Every business wonders how much they dominate the conversation in their industry.
That’s what online share of voice can tell them. It’s an important factor for any brand looking to grow on the digital shelf.
So, how do you calculate yours?
In this article, we discuss online share of voice at length, asking what it is, why it is so crucial, and how you can leverage it to make the gains your company needs.
What does online share of voice mean?
Essentially, online share of voice is how many people within your industry are talking about you as a brand.
Online share of voice covers what competitors and customers are saying about your company. If a shopper mentions you on social media, for better or worse, they are adding to your online share of voice.
Share of voice online is key to determining market share. As all businesses know, greater market share means increased likelihood of customers purchasing your products over those from competitors. This is why share of voice is so important; it can help you win at the digital shelf!
What can you measure with online share of voice?
Some metrics you should consider when analysing online share of voice include:
- Organic (SEO) keywords
- Pay per click (PPC) keywords
- Impressions (on-site, through social media, etc.)
Benefits of measuring online share of voice
Several areas where measuring online share of voice could come in handy include:
Market-wide competitor analysis
Competitor monitoring has always been important for businesses looking to gain ground online, but analysing share of voice throughout the web means you’ll get a clearer picture of just how competitive your target market is – and whether you’ve already started making an impact.
Segmentation of target audiences
Online share of voice tracks who is saying what about your brand, so you can identify which audiences are most receptive to you. With this information, you can begin segmenting your shoppers into categories – by location, socio-demographics, buyer behaviour, etc. – and tailor your marketing plan accordingly.
Want to know if your recently launched campaigns have been successful? Check SOV metrics across all relevant channels for any gains; these should indicate that your brand messaging and activity execution were effective.
Reports focusing on your online share of voice can be used to formulate future long-term growth strategies in this area. Their insights will allow you to target relevant social conversations, expand your reach, and get your voice heard by the right audience at the right time.
How do you measure online share of voice?
One way to calculate online share of voice for a specific metric is to divide that metric by the total number in your market/industry. Then, multiply by 100 to get your percentage of market share.
See equation below:
Brand metric / Total market metric x 100
In practice, this could take many forms. For example, if you’ve got branded mentions appearing 140 times out of 200 across your entire market, that gives a 70% online share of voice – and establishes you as market leader!
Detailed breakdowns of your company’s online share of voice can give you plenty more actionable insights; invest in digital shelf analytics software like Magpie DBX to obtain this info.
Improving online share of voice with Magpie DBX
Magpie DBX has a wide range of tools that can be tailored to your business and illustrate how it is performing across the digital shelf.
For example, our brand prominence tool highlights where your share of voice is strongest, as well as the channels that require improvement.
Want to learn more about how Magpie could give your business’s online share of voice the boost it deserves? Get in touch with us today and request a demo!
Also, check out our social media for the latest marketing updates from the Magpie team.