Share of Voice (SOV)
In
online advertising, Share of Voice measures the advertising activities done by
your brand towards target consumers, relative to your competitors. The
measurement is calculated based on frequency, reach, impressions, ad ratings,
etc. on social media platforms, blogs, websites or any other places from where
your target audience can hear from brands. SOV helps in reporting brand awareness,
brand equity and target consumer engagement your brand owns versus your
competitors.
SOV
method values the quality of ads more than the quantity. In online advertising,
SOV is calculated for organic and paid search and social media as well. Prior
to calculations, identify the media you will be focusing on, competitors for
your brand and the methodology for calculation. At times it is based on the
total number of exposures versus your brand exposures or it is calculated based
on total engagements versus engagements received for your brand, aka Share of
Engagements (SOE).
For
example, if a leading apparel brand publishes 30% of advertisements for jeans,
it has a 30% of SOV within the jeans product group and a particular SOV within
the fashion industry as a whole. But the latter value would be lower due to
high competition level from other brands and apparel type within the industry.
To
increase SOV of your brand, create content that increases engagement and brand
awareness. The more they see and interact with your brand, the more likely they
are to remember your brand and its content. For that, it is important for the
brands to create a meaningful presence in social media platforms and provide
opportunities for customers to actually engage with the brand rather than just
advertising.
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