How Can Share of Voice Take Your Business to Independent Success

Are you concerned about how much exposure your brand is receiving through your different marketing and advertising efforts? Exposure is critical in this area if you want to produce fabulous results and a great return on investment for your marketing dollar. You can do this through many methods. Today, we focus on share of voice.

However, how can you measure this in a realistic and cost-effective way? When you learn more about what share of voice is and how you can use it most successfully to build on your independent success, you can have a better metric for your marketing and advertising efforts.

share of voice

 

What Is Share of Voice?

Share of voice relates to the number of exposures your brand gets through a specific advertising medium in comparison with the total number of exposures available to all brands. This total number of exposures can include either the number of exposures for all brands in your industry or the number of total exposures altogether without being industry-specific.

The best results from your analysis of share of voice metrics are enjoyed by marketing professionals who understand their share of voice in both of these areas rather than in just one of them.

Who Uses Share of Voice?

You may be well aware that consumers are virtually bombarded by marketing messages from various brands throughout the day. You also may be aware that one of the key factors that can make your brand’s marketing message more memorable and effective is repetition. Share of voice is therefore critical to your ability to strengthen your brand’s image, but who uses it?

This is a metric that most marketing professionals as well as key executives use. It is relevant for all industries and niches. Also, it can refer to both paid and unpaid advertising in different ways.

How Can Share of Voice Help Your Business?

Learning how to use share of voice strategically can help your business in several important areas. For example, through the proper use of share of voice, you can learn how to make better use of your marketing dollar.

Understandably, a marketing medium or platform that offers you a higher share of voice may be more cost-effective for you on the long run. However, the cost of the marketing as well as the market segment that the media can directly hit also need to be considered when you are trying to decide how to use your funds most strategically.

5 Tips for Efficiently Using Share of Voice

The share of voice metric is so important to marketing decisions in many business environments. Therefore, you may be wondering how you can more strategically use it.

These tips can help you improve your use of share of voice so that you enjoy more powerful results when building your brand’s image on a limited budget.

1. Deliver a Great Product or Service

There are now more review websites than ever before. Obviously, your company benefits from free advertising or exposure on these websites. However, the last thing you want is to be listed as one of the last companies on a review list. It is critical that you deliver a great product or service so that you make the list.

It is even more critical that you strive to be placed at the top of these lists by giving your customers a stellar and reliable experience. Keep in mind that you can even ask your satisfied customers to leave positive reviews in an effort to boost your ratings.

2. Be Helpful

You may also get free advertising through mentions and links on other websites or in online articles. The best way to get these mentions or links is to create helpful content in articles, blog posts and more. Add true value in the content you produce online, and you likely will have others link back to it.

How does this relate to share of voice? When your customers talk about you online, your marketing exposure may be enhanced in an organic and cost-effective way.

3. Choose a Spokesperson

Another great idea to boost results from the share of voice that you do obtain is to use a spokesperson. Logos are great, and they serve their purpose. However, consumers relate more personally to people. Choose a trusted, reputable person to be a spokesperson for your brand.

Remember that when consumers start talking about something related to your company, they are more likely to talk about a spokesperson than a logo. With this in mind, you can see why you need to use a spokesperson to maximize your reach through share of voice.

4. Respond to Consumer-Created Content

If you are concerned about exposure or share of voice on social media platforms, you need to focus on responding to comments when possible. When one of your customers creates a hashtag link or another mention about your company, leave a professional response.

Even if the comment is negative, this can create more exposure for your brand through the comments. Furthermore, when you do respond to a negative comment in a positive way, you can decrease the negative consequences of those comments.

5. Use Data Intelligently

Share of voice also can be strengthened when you obtain analytical data and know how to use it properly. Many online platforms regularly publish new share of voice data for their customers to use. For example, analyze how much of your exposure is through paid advertising versus social media mentions and more.

Understanding these figures can help you determine where your weaknesses lie and how to overcome your weaknesses for maximum gain.

team analyzing data

Wrapping Up the Voice

Share of voice can be a seemingly complex marketing metric to understand. But you may now realize that it is a rather straightforward and very useful concept. Now that you are more aware of what share of voice is and the many ways that it can be properly used to your brand’s benefit, you may start to pay more attention to it.

Use these tips to maximize your share of voice on different platforms going forward for increased independent success.

Images from depositphotos.com.

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