Why is SOV important? How to measure
SOV in organic search How to measure SOV for Google Ads How to measure SOV for social How to measure SOV for mass media channels Why is SOV important? There is a strong relationship between SOV and market share. If you have 17% SOV, you can also expect your market share to head towards 17%. The relationship between share of voice and market share That said, you should strive for a higher SOV than market share. This is known as excess share of voice (eSOV), and it’s a key long-term driver responsible for increasing your market share. Let me highlight the word “long-term” because reaching the equilibrium doesn’t happen overnight. It’s realistic to expect a 0.7% annual growth rate in market share 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 mean Special Data 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 share and SOV. From 2014, they began increasing their media coverage and doubled their market share 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 share, whereas bigger brands can get away with an SOV lower than their market share and still stand their ground. That’s why the curve on the graph isn’t linear. Why does this happen? It boils down to the fact that the bigger your brand is, the more efficiently your marketing dollars are spent.
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That said, your business likely isn’t competing with the 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. How to measure SOV in organic search Organic search is the biggest traffic source for a lot of businesses, including us: 1.organic traffic ahrefs While the number above might be impressive, it tells us nothing about SOV. To calculate that, use one of these two methods: 1.
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