Competitive analysis is a serious challenge for most marketers. It’s complicated, multi-faceted, and time-consuming. You need the right workflow and the right resources to perform a meaningful analysis. It’s also unavoidable: without competitor analysis, there’s no clear Unique Value Proposition, no understanding of what your brand’s advantages and disadvantages are, no justified digital marketing strategy.
Measuring your market share is an important part of competitive analysis. Market share, in turn, is determined by a number of metrics, one of which is share of voice. Share of voice shows how much people talk about your brand in comparison to your competitors’ brands.
The easiest way for a brand to measure SOV is by turning to social media.
Social media is where people talk about everything. Open a list of subreddits if you doubt that. No matter what your product is, you can find enough people who’ve talked about it online to make a reliable comparison.
How do you measure share of voice?
The most popular tools for measuring share of voice on social media are social listening tools. Social listening tools do much more than just measuring share of voice: they monitor mentions of any keyword (usually of your brand and your competitors’ brands) and perform analysis of the found data. The analysis can be of brand awareness, brand reputation (sentiment analysis), most popular niche trends, the distribution of brand awareness by loc… Read More