Market share is a concept most professionals are familiar with and have a sense of the slice they have on the market when it comes to revenue. Share of voice, on the other hand, is a measurement to follow and one that can give you that competitive edge in the market.
As its namesake would imply, share of voice is the amount of brand advertising dollars you are spending in relation to your competitors across all channels. The simple formula is brand advertising spend/ Total market advertising spend = Share of Voice.
While it may boil down to a simple formula, in actuality share of voice is a bit more complex than that.
Remember, quality beats quantity. So if you’re over-spending but not seeing conversions that number really doesn’t mean much. By taking that formula a bit further and evaluating number of mentions, engagement, and followership in comparison to your competition, you can get a better gauge of what your share of voice actually means. The good news is there are a variety of tools that can help you track share of voice and help you build the momentum.
Spending effort on advertising is a given when it comes to increasing share of voice, but it only gets you so far. Good content is crucial and making sure you diversify your channels in key. As the saying goes, ‘don’t put all your eggs in one basket.’ Depending on your KPIs and your target audience, look at different ways to get your voice heard. Video, blogs, podcasts, whitepapers (for B2B), are all examples of content formats that can help generate leads and more importantly, build a following of engaged consumers.
With paid ad blocking on the rise, “the loss of ad revenue is projected to increase from about $3.89 billion in 2016 to $12.12 billion by 2020 in the U.S. alone,” as Single Grain points out. Companies that are adapting channels to meet the specific interests and needs of their customer are finding ways to dominate in content marketing and still bring in quality leads.
Focus on Engagement
Engagement isn’t just about replying to your customer’s comments on IG and Facebook.
It’s about creating meaningful conversations and exchanges across platforms. Engagement = loyalty and ultimately increasing customer lifetime value. One of the best brands I’ve seen with engagement is LOLA. By focusing on user-generated content and storytelling, they are dominating the feminine care industry with relevant and authentic conversations that build a sense of community among their followers and consumers. While they may not dominate in market share, their voice is loud and clear among young women looking for a safe alternative to feminine and sex products. Big brand competitors in their industry may have upwards of 36,000 followers and this little brand has a strong following of 180,000+ and counting.
Work with Influencers
Influencers are a megaphone for your share of voice. You are now able to tap into someone else’s network and leverage their audience. Whether your communication strategy in B2C or B2B, influencers serve as a relatable source of trust for your audience. Consumers know you believe in your brand, but they want to hear from people they can relate too for decision-making.
But a word of caution. Influencer marketing is a bit of an art, and it has to be relevant to your brand. As Hootsuite reveals, there are rules to the game and audiences can see right through inauthentic partnerships. Done wrong and it can truly be damaging to your image. Done right and you can build a strong relationship with influencers that really resonate with niche audience segments that are otherwise hard to penetrate or neglected by your competitors.
So next time you strategize ways to increase revenue and where to invest in ad spend, take a look at your share of voice and find new ways to speak a little louder to the right people at the right time. Your brand depends on it.