Competitive analysis
Competitive analysis is one of the most requested topics for social media departments. Sales, marketing and communications departments are all interested in these types of analysis.
Share of voice
A popular metric to use for competitive analysis is share of voice. Here is a definition published by “Sprout Social”:
“Share of voice (SoV) is a measure of the market your brand owns compared to your competitors. It acts as a gauge for your brand visibility and how much you dominate the conversation in your industry. The more market share you have, the greater popularity and authority you likely have among users and prospective customers.
While SoV typically referred to a brand’s share of paid advertising in a competitive marketplace, it has a broader definition that can include various elements of digital marketing and advertising, including mentions on social media and traffic for certain keywords.
By knowing your SoV, your brand has a better understanding of the challenges and your current position in the market, giving you more insight into how to achieve growth and captivate users” – Source: Sprout Social
In this video the share of voice is one of the dashboards displayed on a social media command center. Command center displays are fantastic for share of voice diagrams because they visually show the effect of changes in the industry as demonstrated in this video.
Are you measuring your share of voice in your various business sectors?
