How to Improve Your Social Media Share of Voice
The social media marketing landscape has been difficult to navigate, with many businesses competing for the attention of their target audiences.
But how can you know if your company is being heard clearly on social media? There is a particular metric called share of voice (SOV) that can aid you with this.
What is share of voice (SOV) on social media?
When vying for market share on social media, share of voice is your compass for determining where your business stands. It can assist you in figuring out how you stack up against your competition and who your audience prefers to hear.
When it comes to social listening and competitor analysis, share of voice is where it all comes together. It can also help you improve your social media strategy and analytics.
- Are your products and services mentioned in conversations that are relevant to your industry?
- In comparison to other companies in your industry, how engaging is yours?
Answering all of these questions and staying on top of your marketing performance will be easier with share of voice. It will also allow you to assess your brand's awareness and customer engagement.
Share of voice began as a concept intended to compare media spending, but as the digital marketing industry matured, it expanded to include the online presence in general. This is accomplished by analyzing keyword mentions on social media and traffic.
Here's an example of what you may learn about your share of voice by measuring it. It's a comparison of how restaurants in the United Kingdom fare on social media in terms of post volume and market share for social engagement.
Why is share of voice on social media valuable?
Let's take a look at why you should include SOV in your social media plan.
Recognize your target market
Monitoring your share of voice on social media will help you gain a better understanding of what your target audience is saying about your brand or a specific topic.
You can not only figure out where you stand in those discussions by analyzing keywords, but you can also learn about your audience's interests and behavior on social media. SOV assists you in better understanding consumer opinions, wants, and preferences.
Research the competition
You can learn about your competitors' strengths and shortcomings with SOV. You can examine their campaign feedback thoroughly and learn or be inspired by any changes you can make to your social media strategy.
Compare yourself to the competition
When it comes to social media, SOV gives you a large picture of where your brand sits in the market. The information can also assist you in determining why someone picks your brand over others. Perhaps your customer service is superior to those of your competitors, or you offer superior product packaging. SOV will assist you in gaining some insight into this.
In the example of restaurants in the United Kingdom, one of the insights provided by SOV is a comparison of average social involvement.
This number could represent your social media market share.
Find out about new products or market prospects
Monitoring SOV might help you come up with fresh ideas for products or markets. You might discover unusual trends or niche prospects for your brand by listening to the discussion on social media.
Look for hidden treasures in the content
SOV provides you with a road map for finding amazing content for your target audience. So keep an eye on it on a regular basis, and you might discover new ways to interact with your community or attract new leads.
How do you calculate social media share of voice?
When it comes to determining your share of voice on social media, you have two options:
Make use of a formula and a keen analytical eye
Using the following formula and calculating your performance on a regular basis is one way to ensure you're getting good SOV insights.
[Your brand metrics / total market metrics = Share of Voice]
This formula can be used across all of your marketing channels. Just keep in mind that it may need to be tweaked depending on the channel's capabilities and limits.
Use specialized tools to your advantage
There is a different way to get amazing results with SOV while saving time and money on research. You can always rely on tools to make your business run smoothly.
It can quickly measure and illustrate SOV in graphics, allowing you to make the best marketing decisions possible.
3 tips for increasing your social media share of voice
Now that you have grasped how to obtain data on SOV, it's time to put what you've learned into action and ensure that your total marketing outcomes increase.
Here are some helpful suggestions for increasing your share of voice on social media.
Tip 1: Maintain a social media presence that is active and consistent
Knowing who you're talking to is the first step. SOV can be an excellent approach to expand your knowledge, but the harsh cycle requires you to first actively post content, connect with your audience, and only then use your SOV insights to your social media strategy.
Make sure you test the optimal time to post on social media for your brand.
Tip 2: Engage and exhibit your brand's human side
There's a reason why social media is called that. People go there to interact with other people, and brands are expected to do the same.
Tip 3: Create content that your audience will enjoy
Your social media approach revolves around content. Make sure you pay attention to the signals your SOV metrics are sending you and incorporate them into a suitable content plan.
Allow your customers to shine through with their thoughts and opinions by using compelling content forms. Don't forget to think about involving creators and influencers on social media who are aligned with your brand's vision.
That's all there is to it!
Ensure that your brand's voice is heard on social media, and begin tracking your share of voice and benchmarking it against the competitors.