Share of Voice: How It Works and Why It is So Important for Digital Marketing

Coming from the background of marketing and advertising, the term Share of Voice is not definitely a term that’s utterly new to you. But still, there are some marketers who are rattled by such complex terms. But the fact is every marketer is doing this on a regular basis but still being ignorant about the technical jargon. Here, we are planning to clear the air for all of you who are not aware. And for all those people who know what it is, we are going to share some added tips that are coming from none other than the industry stalwart, Ogilvy.

Share of Voice or as many say it- SOV is the total advertising exposure a brand receives. It is kind of a percentage of the total exposure that a brand is getting through an advertising medium. This is kind of a basic idea of SOV, and experts say that this definition is often prior to various modifications as brands have various success parameters. The way the branding is done and the medium of advertisement also shifts the definition to some extent.

Grabbing the attention of the audience

As digital experts say it, give a content shock. Yes, you read that right. If being ahead of the competition is the goal then you need to surpass the regular and start grabbing those eyeballs. It’s better to put it this way- you need to stop the scroll and make that a meaningful share.

Experts are saying that there is a crowd of content in the digital media. You open a social channel and the options pop as per your interest following your search pattern. The technology has evolved in such a way that competitors are more than one and from a customer’s point of view, switching options is just a matter of a few seconds. Thus, experts are no more concerned about how much volume you are producing as content and rather focusing on “what content” is produced and “audience reach viz. audience engagement”.

Calculating the SOV

Knowing the importance of SOV, the next usual question is just answered by experts. The way to calculate SOV. This is usually measured by comparing your numbers with that of your immediate competitor who is doing well on those parameters that you are focusing on. While some marketers even consider the entire industry or choose multiple categories with whom they compare their own success parameters. But if you wish to walk by the expert’s chosen path, you need to understand the environment that you are competing in. Choose the competitors, analyze, and then set your own success parameters.

Now it’s time for those promised tips shared by Ogilvy and team -

1.    Creating influencers

Influencers have a major role to play in digital marketing, and the experts are now working on creating influencers. Obviously, it’s not an overnight thing that will happen instantly. Searching for the right influencer and then sharing an overview of your product and get the right promotions done in the right way, often turns a hectic course of tasks. But, you might never know, that your perfect influencers are right there in your office. After all, who knows the best about your product rather than who is working over it for years. Use their potential and knowledge and help them with that extra growth that might boost their morale and increase the dedication towards their work.

2.    Connect. Build. Repeat

Networking is not the only goal. You need to build relationships with the community. Community building is not a 9 to 5 thing that stops as you leave the office. It’s an everyday thing that grows every moment. If you are not building the audience for yourself, the audience can never engage however good your strategies are. This is more of a basic bricklaying before you build up a house. Technology is sometimes mistaken for a community. Technology has aided the 24-hour connection, real-time updates and able to plan for the coming days. But, the application is to be done over that set of audience that you have built up for your brand.

3.    Stay ready to quit some plans

Global marketing experts are saying that social media is a pool of content. The audience reach and engagement is all a brand asks for. For that, they plan some strategies. To do so, the audience behavior is analyzed. The target area, the age divide, and various other factors are considered before fixing a set of strategies. Experts say that this is no mathematics that will follow a formula that will give you the answer. This is just being able to modify plans and toss out some as per the growing changes. Your content might be great but as long as it is not accepted by the audience, your content is just another piece of passing feed in the social media content crowd.

4.    Shares over ER%

It’s needless to say that getting organic shares without running ads is somewhat a bleak think and so experts say, it’s better to strategize your investment and target for more meaningful engagement. By running the correct strategy you are buying that meaningful reach and when that is done effectively, a greater part of the marketing is done. Some experts believe that the number of meaningful shares and retweets are more important. While the paid social promotion involves the engagement rate calculation and is definitely a part of KPI, shares have their own success value. Here, the discussion is not just about the number of shares that do not add a meaning. Suppose, a share from an influencer or a random share from a set of the audience will count of the right TG is connected. The Ogilvy team has developed a platform through which they analyze the depth of each share that they are reaping from a paid marketing.

5.    Invest with a goal

Digital marketing is a place where running ads and spending tons of money over your brand is an easy thing to do. If you are a marketer, that’s planning to try out each strategy once with a whopping amount of money, and then find the one that’s suitable for you, then in maximum cases, you might end up losing all your finances. Invest like a venture capitalist. Come in with the idea that all of your investments won’t work. Save the biggie for later. Share your budget into smaller section and see what is working for you. For this, you need an extensive budget planning and the room for budget altering. You can’t gamble but you definitely need to find the one that will churn you the way to more capital.

Marketers are also asking to focus on the content. The audience is changing, and by content, the experts are focusing on a large area. It’s whatever you are planning to display. Experts say that the audience is not free enough to read. But the message must reach and that’s where you must show the power of content. The social media is swearing by visual content. You must come out of age-old strategies and make it simpler and visually attractive. To know more, how you will be able to build a visual impact on your audience, stay connected with us.

Source:

https://www.ogilvy.com/feed/5-ways-to-own-social-share-of-voice-at-an-event/

https://advergize.com/advertising/what-is-share-of-voice-advertising-marketing-digital/

http://blog.scoop.it/2018/02/12/share-of-voice-what-it-is-and-how-to-increase-yours/