Share of voice (SOV) is a marketing metric that measures the amount of media exposure a brand gets compared to its competitors. It evaluates the brand's visibility and presence in advertising or other channels relative to the total market activity.
But there’s something else — something deeper — you need to know about share of voice.
Garnering a majority share is more challenging than ever, making it a necessity to deploy innovative strategies for overcoming the competition. And that’s what this article is about.
Let’s get started.
Share of Voice: Its Role in Digital Marketing
Share of voice may not be your “Northstar metric,” but that doesn’t make it any less important. Start by garnering an understanding of these three points:
Your brand’s current share of voice
Your primary competitors’ current share of voice
The steps you can take to boost your brand’s share of voice
There’s no right or wrong way to calculate share of voice, but you must have a defined method to determine your baseline.
For example, you might choose to calculate share of voice based on the volume of social media impressions or press mentions compared to your competitors. Or you could focus on the percentage of ad spend within your industry.
Each approach will give you a different perspective on your brand's market presence and competitive standing.
Tip: you don’t have to focus solely on one method of calculating share of voice. For instance, it’s okay — and preferable in most cases — to track social media, press mentions, and ad spend.
With that in mind, let’s look at some of the many ways to boost your brand’s share of voice.
1. Leverage Accounts Payable (AP) Automation to Amplify Share of Voice
Accounts payable is evolving quickly due in large part to the widespread digital changes happening in every industry imaginable.
If you want to take advantage of these changes, here’s the question you need to answer: how can you use AP to increase your share of voice and subsequently drive new business?
Let’s start with this idea.
AP is no longer a back-office function. Instead, it’s become a strategic driver of new business.
Here’s how:
Streamlines financial operations: Frees up resources by automating routine tasks, allowing for more focus on strategic marketing efforts.
Fosters innovative marketing and advertising campaigns: With operational efficiencies, teams can dedicate more time and resources to creating campaigns that increase brand visibility.
More data insights: Provides valuable spending insights for a more targeted and efficient marketing budget allocation.
Redirects resources: Saves money and time, which can be reinvested into marketing strategies to amplify your brand's voice.
You’ve got to get rid of your old-school mindset and step into the modern world of accounts payable. That’s the only way to improve AP efficiency to elevate your brand’s share of voice.
2. Diversity by Investing in Digital Assets
Here’s something you may not have considered. Investing in digital assets can enable more effective marketing strategies and foster financial stability.
Let’s examine this in greater detail:
Enhanced marketing and advertising budgets: Digital investments can lead to increased revenue streams which provides more funds for marketing and advertising efforts.
Greater financial stability: A diversified investment portfolio can improve a brand's overall financial health. With that, it can better weather market and economic volatility.
Innovative marketing opportunities: With financial health secured, brands can explore new and innovative marketing channels and technologies, such as artificial intelligence and blockchain-based initiatives.
Data-driven decision-making: Investments in digital assets are likely to provide valuable data insights. With this, you can implement more targeted and effective marketing campaigns.
Brand differentiation: Differentiating your brand from the competition can help boost visibility — both in current and new markets — and share of voice.
The question you now need to answer is this: which digital assets should your company invest in to boost its share of voice, expand market share, and, ultimately, increase revenue?
3. Take Cues From Your Competitors
You need to focus more time on your brand than you do tracking your competition. But don’t make the mistake of assuming there’s nothing to learn from them.
Taking cues from your top competitors could be the key that unlocks a greater share of voice in your market. Here’s what you need to focus on:
Monitor competitor strategies: While prioritizing your brand's development, keep an eye on the tactics your competitors use effectively to enhance their market presence.
Learn from successes and failures: Analyze both the successes and failures of your competitors to identify opportunities for improvement and innovation in your strategies.
Adopt and adapt: Identify successful tactics used by competitors and consider how these can be adapted and integrated into your own strategies to increase your share of voice.
Benchmark performance: Use competitors as benchmarks to measure your brand’s performance and progress in increasing share of voice and market penetration.
Innovate but don’t imitate: While taking cues from competitors, focus on innovation to not just replicate but also to surpass their tactics. Remember, you want to create unique marketing strategies that set your brand apart. That’s what leads to a greater share of voice.
It’s hard to draw the line between ignoring your competitors and spending too many resources tracking their every move. The best approach is to monitor them closely enough to understand their positioning. Use your findings to pinpoint areas of weakness and use them to gain a greater share of voice.
Remember this: there’s a good chance that your competitors aren’t taking the same approach to increasing their share of voice. If you can beat them to the punch, you have a leg up on your journey to becoming your market’s leader.
Final Thoughts
Understanding and optimizing the share of voice is critical for gauging your brand's market influence and competitive stance. Without this, you’re always guessing how you’re stacking up against your competition.
As noted above, there are many creative strategies you can employ to directly and indirectly boost your brand’s share of voice.
From adopting advanced solutions like AP automation to investing in digital assets, enhanced market visibility and competitive edge are closer than you may believe. You just need to take action.
Comments