We are starting a new series of blog posts about must-know social media metrics. One of the most important social media measurement is to determine the Share of Voice (SOV) for a brand or topic. As the name suggests, SOV is a relative share for the conversations about a brand versus its competitors, such as Pepsi vs Coke. SOV is calculated as:
Brand SOV = brand mentions / (brand mentions + competition mentions)
The setup of your campaign keywords will drive the SOV results so one needs to be mindful of the business context and purpose when creating the search queries.
SOV is important because it is related to brand awareness as well as the bottom line in terms of revenues. The underlying thinking is that with an increase in SOV, more people are talking about it and the brand has reached more of its audience. Therefore the primary purpose of many social campaigns is to increase the Share of Voice for the brand. By benchmarking the SOV before a campaign, one can see the impact of that campaign on SOV and answer key business questions such as: what is the percentage of increase in SOV? was the lift in SOV short-lived or did it persist for a while? what are the sentiments associated with the change in SOV?
It is straightforward to get a SOV based on your overall campaign setup. However there are times when one needs to go beyond that and run adhoc analysis. Today’s savvy marketers want the flexibility to do a dynamic comparison for any subset of terms in the campaign. The Listening Performance view in MutualMind’s Insights Dashboard provides a powerful, yet easy-to-use mechanism to do achieve that goal.
Here’s how it works:
Step 1. Select the desired date range
Step 2. Select two or more keywords or groups of keywords from your campaign
Step 3. Decide if you want the SOV calculation to be based “Total Keyword Volume” or just the Keywords that you selected in Step 2.
- Total Keyword Volume = keyword (or keyword group) mentions / (sum of mentions of all selected keywords or keyword groups)
- Sum of Selected = keyword (or keyword group) mentions / (sum of mentions of all keywords in the campaign)
Listening performance provides detailed results on a number of metrics as discussed in this blog post. These results include SOV trend over time and a convenient view of SOV shares at the start and end of the date range selected.
Comprehensive SOV insights are just one of the unique business intelligence features that we offer at MutualMind. We are particularly thankful to our partners Collective Bias for providing us valuable feedback as we developed this.