What is Share of Voice (SOV) and Why Does It Matter?
Table of Contents
- Introduction
- The Importance of Measuring Media Relations
- The Role of ROI in PR Investments
- Innovations in Tracking and Demonstrating Business Value
- The Concept of Share of Voice
- How to Measure Share of Voice
- Elevating the Share of Voice Metric
- 7.1 Unique Mentions
- 7.2 Measuring Exclusives
- 7.3 Share of Voice Against Targeted Media
- The Significance of Exclusive Coverage
- Segmenting Content Sources for Share of Voice Analysis
- Conclusion
📚 Introduction
In today's fast-paced business world, measuring the effectiveness of media relations has become a top priority. Tight budgets and the demand for ROI from executives have led PR professionals to face the challenge of proving the value of their investments. As a result, the market has witnessed a surge in technology vendors and innovative solutions aiming to demonstrate the business impact of PR activities.
📊 The Importance of Measuring Media Relations
PR professionals are now held accountable for their decisions and the agencies they hire. To justify their investments, they need to demonstrate the value of PR to their CMOs and other executives. This shift in accountability has sparked the need for effective measurement strategies in PR. Companies are no longer satisfied with vague metrics; they want to see tangible results and a level of ROI before continuing to fund PR programs.
💡 The Role of ROI in PR Investments
CMOs and other executives demand to know the business value generated by PR efforts. Whether it's demand generation, social media, or other marketing programs, they want to see the impact on website visitors, conversions, engagement, and community growth. PR professionals must find ways to answer the hard questions and justify their investments in PR to their superiors. This demand for accountability has triggered a wave of technological innovations aimed at measuring and demonstrating the value of PR.
🔍 Innovations in Tracking and Demonstrating Business Value
In the past, measurement in PR was limited to tools like Cision, which solely tracked media coverage. However, with the increasing demand for more comprehensive measurement, companies like Muck Rack and TrendKite have entered the market. These companies go beyond tracking coverage and integrate with third-party providers to provide a holistic view of the business value generated by PR efforts.
📈 The Concept of Share of Voice
One key metric often used in PR and marketing organizations is share of voice. But what exactly does it mean, and how relevant is it? Share of voice refers to the number of times a business is mentioned in the media compared to its competitors. However, merely counting coverage without context may not provide a clear picture of the impact of PR efforts.
📊 How to Measure Share of Voice
Measuring share of voice involves counting the number of times a company is mentioned in the media and comparing it to its competitors. However, there are several ways to elevate the measurement of share of voice to gain a more accurate understanding of a brand's visibility and relevance.
7.1 Unique Mentions
One way to elevate share of voice is by considering unique mentions. This approach excludes competitors and focuses solely on the brand's coverage in the media. By isolating the brand, PR professionals can assess its true presence and impact without external factors.
7.2 Measuring Exclusives
Measuring exclusives involves determining whether the brand is mentioned in the headline or the body of an article. The methodology considers mentions in the headline as more valuable than those in the body. As readers often skim articles, a mention in the headline drives greater mindshare and visibility for the brand.
7.3 Share of Voice Against Targeted Media
To obtain a more accurate representation of a brand's relevance, PR professionals can measure share of voice solely against a targeted media list. By excluding irrelevant sources and focusing on the media that matters most, this approach provides a clearer understanding of a brand's presence within its target audience.
✔️ The Significance of Exclusive Coverage
Exclusive coverage, especially when mentioned in the headline, contributes significantly to a brand's mindshare and visibility. It not only attracts more attention but also occupies more real estate in search engine results. By focusing on securing exclusive coverage, PR professionals can enhance their brand's presence and impact.
📰 Segmenting Content Sources for Share of Voice Analysis
To measure share of voice accurately, it is crucial to segment the analysis by content sources. While social media and other platforms provide valuable insights into the overall conversation, the way journalists discuss businesses in the media is different. By focusing solely on news media, PR professionals can gain a more precise understanding of how their brand is perceived by journalists and their target audience.
🎯 Conclusion
As PR professionals face increasing pressure to demonstrate the value of their investments, measurement becomes a crucial aspect of their role. By elevating metrics like share of voice and considering unique mentions, exclusives, and targeted media, PR professionals can provide a more accurate representation of their brand's visibility and impact. In an era where accountability is paramount, effective measurement strategies are essential to prove the value of PR and secure continued investments.
Highlights:
- Measurement of media relations is crucial in the PR industry to demonstrate the value of investments and secure continued funding.
- Companies in the market are innovating and providing tools to track and demonstrate the business impact of PR.
- Share of voice is a commonly used metric in PR and marketing organizations to measure brand visibility compared to competitors.
- Elevating the measurement of share of voice involves considering unique mentions, exclusives, and analyzing coverage against targeted media.
- Exclusive coverage, especially in the headline, increases mindshare, visibility, and real estate in search engine results.
- Focusing on news media when analyzing share of voice provides a more accurate understanding of how the brand is perceived by journalists and the target audience.
