SOV, or “share of voice,” is a term used in marketing to describe the percentage of market share that a particular company has. It can be measured in terms of either revenue or volume.

In other words, SOV is a way to measure how dominant a brand is in relation to its competitors.

This can be important for businesses to track because it can help them determine whether they are reaching their target audience and whether they need to make any changes to their marketing strategy.

Why Does SOV Matter?

Businesses with a high SOV are usually doing well in terms of market share and brand awareness.

On the other hand, businesses with a low SOV may need to make some changes to their marketing strategy in order to increase their market share.

There are several factors that can affect a company’s SOV, including advertising spend, media coverage, and online visibility.

Advertising spend is often one of the most important factors when it comes to increasing or maintaining a high SOV.

This is because advertising allows companies to reach a wide audience and create brand awareness.

Media coverage is also important when it comes to SOV. This is because media coverage can help improve a company’s reputation and make it more visible to potential customers.

Online visibility is another important factor when it comes to SOV. This is because customers are increasingly using the internet to research products and services before making a purchase.

Businesses with a strong online presence are more likely to be seen by potential customers and generate sales.

auction insights google adsAuction Insights, Google Ads

How Can You Measure Your SOV?

Share of Voice: Media

To measure your company’s SOV, you can start by looking at your media coverage.

You can track the number of times your company is mentioned in the news, on social media, and in other online platforms.

social listening

Image Source: Sprout Social

You can also look at the number of times your competitors are mentioned in these same platforms.

This will give you an idea of how visible your brand is in comparison to your competitors.

There are a number of social listening tools that can help you track and measure mentions of your brand, relevant keywords, and direct customer feedback through tags and DMs.

Share of Voice: Advertising

Another way to measure your company’s SOV is to look at your advertising spend.

You can track how much money you are spending on advertising and compare it to how much your competitors are spending.

This will give you an idea of how much visibility your brand has in comparison to your competitors.

Share of Voice: Google Ads

Similar to SOV, Google Ads also measures how often your ad appears on Google in comparison to your competitors:

Impression share

Calculated by how often your ad appears when eligible vs your competitor.

google ads search impression share

This can be a useful metric to track because it will give you an idea of how visible your brand is in the online space.

For example, if your impression share is around 32% and your competitor is at 93%, then, for this example, your competitor would have a significantly larger SOV.

Share of Voice: Online Visibility

You can also measure your company’s SOV by looking at your online visibility.

This can be done by tracking the number of times your website appears in search results and the number of visitors to your website.

You can also track the number of social media followers and engagements you have.

This will give you an idea of how visible your brand is online in comparison to your competitors.

competitor analysis

How Can You Improve Your SOV?

There are a number of ways that businesses can increase their SOV. Some of these include increasing advertising spend, improving media coverage, and increasing online visibility.

Increasing advertising spend is often the most effective way to increase SOV. This is because advertising allows companies to reach a wide audience and create brand awareness.

Improving media coverage is also an effective way to increase SOV. This is because media coverage can help improve a company’s reputation and make it more visible to potential customers.

Finally, increasing online visibility is also an effective way to increase SOV. This is because customers are increasingly using the internet to research products and services before making a purchase.

Businesses with a strong online presence are more likely to be seen by potential customers and generate sales.

How To Calculate SOV?

There are a number of ways to calculate SOV. The most common method is to take the total number of impressions and divide it by the total number of impressions for all competitors.

Another way to calculate SOV is to take the total number of ad spend and divide it by the total number of ad spend for all competitors.

Use this free tool to calculate your share of voice.

What Is A Good Share Of Voice?

A good share of voice varies depending on your industry and business goals.

For example, if you are a small business in a competitive industry, then a good share of voice might be around 20%.

If you are a large business in a less competitive industry, then a good share of voice might be around 50%.

The important thing is to track your share of voice over time and compare it to your competitors to see how you are performing.

Final Thoughts

SOV or “share of voice” is an important metric for businesses to track. It measures how visible your brand is in comparison to your competitors. There are a number of ways to calculate SOV, including looking at advertising spend, media coverage, and online visibility.

A good share of voice varies depending on your industry and business goals. The important thing is to track your SOV over time and compare it to your competitors to see how you are performing.

If you want to learn more about share of voice, then contact a marketing consultant today. They will be able to help you understand this metric and how it can be used to improve your business and overall strategy.

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