Undeniably, social media has come out to be a competitive space that has been rising for many years. It has been gaining the attention of your audience’s since its inception. Gathering your audience attention and interacting with them has been challenging, but now, with social media, it has become easier than ever for a share of voice calculation too.
When you are trying to make your company’s presence on social media, make sure you ask yourself, ‘Is your company capable enough to stand among your competitors?’ In a case, if you are not sure of the answer, then the share of voice is a factor that needs to be measured.
Share of Voice
Have you ever learned about the share of voice? If not, then you are at the right place. SOV (Share of Voice) is a marketing factor that compares customer engagement and brand awareness against your business rivals. In simple words, it can be said that how much you control conversation within your industry will be gauged. In past years, companies used this thing to measure share on paid advertising.
But these days, it has a broader perspective that has also combined different aspects of digital marketing, including Indian Social Media. Using many social listening tools, one can know what people are saying about their brand, reach, hashtags, impressions, etc.
When you start tracking your share of voice calculation on social media, you can easily compare your performance to rivals. Not only this, but it also creates a reflection of your social media marketing inputs. This way, you can start exploring those areas where you lack behind and try to find out what your audience is saying about you and your rivalries.
Why is it essential to track SOV?
There are many reasons why SOV is vital to consider. Without SOV, you may lack many things and get a hard time finding a way to beat your competition. Knowing the current position of your company in the market is the primary benefit of SOV. In addition, you can deal with ongoing challenges and get a wide range of growth opportunities with the below-mentioned factors in your mind:
- Audience engagement: All you need to do is track and sentiment insights to boost your brand voice. By doing so, interacting with your audience will become easy, and it will drive your content and an engagement strategy.
- Challengers: Keeping SOV on social media in consideration will help you explore new opponents in the market. It also lets you calculate their SOV and compare it with yours. Once you have new rivals on the list, then you can find a way to improve your social media strategy.
- Budgets: Once you run social media campaigns and track SOV, it gives you a chance to identify the social media channels you need to invest in and focus on. You can easily differentiate which channel will reap higher benefits in the next campaign.
How to measure SOV on social media?
There are two ways to calculate the share of voice calculation on social media: manually or using a paid social media listening tool. No matter which method you choose to track SOV, you need to understand its basic formula, which is as follows:
Social SOV= Total industry mentions / your brand mentions * 100
Here is the list of some tips that businesses need to incorporate when they are going to measure their Share of Voice:
- share of voice calculation is the best step to take the initiative. There are internal analytical tools that one can use, like Instagram Insights, Facebook Insights, Twitter Analytics, etc. Prepare an excel sheet, mention all your findings from a particular social media platform, and compare it with your competitors. Making a comparison between you and your rivals will let you know how your customers distinguish you from other brands.
- Another thing to collect is the mentions. With this complete data, you can consider different segments, including age, gender, demographics, or location. It would be a good idea to take this new insight as a benefit and start creating new strategies to enhance engagement.
- Identifying engagement plays a contributory role in calculating the share of voice. When you start identifying your audience, it shows that you are listening to your audience, and at the same time, you can solve their issues or address questions. Upon interacting with them continuously for longer, they will begin to trust you, increasing your brand mentions.
- A paid social listening tool can also assist you in calculating SOV. Please select the best paid social media listening tool online and start using it.
To become an industry influencer, measuring your SOV on Indian Social Media can be an excellent tool that you should not ignore at all. New ideas and strategies to improve your customer engagement on social media will come to your mind, so make it a part of your social media marketing efforts.