If you’ve ever been responsible for collecting reports for your marketing team, you know there are a wide variety of metrics you can measure.
One metric that you may not want to use across channels is voice percentage. However, this is a versatile metric to use in a competitive analysis for social media, organic traffic, or even paid advertising.
As a marketer, the voice portion is important as it helps you understand how well your brand is doing against the competition.
So let’s check out everything you need to know about voice sharing below.
What is the part of the vote?
Share of Voice is a marketing metric that you can use to compare brand awareness across different marketing channels with that of your competitors. This metric can be used to measure how well your ads, social media mentions, or even website traffic are doing compared to the competition. Ultimately, you can see how much of the conversation you dominate in your industry.
While the share of the vote is not the same as the market share (more on this below), the share of the vote tends to correlate with the market share and sales. For example, the more you dominate in online conversation, the more market share you have and the more authority you have among users.
This metric was primarily used to measure success in paid advertising, but it’s much more than that now. You can calculate voice percentage for organic traffic and social media in addition to paid advertising.
By calculating your vote share, you will have a better understanding of many of the people who know about your brand and will help you identify areas that you need to work on. For example, if you have a high percentage of votes on social media but not that much in organic traffic, you know you need to improve your organic traffic strategies.
Now what is the difference between language share and market share?
Share of votes vs. market share
While voice percentage measures brand awareness on a given channel, market share is the percentage of a market that a single company controls based on sales or the number of customers. The two metrics have a similar concept (calculating how well you do compared to your competitors), but market share only relates to an overall market share, and language share can be related to brand awareness or success in multiple marketing channels.
Share of the language formula
To calculate the proportion of the vote, Divide your brand’s metrics by the total market metrics. This could be your social mentions, paid ad clicks, or website traffic.
To find these numbers, you will need to use some of your marketing tools. For example, you can check your social media automation tool to see how many mentions your brand has. Then you can calculate how many mentions your competitors have. After you’ve added all of these up, you can divide your mentions by the sum to find the percentage of speech.
By calculating the voice percentage, you should learn which channels need your attention the most and how to hold your own against competitors. Now let’s see for which channels you should calculate the voice portion.
Share of the vote
When it comes to advertising, it’s important to find your share of the vote to see how much ad space you’re taking up compared to the competition.
To find out, divide the performance in a paid ad metric (e.g., impression shares) by the total in the industry.
With PPC ads, you can see impressions, which show the number of times your ads were shown to users compared to the number of times your ads were shown based on your keyword and campaign settings.
Voice is important in advertising as it helps you budget, measure campaign effectiveness, and give you a competitive edge.
Social media is one of the main channels where you can use voice as a measure of success, as it is on social media that consumers are heard.
With social media, you can measure brand names, hashtags, reach, impressions, or even sentiment.
To calculate, use a social media tool to measure brand names. Calculate yours, your competitors, add those numbers, and divide your mentions by the total.
Vote sharing is important on social media because it helps you identify which competitors are mentioned more often so that you can analyze what you are doing and what they are doing. This way you can spot gaps in your strategy. Ask yourself which platforms work for your competitors, which influencers are talking about them, and where they are most popular.
Now you may be wondering, “How do I get these reports?”
Release of voice reports
To do part of the voice report, you should be able to capture the numbers using your marketing automation tool. You can just create an excel sheet and start calculating voice percentage for multiple channels including social media, advertising, or organic traffic.
Calculating your percentage of votes is a great way to see how well you are holding up against your competitors. Best of all, you can use this metric across multiple marketing channels, from advertising to social media.