The advent of digitization has comforted marketing to a great extent. But there are two sides to a coin, which applies to social media marketing (SMM) too. As SMM has expanded the brands' reach to customers, it has also paved the way for online trolling and negative publicity. Hence, came the media monitoring platforms for the rescue with several features. They track innumerable conversations that are happening online and inform brands about consumer perception.
Another essential feature of these tools is the Share of Voice (SoV), which helps a business understand its popularity in the market compared to its competitors. In other words, SoV reflects the number of times a brand has been mentioned on the web and social media vs the competitors.
Which Metrics to Determine While Measuring Share of Voice Through Social Listening Tools
Share of Voice (SoV) is an evaluation of a brand's overall efforts that leads to its success in the market. On a broader scale, SoV covers the following areas:
Brand Awareness - How many people are familiar with your brand?
Social Reach - How many people have come across your brand on social media, blogs, and forums?
Engagement - How many people are talking about it and engaging with it?
On the contrary, SoV also reflects the lagging points in case a brand does not work well. Hence, here are some other valuable factors to consider in order to have an in-depth analysis:
Audience Insights
Competitor Insights
Brand reputation management
Media Relations
Let’s understand the whole concept through Ryanair’s example.
Audience Insights
Share of Voice calculation is done based on conversations across the web, and social media, which means analyzing these conversations will let you gain insights into consumer behaviors vis-a-vis your brand and the competitors. For instance,
What is it that the audience loves about your product the most?
Which are the demographics that your competitors are not serving at present?
You can categorize the brand mentions' data into the country, language, and social media platforms and create a custom report with these KPIs to know your audience better.
Competitor Insights
Knowing about the competition is the beginning of strategic market research.
Social media monitoring tools help brands compare the competitors' data based on mentions, social reach, and engagement through this SoV feature.
These tools also analyze sentiments towards other brands and explore niche influencers in the industry (as the below image depicts).
Brand Reputation Management
While you calculate Share of Voice based on mentions, reach, and social engagement, breaking down brand mentions' sentiments into positive, negative, and neutral is equally essential for benchmarking your reputation against the competitors. You can also promptly reply to customers and resolve complaints or promote your product at the right opportunity.
Media Relations
Keep a check on the list of media houses/ blog websites/ magazines with which your competitors are associated or the ones that are covering their stories.
How to Calculate SoV Through Mentionlytics Social Media Monitoring Platform
Log in to your Mentionlytics account
On the left sidebar, click on the 'Share of Voice' feature
Choose a time period on the date selector
Create your brand and competitors’ trackers by clicking on the 'Add Keyword/Tracker' button
Add various competitors to compare. For instance, in Ryanair's example, we created trackers for Easyjet, Volotea, Jetblue Airways, and Vueling Airlines
Set up an email alert by clicking on the ‘User Setup’ under the ‘Settings’ menu to stay notified whenever a competitor posts something using the keywords you have added to the tracker - optional
On the right-hand side, choose one metric from the dropdown menu of 'View' and 'Data' selector to get a graph with the required details as you would want to analyze it. The ‘view selector’ switches between the following options:
In Groups: It will collate all the mention trackers listed under the ‘Brand Monitoring’ in a group and compare them with those listed under the Competitors section.
Individual Keywords: It will compare all the keywords listed under the ‘Mention Trackers' tab. However, you can uncheck the keywords that you don’t want.
In Groups with Breakdown of Brand Monitoring: It will compare all the mention trackers listed under the brand monitoring and competitors’ section separately on the graph.
The ‘Data Selector’ shows the following KPIs:
Mentions: Overall mentions on the web and social media
Reach: Awareness about the competitors vs your brand
Social Engagement: The number of customers engaged with the brand online
You can observe daily, weekly and monthly data in the SoV chart
Analyze the overall sentiments of customers towards your competitor
In a Nutshell
Share of Voice feature is a boon to get an edge over competitors in the industry. Use this feature in our platform, and we would love to hear it in your words.