When determining where your brand stacks up against the competition, there are countless metrics to measure and track. One of the metrics companies use to gain insight into its share of the market and brand exposure on social media is by tracking its share of voice (SOV). In terms of increasing brand awareness, share of voice is just as vital for small businesses as it is for enterprise level companies.
Continue reading to gain an understanding of what share of voice in marketing is, and to learn how to help your brand maintain and grow its share of voice (SOV) with your website’s organic SEO.
Share of voice is a measurement of the share of communications your company has compared to all of the competition in your industry. Recently, share of voice (SOV) has expanded to include digital marketing, but (SOV) metrics can be calculated for traditional media channels as well (radio, print, TV, etc.). Within digital marketing, (SOV) is divided into three categories:
While share of voice encompasses multiple channels in marketing, today’s post is centered around growing your organic share of voice with your website. Share of voice can be calculated to show where your brand is positioned among all the competition in your industry, or can be narrowed down to your immediate geographic area to show where your brand is positioned compared to local and regional competitor’s.
An increase in share of voice (SOV) is typically associated with increased market share. Increasing your organic share of voice not only helps your organization expand to a wider audience, it favorably positions your company above your competition that may be focusing its efforts elsewhere. During the COVID-19 pandemic, your competition may have scaled back its paid and/or organic efforts, which gives your organization a unique opportunity to increase your brand awareness online. How can you take advantage? By focusing on delivering immediate value to prospects with your website’s content.
Maintaining a publishing cadence has the added benefit of helping your company develop a consistent brand voice. With some companies cutting back advertising spending and content creation, your organization can use this opportunity to grow its organic share of voice. Your organic share of voice is the only channel your organization owns, which makes it essential to growing a brand that doesn’t have to rely on paid advertising alone to extend a message to its audience.
That said, merely creating content consistently so it ranks on search engines and is discovered by your intended audience is only half the battle. Your organization must also be mindful about the type of content it creates. Striking the right tone is paramount.
As a best practice, focus on content creation with the intended purpose to educate your audience. Helpful content created to support your customer will gain more traction than content aimed to promote new products and services. That’s not to say a promotional blog post here and there will drive your traffic away. But look to make these offers minimal compared to content that helps your customers solve the pertinent problems they are currently experiencing.
Your organization can gain additional inspiration by seeing the type of content that the market leader is creating in your industry. Your team will gain insight into the following questions:
Point being, by creating content that helps answer a question or helps your audience solve a problem is the way to earn engagement and in turn, is a way to maintain or even grow your brand’s share of voice (SOV).
During periods of economic uncertainty, brands shift budgets, with marketing and advertising being some of the first investments on the chopping block. History has shown the brands that maintain a consistent marketing presence during a downturn in the economy come out the other end stronger for it, with increased market share. Of course, this also entails creating content that resonates with your audience’s primary concerns.
Calculating your organization’s share of voice for organic search, paid media and social media can be a tricky endeavor if your team isn’t familiar with what metrics to track. If your organization finds itself not knowing where to begin, our team is happy to help. Contact us, and we’ll put a comprehensive plan together that shows where your organization stands among its competition, and where strategic opportunities exist to extend your share of voice and grow its share of the market.