What is Share of Voice (SOV)?
Share of Voice (SOV) is a marketing metric used to measure the amount of exposure a brand or product has compared to the competition. It is used to identify how visible a brand is in comparison to competitors in the market. SOV is expressed as a percentage of the total market visibility.
Why is SOV Important?
SOV is a key metric for any brand as it provides an indication of how visible the brand is in comparison to its competitors. It is an important measure for marketers to understand how their brand is performing in comparison to competitors and how their marketing efforts are making an impact.
How to Calculate SOV?
SOV is calculated by dividing the number of mentions a brand receives by the total number of mentions of all brands in the same market.
Examples of SOV
For example, if a company such as Coca-Cola is in the soft drink market, they can calculate their SOV by dividing their number of mentions by the total number of mentions of all brands in the same market. If Coca-Cola has 20 mentions and the total number of mentions in the soft drink market is 100, then Coca-Cola’s SOV is 20%.
Conclusion
Share of Voice (SOV) is an important metric for marketers to understand how their brand is performing compared to competitors and how their marketing efforts are making an impact. By understanding SOV, brands and marketers can better understand how visible their brand is in comparison to competitors and make adjustments to their marketing strategies accordingly.