FIND YOUR CONSULTANT
JOIN OUR COMMUNITY
FIND YOUR CONSULTANT
JOIN OUR COMMUNITY
Resources >

The Ultimate Guide to Marketing Analysis >

Share of Voice Analysis

Share of Voice Analysis

Goal of the analysis:

The goal of share of voice (SOV) analysis is to measure the brand’s visibility and prominence in the market compared to competitors. By evaluating the proportion of mentions, impressions, or advertising presence, this analysis helps organizations understand their competitive positioning and identify opportunities to enhance market share.

Data required:

  • Brand Mentions Data:

    1. Total number of mentions across online and offline platforms.
    2. Breakdown by source (social media, news outlets, blogs, forums, etc.).

  • Competitor Mentions Data:

    1. Total mentions for key competitors.
    2. Segmented by the same sources for direct comparison.

  • Impressions Data (Optional):

    1. Estimated audience size or reach of each mention.
    2. Data from paid, earned, and owned media.

  • Ad Spend Data (Optional):

    1. Brand’s advertising spend by channel.
    2. Competitor advertising spend estimates from market research tools.

Detailed step-by-step instruction on how to conduct the analysis:

  1. Collect Brand Mentions Data

    • Use social listening tools (e.g., Hootsuite, Brandwatch, Meltwater) to gather mentions of your brand across social media, news outlets, forums, and blogs.
    • Organize mentions by channel and timeframe.

  2. Collect Competitor Mentions Data

    • Use the same tools to gather mentions for key competitors.
    • Ensure consistency in the data collection process (e.g., same keywords, channels, and timeframe).

  3. Calculate Total Mentions

    • Combine brand and competitor mentions to calculate the overall mentions in the market.
    • Example: If your brand has 500 mentions and competitors have 1,500 combined, the total mentions are 2,000.

  4. Calculate Share of Voice

    • Use the formula:                                                                                                                    Share of Voice (%)=(Your Brand Mentions÷Total Mentions in the Market)×100
    • Example: SOV=(500÷2000)×100=25%

  5. Analyze by Channel

    • Break down SOV by channel (e.g., social media, news outlets, blogs) to identify where your brand performs well and where competitors dominate.

  6. Include Impressions or Ad Spend (Optional)

    • Calculate SOV based on impressions:                                                                      Impressions SOV (%)=(Your Brand Impressions÷Total Market Impressions)×100
    • Calculate SOV based on advertising spend:                                                                           Ad Spend SOV (%)=(Your Brand Spend÷Total Market Spend)×100 

  7. Visualize the Results

    • Use pie charts or bar graphs to compare SOV across competitors and channels.
    • Create trend lines to track changes in SOV over time.

  8. Benchmark Against Industry Standards

    • Compare your SOV to industry benchmarks or competitor averages for a clearer understanding of your position.

Format of the output of analysis:

  • Summary Report:

    • Overall SOV percentage.
    • SOV breakdown by channel and competitor.

  • Graphs and Charts:

    • Pie chart comparing brand SOV with competitors.
    • Bar chart showing SOV by channel.
    • Line graph tracking SOV trends over time.

  • Insights Section:

    • Key takeaways from the analysis (e.g., channels where the brand is underperforming).

How to interpret results:

  • High SOV:

    • Indicates strong brand visibility and dominance in the market.
    • Suggests effectiveness in advertising, PR, or content strategies.

  • Low SOV:

    • Highlights a need for increased efforts to improve visibility.
    • Indicates competitors may have more effective campaigns or strategies.

  • Channel-Specific Insights:

    • A high SOV on a specific channel suggests a strong presence there, which can be leveraged further.
    • A low SOV on a specific channel indicates areas for improvement or investment.

Steps a company can take to improve on this measure:

  1. Increase Content Creation

    • Publish high-quality, engaging content across all relevant platforms.
    • Focus on topics and formats that resonate with your audience (e.g., blogs, videos, infographics).

  2. Boost Advertising Efforts

    • Allocate more resources to underperforming channels.
    • Optimize ad targeting to reach a larger and more relevant audience.

  3. Engage with Influencers

    • Collaborate with industry influencers to amplify brand mentions and reach.
    • Focus on influencers with audiences aligned with your target market.

  4. Leverage PR Campaigns

    • Pitch stories to media outlets and journalists to increase coverage.
    • Focus on creating newsworthy events, product launches, or partnerships.

  5. Enhance Social Media Engagement

    • Actively participate in conversations, respond to mentions, and use trending hashtags.
    • Encourage user-generated content to increase organic mentions.

  6. Monitor Competitor Activities

    • Analyze competitors’ high-performing campaigns and adapt strategies accordingly.
    • Use competitive intelligence tools to track shifts in their SOV.

  7. Track and Adjust in Real-Time

    • Use real-time monitoring tools to track SOV changes during major campaigns.
    • Adjust strategies promptly to counter competitor moves.

Benchmark Comparisons:

General Share of Voice Metrics

  • Overall Average Share of Voice: The average share of voice typically ranges from 10% to 30% for established brands within competitive markets. A higher percentage indicates a stronger presence and greater brand visibility compared to competitors.

Industry-Specific Share of Voice Benchmarks

  • E-commerce:
    • In the e-commerce sector, brands often achieve an SOV between 15% and 25%. For instance, a popular online retailer might report a share of voice of 20%, reflecting strong engagement on social media and high visibility in online advertising campaigns.
  • B2B SaaS (Software as a Service):
    • B2B SaaS companies generally experience lower SOV, averaging between 10% and 20%. A SaaS provider might have an SOV of around 15%, driven by targeted content marketing and thought leadership initiatives that resonate with their audience.
  • Travel and Hospitality:
    • The travel industry often sees higher SOV benchmarks, ranging from 25% to 40%. Airlines or hotel chains leveraging loyalty programs may report an SOV of 30%, benefiting from positive customer experiences shared on social media and travel review platforms.
  • Food and Beverage:
    • In the food and beverage sector, average SOV typically ranges from 10% to 20%. A restaurant chain might achieve an SOV of about 15%, influenced by local advertising efforts and community engagement initiatives that encourage customer word-of-mouth.
  • Healthcare:
    • In healthcare marketing, share of voice can vary widely but generally falls between 15% and 30%. A health insurance provider might achieve an SOV of around 25%, reflecting strong brand recognition through community outreach programs and patient engagement strategies.

Key Metrics for Measuring Share of Voice

  1. Total Brand Mentions: The total number of times the brand is mentioned across various channels (social media, news articles, blogs).
  2. Total Market Mentions: The total mentions of all competitors within the same timeframe.
  3. SOV Calculation: Calculated using the formula:
    Share of Voice=(Your Brand Mentions÷Total Market Mentions)×100
  4. Engagement Metrics: Analyzing likes, shares, comments, and overall engagement related to brand mentions can provide insights into audience sentiment.
  5. Competitive Analysis: Regularly comparing your brand’s SOV against competitors helps identify trends and areas for improvement in marketing strategies.

 

Contact us at [email protected] for a full list of sources.

Find a marketing consultant
The Ultimate Guide to Marketing Analysis
Table of Contents