Share of voice (SoV) is a marketing metric used to compare a company’s visibility to that of competitors.
Detailed Explanation
Share of voice measures brand awareness by showing how much a business dominates a particular channel, such as social media mentions or digital advertising traffic. The greater the SoV, the more visible the company is.
A high SoV influences purchasing decisions. If your brand is the most talked about in the industry, consumers will see you as a tried-and-true company and prefer your product over competitors.
To calculate SoV, you must first determine which channel you wish to measure. Then, use the necessary analytics to measure your position and the total market’s measurement.
For example, a brick-and-mortar bicycle shop (let’s call it A’s Bikes) determining SoV for social media mentions finds it receives 3,000 tags per month of the 12,000 total mentions of local bike shops:
SoV = # of A’s Bikes mentions / Total market meadurement x 100 = 3,00012,000 x 100 = 25%