
5. Scroll down to the “Share of Voice” section and you’ll be able to see a graph that shows how often your company is mentioned compared to your competitors on social media over the selected time period.
Abrefs for SEO share of voice
Abrefs is a tool that helps you track your company’s SEO share of voice.
1. Go to https://www.abrefs.com and sign up for an account.
2. In the “Search” field, type in the name of your company and any relevant keywords.
3. Click on the “Search” button.
4. You’ll now be able to see a list of all the recent online mentions of your company and competitors.
5. Scroll down to the “SEO Share of Voice” section and you’ll be able to see a graph that shows how often your company is mentioned compared to your competitors in search engine results over the selected time period.
Examples of companies with successful SOV and mindshare strategies
Examples of companies with successful SOV strategies include Coca-Cola, Apple, and Amazon. These companies have all developed unique strategies that have helped them stand out from their competitors.
Coca-Cola is a good example of a company that has successfully leveraged its brand power to achieve a high SOV. The company has been using marketing slogans like “Share a Coke” and “Taste the Feeling” to increase its visibility online. As a result, Coca-Cola’s SOV is consistently higher than its competitors.
Apple is another good example of a company with a successful SOV strategy. The company has invested heavily in branding and product design, which has helped it become one of the most recognizable brands in the world. Apple’s SOV is also consistently higher than its competitors thanks to its strong marketing efforts.
Amazon is the final company that we’ll mention here. Amazon has been extremely successful in leveraging its ecommerce platform to achieve a high SOV. The company has developed unique features like Prime and Amazon Web Services that have helped it become the dominant player in the ecommerce space. Amazon’s SOV is also consistently higher than its competitors.
Conclusion
Share of voice, mindshare, and SEO share of voice are all important metrics to track if you want to measure your company’s online visibility and success. By tracking these metrics, you’ll be able to see how your company compares to its competitors and make changes to your marketing strategy accordingly.