As a startup, it can be challenging to establish your brand and gain visibility in a crowded market. With limited resources and competition from established brands, startups must focus on effective marketing strategies to reach their target audience.
One valuable metric that can help startups measure their brand's visibility and track their progress is the Share of Voice (SOV). In this article, we'll discuss why the share of voice matters for startups and how to use it to your advantage.
What is the share of voice?
Share of voice is a metric that measures the percentage of voice your brand has in a specific market or industry. This percentage is determined by comparing your brand's mentions to your competitors' mentions. The higher your SOV, the more visible your brand is. SOV can be measured in various digital channels, including social media, PPC, SEO, and PR.
Why does share of voice matters for startups?
As a startup, it's crucial to establish your brand and gain visibility in the market. Share of voice can help you measure your brand's visibility and track your progress. Here are some reasons why share of voice matters for startups:
- Competitor analysis: Share of voice allows you to identify your competitors and compare your brand's visibility to theirs. Understanding your competitors' strategies, you can identify areas to improve and differentiate your brand.
- Brand awareness: Share of voice can help you track your brand's awareness in the market. A higher SOV means more people are talking about your brand, which can lead to increased brand awareness and customer acquisition.
- Marketing effectiveness: Measuring your share of voice can help you assess the effectiveness of your marketing strategies. If your SOV is low, it indicates that your marketing strategies need improvement. By analysing your SOV, you can identify areas for improvement and optimise your marketing strategies to increase your brand's visibility.
How to use the share of voice for startups?
Here are some steps to use the share of voice to your advantage as a startup:
- Identify your competitors: Before measuring your SOV, you must identify your competitors. Your competitors are other brands that offer the same products or services as you. Use tools like Semrush or Ahrefs to identify your competitors.
- Determine your share of voice: Once you have identified your competitors, you can determine your SOV. You can use various tools to measure your SOV, such as social media monitoring tools or PR monitoring tools. These tools will analyse the number of times your brand is mentioned in the market compared to your competitors' brands. The result is a percentage that represents your SOV.
- Analyse your share of voice: Once you have determined your SOV, you can analyse it. If your SOV is low, your brand is less visible in the market than your competitors' brands. It will help if you increase your brand's visibility by improving your marketing strategies, such as increasing your social media presence or running more PPC ads. If your SOV is high, your marketing strategies are working well. However, you must monitor your SOV regularly to ensure your brand remains visible in the market.
- Optimise your marketing strategies: By analysing your SOV, you can identify areas for improvement in your marketing strategies. For example, if your SOV in social media is low, you may need to increase your social media presence or create more engaging content. If your SOV in PPC is low, you may need to optimise your ad campaigns or target different keywords. Optimising your marketing strategies can increase your brand's visibility and improve your SOV.
- Monitor your progress: It is crucial to monitor your progress regularly to ensure that your marketing efforts are paying off. This involves tracking your SOV over time and identifying any changes. If your SOV is increasing, it means that your marketing strategies are working and you are gaining more visibility in the market. However, if your SOV is decreasing, you need to adjust your strategy or identify any external factors affecting your visibility in the market.
The bottom line on share of voice for startups
Share of voice is a crucial metric to which startups should pay close attention. It allows you to track your brand's visibility and compare it to your competitors, which can help you identify areas for improvement in your marketing strategies. By following the steps outlined above, you can use share of voice to your advantage and increase your brand's visibility in the market.
Remember to regularly monitor your progress and adjust your strategies to stay ahead of the competition. With a strong share of voice, you can build brand awareness, attract new customers, and ultimately drive growth for your startup.