Share Of Voice: The Complete Beginner’s Guide

What is share of voice? The term “share of voice” (SOV) is a relatively recent marketing phrase that refers to a company’s share of the market’s voice. In other words, it’s a way to measure how much noise a particular brand is making compared to its competitors.

Share Of Voice: The Complete Beginner’s Guide

It can be used to help businesses understand how they stack up against their rivals and identify growth opportunities. If you’re just starting out in marketing or curious about the share of voice and want to learn more, read on!

Explanation Of Share Of Voice

Share of Voice (SOV) is a marketing metric that allows you to assess your brand’s awareness across various marketing channels. Using this metric, you can determine how effectively your ads, social media mentions, and even website traffic compare to your competitors. As a result, you can determine how significant your online presence is in your niche.

SOV is also a valuable tool for understanding how many shares of the market’s attention your brand receives. It can help you determine whether or not you need to allocate more resources to marketing to increase your visibility. Additionally, SOV can show you which specific channels generate the most awareness for your business and where you should focus on improvement.

Market share and revenue tend to be synonymous with the share of voice, though market share is not the same as SOV.

What is Market Share?

The amount of market share a company has is the proportion of an industry’s sales it controls. This means the ratio of overall industry income that your company has earned by selling its products and services. Large companies have the most market share and compete with smaller enterprises.

Market share only refers to your sales share despite exhibiting a similar concept (calculating your performance compared to your competitors).

How to Calculate Share of Voice

To determine the share of voice, divide your brand’s performance indicators by the total market performance. This might be your social media engagement, website traffic, or advertising clicks. Then, multiply the number you receive by 100 to find your percentage.

For example, if your company has a social media engagement of 50,000 and the total market engagement is 100,000, your share of voice would be 50%.

To find your engagement numbers, you’ll need to become familiar with the data analytics of your social media platforms and website. There are a variety of different tools to help facilitate this process.

Once you have these numbers, it’s easy to calculate your share of voice using this formula: (Brand Performance Indicator / Total Market Performance) x 100 = Share of Voice %.

You’ll need to utilize the data analytic tools of your channels to find the necessary numbers needed to calculate SOV. However, most social media platforms and website analytics will have this data readily available. Once you have it, the calculation is straightforward.

Which Channels Should Be Calculated For SOV?

When calculating the share of voice, it’s important to consider all the channels through which your company is being exposed. This includes advertising and social media, website traffic, and other avenues by which customers might interact with your brand.

The most common channels that are used to calculate SOV are:

  • Advertisement clicks (including online and offline)
  • Social media mentions (Twitter, Facebook, Instagram, etc.)
  • Website traffic (unique visitors, page views, time on site, etc.)

It’s important to measure all of these channels to get a comprehensive view of how much attention your brand is receiving. However, don’t feel overwhelmed. You don’t need to track every possible metric. If you’re just starting out, it’s best to pick the most relevant channel and start there.

How Can You Use Share of Voice?

The share of voice indicates how much attention (or share) you are receiving compared to other businesses in your sector or field. With this information, you’ll be able to understand where more resources should go towards increasing awareness for your brand online through specific channels such as social media or advertising campaigns.

Brand awareness is essential for any business, no matter how small. By tracking your share of voice, you can ensure that your company gets the attention it deserves and makes sure that you’re doing everything possible to reach your target market.

Another benefit of SOV is that it can help you identify new growth opportunities. If your share of voice is low in a particular channel, that might indicate that there’s room for expansion in that area. For example, if your website traffic is down, you might consider increasing your SEO efforts to drive more visitors.

The share of voice can also be used as a benchmarking tool. By tracking how your company’s share of voice changes over time, you can measure the success of your marketing campaigns and understand which channels are most effective at driving awareness for your brand.

Customer Relations and SOV

The share of voice is also helpful for customer relations. By measuring the share of voice, you can understand how satisfied your customers are with what they see online about your brand and how many people are talking about it in positive ways versus negative ones.

This information allows businesses to adjust their strategies accordingly so that more consumers will engage positively on social media platforms such as Twitter or Facebook. Additionally, it helps companies avoid bad publicity by identifying potential issues before they get out of control.

SOV Example

Let’s say Bob is a manager at Celebcash, which sells coffee. He wants to know if his company has enough share of voice compared to other similar brands like Elk Coffee or Slammin’ Scones.

To start, he’ll need to calculate the share of voice for each company. For Celebcash, this would include advertisement clicks, social media mentions, and website traffic. Elk Coffee and Slammin’ Scones would only include advertisement clicks and social media mentions because they don’t have websites.

Once he has these numbers, Bob can easily compare these numbers using a graph or percentage calculation. From there, he can decide whether or not to invest more in advertising or social media to increase the share of voice.

If you want to stay ahead of the competition, it’s important to understand SOV and optimize your content. Big Bold Thinkers is here to help. Contact us today and let us show you how we can help increase your SOV so that you can dominate your industry.

Video Testimonials: Why Include Them on Your Landing Page?

Including video testimonials on your landing page could transform your conversions.

Video testimonials are more effective than text-based testimonials because they allow potential customers to see and hear real people talking about how your product or service has helped them.

In this guide, we’ll discuss the benefits of using video testimonials on your landing page and explore some tips for creating effective ones.

What are Video Testimonials? Why Are They Important?

Video testimonials are short videos of real people talking about their experiences with your product or service. They’re a great way to show potential customers that your product or service is effective and trustworthy, plus make your landing page more dynamic.

Video testimonials can be more effective than text-based testimonials for many reasons, and they’re the perfect tool to humanize your brand to boost its relatability. Done right, a landing page testimonial can become a centerpiece of your landing page, commanding the attention of every visitor.

Why Use Video Testimonials on Your Landing Page?

There are several benefits of using video testimonials on your landing page.

For one, landing page testimonials can build trust and credibility with potential customers. When potential customers can see and hear real people talking about how your product or service has helped them, it feels more real.

Secondly, they can also humanize your brand and make it more relatable. Our human brains react strongly to the faces and expressions of others. Instead of a faceless brand, your customers see a face they can relate to.

Videos can also make a stronger impression on customers. We’re visual creatures, so what we see in visual media tends to last longer in our minds than in other media.

What Does an Effective Video Testimonial Look Like?

When creating video testimonials, it’s important to make sure that they’re high quality and engaging. Here are some tips for creating effective video testimonials:

  • Ensure a professional look by using good lighting, sound quality, and camera angles.
  • Keep your videos short and sweet. Most people won’t watch a long video testimonial.
  • Make sure your testimonials are engaging. Have your customers talk about their experiences in an interesting and compelling way.
  • Script your video in a way that retains your brand’s unique voice.

In general, you need to avoid the pitfall of a cheap-looking video testimonial, which could have the opposite effect. Remember that this is an investment in your growth, so be sure to treat it like one and take the time to get it right.

The Many Reasons to Use Video Testimonials On Your Landing Page

Video testimonials are a great way to show potential customers that your product or service is effective and trustworthy. Video testimonials can help increase conversions by building trust and credibility with potential customers when featured on your landing page, which in turn can drive growth in your business.

Looking for more ways to upgrade your company marketing? Contact us today to find out how we can help.

How To Create a Great First Impression With a Grand Opening Event

Are you ready to launch your business with a grand opening event? Whether you’re opening a new location or introducing your business for the first time, it doesn’t hurt to celebrate your success. What better way to do so than having a grand opening?

This is also a great way to get your name out there, especially if you’re the new kid on the block. Studies show that 19% of new small businesses fail because they can’t keep up with the competition. A successful grand opening can give you the headstart you need.

But how do you plan a grand opening event? This article covers some great tips to help you make a grand first impression. Read on to discover more!

1. Decide on the Type of Event

Creating brand awareness is the central goal of any grand opening event, especially if you’re a new business. You want to kickstart foot traffic, so you don’t have to spend months building momentum. Put your best foot forward and show off your products and services.

It may be tempting to add fancy streamers and decorations. However, it’s best to ensure that your decor coincides with your business. Choosing relevant decor shows that you’ve been planning this seriously.

Depending on your target market, there are many grand opening ideas at your disposal. Some include hosting a party, supporting a charitable event, or throwing giveaways. Hold an event where the audience can experience your product or service, encouraging them to return for more.

2. Plan Your Grand Opening Event

A grand opening event has a lot of moving parts, so don’t be afraid to plan months ahead. Aside from planning the experience, you also need to think about staff and marketing. Consider working with an event manager to keep things clean and concise.

3. Set a Date and a Budget

Event preparation, holidays, and weather conditions are factors to consider in event scheduling. You may feel surprised how it can affect the number of attendees present at the ceremony. Pick a date that can guarantee visitors.

It’s also good practice to set a budget for your event. You don’t want your business to fall short after overspending on an opening event. Experts suggest using 20% of your entire budget in the first year on marketing, but be careful not to use it all in one day.

4. Promoting Your Grand Opening

You can have the perfect presentation, venue, and staff, but it’ll all be for nothing if no one attends. Once you’ve finalized the details and flow of the ceremony, it’s time to start promoting. Ask your employees to invite friends and family.

You can put up outdoor signs, update social media accounts, or get media coverage. A great way to tap into a market is by offering what all customers love: free things! By making the event feel more exclusive, you’ll have people buzzing in no time.

Make a Great First Impression With a Successful Grand Opening Event

Opening a new business location is a time for celebration and locking in new opportunities. This ceremony will not only be for you but also for potential customers. A great first impression is sure to make your business everyone’s new favourite shop.

Need help planning your grand opening event? That’s where we come in. Contact us today, and we’ll help you achieve the true meaning of grand.

6 Unique Ways to Repurpose Content

There are about 1.88 billion websites on the internet. On this vast amount of sites, there’s a countless number of articles, videos, and other pieces of content. If a business wants to succeed, it has to pump out a constant stream of content.

But after a while, it gets hard to put out content that’s new, original, and unique. This is where a content repurposing strategy comes in. If you can repurpose content, the keys to the internet are yours.

But how exactly does it work?

This article will walk you through a few ways to repurpose content and how you should structure your content repurposing strategy.

1. Adapt Blog Posts

Blog posts are one of the easiest ways to bang out quick and effective content. They’re not necessarily easy to write, but if you hire a great blog writer, they’ll be able to pump out several high-quality articles a day.

Creating video content is one of the best ways to attract clicks in the 2020s. It will also help people stick around on your website and thereby generate better SEO. But how do you come up with great ideas for content?

We recommend adapting your blog posts.

If you have a blog post that your readers particularly enjoyed reading and your writers enjoyed writing, consider turning it into a video. Use the medium of video content to deliver a more visual-based approach to whatever topic you’re going for.

Use the blog post as a jumping-off point, but don’t feel too married to its structure. What works in words is different from what works on the screen. Hire a great director to take care of the video content — you need someone who understands this visual medium.

2. Expand in a Podcast

Podcasting is one of the most binge-able mediums out there. In fact, 144 million Americans listen to podcasts. If you have some wonderful recording equipment and two employees who are great at rattling off entertaining banter, consider creating a podcast to expand on the content you put out.

Podcasts are flexible. You can turn everything from infographics, articles, videos, emails, and even updates into a podcast. As long as the people talking are entertaining, you can stretch the podcast out to a pretty considerable length as well.

3. Create a “Reader”

A “reader” is a type of literary anthology that was popular in the early half of the 20th century. It was compiled as a sort of “best of” of a particular writer. You could read them to get an idea of what the writer was all about.

These often contained excerpts from larger works out of context. They proved that some of the best writers don’t need the advantage of completion to show how great they are. They can communicate their life-enriching messages, plots, and characters in the scope of a few chapters.

Why not create a similar anthology for your blog?

At the end of every week, month, or year (depending on how often you want to do it), consider creating a little weekly “reader” of the best articles and excerpts from articles from that period. This will satisfy your followers who just don’t have enough time to catch everything.

4. Update Old Posts

It’s no secret that blog posts are largely based on the news cycle and what’s popular. They might be written quickly before all of the relevant information has come out to gain clicks. This isn’t dishonest, it’s playing the game.

However, when more information comes out, it’s a blogger’s duty to keep track of the situation. Consider revisiting some old articles you wrote and updating them with more relevant information. You can republish them on your site as well.

While you’re at it, you might as well touch up the article. You might even have a new writer write a response to the original at the bottom to gain the advantage of perspective.

5. Export to Social Media

Not all of the work you do has to be on the same platform. Maybe you can rework your old content and transfer it to a social media platform.

It won’t do any good to copy and paste the text of an article into many tweets. However, you’d do well to take advantage of the specifics of your social media platform of choice.

If you have a lot of young followers, consider hiring a hip young person who knows how to spread information through TikTok (there are many informative TikToks out there). If your crowd is more Instagram-centric, consider creating an infographic.

6. Head to Quora

Quora is unique in the world of social media. Though it technically falls into the parameters of “social media,” it’s used differently than others. People flock to it specifically to get answers to questions, and most interactions are one-off — they aren’t followed up.

You can go over to Quora and answer people’s questions by essentially reposting your article. This works for several reasons. First of all, you’re helping someone out. Helping someone solve a problem is one of the best ways to provide value, which people will rush to repay.

Secondly, you’re making a stamp on Quora that future users can come back to and find any time.

Quora needs to become part of your digital marketing strategy. If you create a great content strategy this way, you set yourself up to make one of the best content strategies of the 2020s.

Use These Methods to Repurpose Content

It’s not easy to keep up with the constant flow of content in the 2020s. This is why it’s important to learn how to repurpose content.

Repurposing content doesn’t just help you rehash old ideas, it also gives your team more time to rest and prepare the next big thing. Developing strategies to reuse old content is crucial in moving forward.

If you need help getting started on your content repurposing strategy today, check out our digital marketing services and get in touch.