#MeasurementMinutes: Share of Voice
The Big(ger) Picture Behind one of the Most Controversial Communications Metrics
By Eastwick’s Analytics & Insight Group (@anthrofoodie, @Social_IDo,@Alukomnik)
Share of Voice (SOV) is a mainstay metric in most communications and PR measurement. In order to calculate this metric we count the number of earned mentions your brand and your competitors gain from hard news and/or social media conversations. Then we add up these sums and the result comprises the whole “pie.” After this we compute your brand’s percent share of this whole pie: The number of mentions your brand receives divided by the total mentions. Simple? Yes. The math isn’t complex. However, it becomes complicated (and truly frustrating at times) when we focus so much on our percent share of the mentions rather than analyze the quality of mentions.
SOV is an awareness metric — it reflects how high your soapbox is (or how loud your megaphone is) compared to your competitors, which in turn, reflects the extent to which readers and online visitors will “see” or “hear” you. Because SOV is based on both you and your competitors’ mentions, it is extremely volatile and for most part beyond your control. For example, you may see an increase of your brand’s mentions month-over-month (which is to be celebrated) but a drop in your SOV because a big-name competitor makes a major media splash with a product announcement.
SOV is one part of measurement, just as awareness is the first step on the marketing and communications funnel. After awareness comes knowledge, interest, preference and ultimately, action. SOV shows if your various audiences see or hear you, but not if they understand what you have to offer, have any interest or preference for what you are offering, or if they have responded to your calls to action.
Treat the SOV as a temperature check on how much (i.e., quantity) of an audience you are earning with your communications efforts. But more importantly, track SOV alongside other metrics that focus on the quality of coverage and social conversations you are getting.
- What is the overall sentiment of your brand’s mention?
- What types of stories and what kinds of media channels are you appearing in?
- Are the key messages that you are pushing out resonating in the press or in social conversations?
- Are influential news channels or industry experts such as analysts mentioning you in their reports? How are you positioned?
These are just a few metrics that can help you measure progress along the marketing and communications funnel. The final metrics that you will use ultimately depends on your communications objectives.
Do you use SOV in your measurement reports? We want to know what you’ve found. Leave a comment on the pluses and minuses of SOV reporting.
#MeasurementMinutes is a monthly series from the Eastwick Analytics & Insight group. Be on the lookout for new #MeasurementMinutes each month!
