Share of voice (SOV) is traditionally a measure of your advertising compared to competitors. However, with most brands now fighting for visibility on organic channels like social and search, we can broaden that definition to how visible your brand is in the market. That said, you should strive for a higher SOV than market . This is known as excess of voice (eSOV), and it’s a key long-term driver responsible for increasing your market . Let me highlight the word “long-term” because reaching the equilibrium doesn’t happen overnight. What Is Share It’s realistic to expect a 0.7% annual growth rate in market for every ten eSOV percentage points.
It may not seem much
But those decimal points may be worth millions in your industry. However, keep in mind that spending more on communications doesn’t necessarily executive email list mean creating eSOV. It’s about increasing your SOV relative to competitors. Lidl in the UK is a stellar example of SOV theory becoming a reality. Back in 2013, they had approximately 3% market and SOV. From 2014, they began increasing their media coverage and doubled their market in just five years. Watch this video for more details: But there’s more you need to know… Researchers have discovered that small brands have to overspend to maintain their market whereas bigger brands can get away with an SOV lower than their market and still stand their ground. That’s why the curve on the graph isn’t linear.
What Is Share this happen
It boils down to the fact that the bigger your brand is, the more efficiently your marketing dollars are spent. That said, your business likely isn’t competing with the AWB Directory big brands through primetime TV ads yet. And unlike the big brands, you probably don’t have a team of analysts and researchers on your payroll to keep you updated about your overall SOV. Luckily, you can still measure SOV for smaller pieces of the cake and use that as a KPI. We’re going to focus on doing precisely that across various marketing channels below. First, make a list of your competitors’ domains. We’ll be using only direct business competitors because there’s always going to be blogs and other websites popping up in the top results. These may get significant traffic in your industry, but they don’t own any market share.
