Share of Voice

The share of voice is the part of your market that you dominate compared to your rivals. It indicates the visibility of your brand and how much you have a say in your industry. More market share means bigger authority and popularity among the people. The share of voice is not only about the company’s paid advertising share in a fast-paced marketplace but is also about different elements of advertising and digital marketing which includes traffic for specific keywords and mentions on social media websites. Knowing your share of voice is essential to understand your challenges and place in the industry or the market giving you insight about how to captivate customers and achieve rapid growth. How to calculate the share of voice? All you have to do is to find the target metric of your brand. Divide it by the total in the industry or market. You should multiply the answer by 100% to get a percentage of your estimated share of voice. You can see the formula down below: The metric of your brand / The total metric of the market x 100% There are lots of free or paid tools on the internet which determine your share of voice automatically. Those tools use the same formula and use different metrics to conclude about the market share of your brand. What can be measured with the share of voice? These metrics can help you calculate your share of voice: Revenue Impressions Organic keywords Reach Pay Per Click (PPC) keywords Hashtags Mentions What are the benefits of measuring share of voice? Some of the benefits measuring share of voice are indicated below: Understand your place - Measuring share of voice will help you see the bigger picture, how competitive the market is and where you stand. In these days, the marketplace is quite competitive and fast-paced, thus it is essential to know what part of the market you own as a business owner. The share of voice can help you target your audience. Your total share of voice will give you a general view. However, if you can dig deeper, you will see that your share of voice in particular places are entirely different. In one city, your share of voice might be relatively higher than the others. So it might be a good idea to focus on the places you perform better and target your audience. As you know, you can target people based on their age, gender, location, interests and so on. Taking your share of voice a bit further will help you target your audience better. Evaluate your performance - If you have recently launched a marketing campaign, whether it is Google Adwords, other types of digital marketing or even traditional marketing, calculating the share of voice will help you determine how your campaign has performed. Could you increase your share of voice? Do you own a bigger part of the industry? You will instantly find answers to these questions once you calculate the share of voice. Improve your future efforts - You can learn a lot from your mistakes by determining the performance of your past marketing campaigns. If you had done something wrong, you would get it right the next time.

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