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Marketing is a competitive landscape, and sometimes even having the greatest products or services is not enough. Businesses must establish themselves as leaders and be more visible across places that actually matter and thus capture the attention of their audiences.
A brand’s online presence in the marketplace has become more critical and it is important for businesses to start mapping the industry and gaining competitive advantage through share of voice. Below we will discuss what is share of voice and why is important, how it can benefit your business, and the top 3 share of voice tools that businesses can use.
First, let’s have a look at what is Share of Voice
Share of voice also refers also as (SOV) is a critical marketing metric that compares a brand’s total advertising or marketing communications to its competitors. Share of voice serves as a gauge of a brand’s presence and visibility in the market. Is a helpful metric for businesses that want to measure how well they are performing compared to their competitors in terms of ad reach, social media mentions, and website traffic. Traditionally, SOV describes the share of a brand’s advertising on traditional media channels, such as print, radio, or television, compared to its competitors. Though, the term has now expanded to include other metrics on brand awareness, such as the number and reach of online mentions, pay-per-click (PPC) campaigns, website traffic, and more as everything went digital.
Why is Share of Voice important for Businesses
When businesses monitor and analyze analyzing the share of voice, they can gain valuable insights into their market share and growth potential. Additionally, it can help them identify gaps in their marketing strategy and find new ways to improve their brand’s visibility in order to stay ahead of the competition.
Four main reasons why SOV is important:
- Market share: SOV can give you a better understanding of market share, by letting you know how much conversation your brand is dominating in your industry.
- Insights on potential opportunities: SOV can give you insights on potential opportunities, and it can help you identify potential growth opportunities in your market. For instance, if you notice that your SOV is lower on social media compared to your competitors, you can focus on improving your social media strategy to increase brand visibility and engagement rates.
- Increased brand awareness and loyalty: A higher SOV can lead to better brand recall and customer loyalty. When you consistently monitor and improve your SOV, you can adopt new marketing strategies to stay top-of-mind with your target audience.
- A benchmark for success: SOV is also a powerful metric for benchmarking your success against competitors. When measuring your SOV over time, you can track your progress and identify areas that you can improve to increase your competitive edge.
The top 3 share of voice tools that businesses can use include:
Digimind is one of the most intelligent social media monitoring platforms that uses AI and machine learning to help brands track their online reputation and gain insights into their industry and competitors. With the help of Its social listening tool, businesses can monitor online conversations across various social media platforms, blogs, news sites, and forums. The tool provides real-time data on sentiment, volume, and engagement, enabling brands to track their SOV and identify areas for improvement.
Semrush is a comprehensive digital marketing platform that provides a range of tools for SEO, PPC advertising, content marketing, and social media management. Semrush can help you monitor your SOV as it offers a competitor analysis tool that enables businesses to track their performance for specific keywords and phrases compared to their competitors. Also, Semrush’s position tracking tool can estimate the fraction of a target audience’s attention that a brand gets by analyzing the total combined volume of all their keywords and comparing it to their competitors.
TrendHERO is one of the most powerful influencer marketing platforms out there. TrendHERO specializes in Instagram, and its main purpose is to help businesses calculate their SOV on the platform. Through its mention impact tool, you can track who has mentioned your brand’s Instagram account and how it has impacted your follower count. TrendHERO can also help businesses understand their reach and influence within their target market as well as identify potential collaborations with influencers who have a significant impact on their audience.
Further, this unique platform offers a range of other tools and features that can help businesses with their influencer marketing campaigns on Instagram. It can also do a competitor analysis and monitor account analytics, ad posts, and stories, and it has the ability to check an influencer’s audience authenticity score through a fake follower check.
If you want to grow your business and stay ahead in the game, tracking your brand’s share of voice is very important. With the help of the top SOV tools for 2023, you can monitor your brand’s online presence, identify areas for improvement, and make informed decisions that boost your marketing strategy.
Source: Influencer Marketing Hub