Your Share of Voice is the percentage of social media mentions you have in relation to your competitors. This post can help you calculate your Share of Voice if you haven't done so before. Once you have taken the time to calculate you'll want to know, "What now?"
Below are five things you can do with the knowledge of your Share of Voice.
1. Make it better
It might seem to be the obvious thing to do, but now that you have an idea of where you stand, take the time to improve. Take a look at your closest competitors -- how much bigger (or smaller) is their Share of Voice than yours? This is a good indication of whether or not your Share of Voice is good. If you are 10% higher than your next closest competitor, that's an excellent accomplishment. If yours is lower, then come up with ways to increase your piece of the pie.
2. Learn about your top competitors
It's great to not only measure your own Share of Voice, but also that of your closest competitors. Depending on your market size, one or two would be fine. Learn about what is driving their volume and in what ways customers/potential customers are speaking about them. If you notice a high Share of Voice from a small competitor, dig in to the data to determine what all the buzz is about. Apply these lessons to your own social media efforts.
3. Attribute cause to your peaks and valleys
Are there times when your Share of Voice spikes or drops? Look into these peaks and valleys. They can be great competitive intel as well as indications of what is resonating with your community. Try to find the reason for each large spike or drop and communicate the cause to your team.
4. Set short term and long term goals
After looking at the spikes and valleys and finding ways to increase your Share of Voice, take some time to set realistic short term and long term goals. A realistic short term goal might be to increase Share of Voice by a small amount each week. Perhaps a long term goal would be to watch for competitor spikes and plan engagement campaigns around those to maintain a steady Share of Voice percentage.
5. Refine for better measurement
As you watch the numbers over the weeks, months and quarters, take the time to further refine the keywords to which you are listening.
- Could you add misspellings of words to get a more complete measurement?
- Are there old brand names that people still talk about online?
- Are there words that should be removed from your keyword list?
Once you've calculated your Share of Voice there are many strategic and tactical decisions you can make. Use these five ideas to get started, and share share your ideas in the comments below.