Struggling to stand out in a crowded market? Understanding SOV meaning can be the key to gaining a competitive edge. By measuring how much of the conversation your brand commands, you can sharpen your strategy and boost visibility.
The SOV meaning is Share of Voice, which refers to the amount of advertising a brand is putting out in comparison to its competitors. It is typically expressed as a percentage. While SOV measures visibility in advertising, Share of Market (SOM) tracks a brand’s actual sales or market share. High SOV can boost SOM over time, since it increases overall awareness. However, prevailing marketing theory holds that Share of Voice and Share of Market are directly correlated, when the reality is far different.
How to Measure Share Of Voice?
SOV can be calculated by dividing your brand’s total ad spend by the total market spend, then multiply by 100 to express it as a percentage. For example, if there are three brands in a market and one has generated 40% of the total advertising, its share of voice would be 40%.
Essentially, SOV depends on your brand’s reach, ad frequency, and engagement compared to competitors, but it can also vary based on media type (TV, digital, social media). In traditional media, SOV is based on PAID advertising, while in digital, it incorporates metrics like SEO rankings, brand mentions, and social media engagement, giving a more comprehensive view.
Why is SOV important for Advertisers and CMOs?
- SOV is a measure of how much attention a brand is getting in a particular market. By having a high share of voice, a brand can increase its visibility and gain more awareness among consumers.
- SOV can also be an indication of a brand’s overall marketing strategy. If a brand has a high SOV, it suggests that it is investing heavily in its marketing efforts and is willing to go the extra mile to stand out from its competitors.
However, there are still Challenges in SOV Marketing:
- It’s worth noting that simply having a high SOV doesn’t necessarily mean a brand will be successful. It’s possible for a brand to have a high share of voice but still struggle to connect with consumers or generate sales.
- Additionally, SOV is not always an accurate measure of a brand’s success. In some cases, a brand may have a lower SOV but still be more successful than its competitors due to other factors such as brand loyalty, quality of products or services, or customer service.
- Relying solely on increasing SOV can lead to diminishing returns. Balancing SOV with strategies that center around product quality and consumer engagement drives long-term success.
Despite its limitations, SOV remains an important metric for advertisers and chief marketing officers. It provides valuable insights into a brand’s visibility and overall marketing efforts, and can help companies make informed decisions about where to allocate their advertising budgets.
SOV vs SOM: Are they Really Correlated?
While traditional marketing theory suggests a strong link between Share of Voice (SOV) and Share of Market (SOM), they don’t always move in tandem. A case study of Lidl, the UK supermarket chain, demonstrates this. Despite significantly increasing their SOV over several years, Lidl’s market share grew more slowly than expected. In 2014, Lidl achieved a 9% SOV, but only managed a 3% SOM, revealing a gap between visibility and actual consumer adoption.
The two barriers were brand perception and brand size. British shoppers often associated Lidl’s lower prices with lower quality, which advertising alone couldn’t easily change. Only after customers tried the brand did they become loyal. Additionally, smaller brands like Lidl had to overinvest in advertising to achieve market growth—demonstrating that excess SOV (eSOV), where SOV outpaces SOM, can drive long-term gains. Over a 5-year period, Lidl’s strategy eventually led to doubled market share, but this gap underscores that high SOV doesn’t guarantee immediate market dominance.
Tools for Measuring Share of Voice
Tools like SEMrush, Google Analytics, and Brandwatch can help track SOV meaning across digital platforms by analyzing mentions, ad spend, and visibility. When selecting an SOV tool, consider factors like platform coverage, data accuracy, and ease of integration with your existing analytics.
The Role of SOV in SEO
In SEO, Share of Voice refers to the percentage of a brand’s visibility in organic search results compared to competitors. By improving SOV, you can boost your brand’s ranking and reach.
But how do brands optimize their digital content to improve SOV in search results? The key is focusing on creating high-quality, keyword-optimized content. Regularly publish valuable resources to your website while focusing on optimizing for meta tags and internal linking. Monitoring competitors and adjusting your strategy accordingly is the secret to maintaining strong rankings.
How to Increase Share Of Voice?
Here are some strategies to increase your share of voice:
- Identify your target audience: Understanding your target audience and their needs is key. You need to create content and messaging that resonates with your target audience and addresses their pain points.
- Develop a content strategy: Creating high-quality and relevant content is also important to increase your share of voice. Develop a content strategy that aligns with your target audience and covers the topics they care about. This can include blog posts, videos, social media updates, and other types of content.
- Leverage social media: Social media is a powerful tool8. Engage with your audience on social media platforms, share your content, and participate in conversations related to your industry.
- Use influencers: Partner with influencers or industry thought leaders who have a significant following and can help promote your brand to their audience.
- Monitor your competitors: Keep an eye on your competitors and their share of voice. This will help you identify areas where you can improve and create content that differentiates your brand from the competition.
- Invest in paid advertising: Paid advertising, such as Google Ads or social media ads, can help increase your brand’s visibility and share of voice.
Remember that building your share of voice takes time, consistency, and a deep understanding of your target audience. By implementing these strategies, you can gradually increase your share of voice and establish your brand as a leader in your industry.
In the end, the ultimate goal of any advertising campaign is to connect with consumers and generate sales. By understanding their share of voice in the market, advertisers can better position themselves to achieve this goal and stay ahead of their competitors.
Sources referenced: