Market Spend and Share of Voice
Gain an understanding of how marketing spend impacts or correlates with share of voice and/or market share, with a focus on furniture brands, in order to determine how much budget to leverage for marketing campaigns
- The definition of share of voice is now often widened to encompass online visibility in general, including organic search, PPC and social media.
- The basic formula for calculating social share of voice is total industry mentions / your brand mentions.
- Once source shares that share of voice can and should be measured by both topic and sentiment, as simply having a high share of voice isn't useful if people are saying negative things about the brand.
- It's noted that the average share of voice is typically above the average share of market for most brands.
- It’s also noted that beyond market spend, there are several key strategies to increase social voice, which include maintaining an active presence, creating shareable content, and engaging with customers, all of which build conversations.
- Social media market budget aimed to increase share of voice should focus on whichever platforms have an underrepresented conversation presence.
- A source notes, “If you own conversation on Twitter but are underrepresented on Facebook, you’ll know where you should prioritize your social dollars”
- One study on digital markets provided data that businesses who measure their success and their share of voice tend to have higher overall profits.
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