The Share of Voice Conundrum: Why Your Metrics May Not Add Up

The notion that share of voice (SOV) metrics are a vanity metric, only serving to impress executives on board decks, is an outdated assumption. In reality, SOV tools can provide valuable insights into a brand’s visibility and competitiveness in its market. However, the complexity of these tools lies not in their ability to measure competitive visibility, but in the way that “visibility” itself is defined across different channels.

The core issue with most teams measuring SOV is that they perform inconsistent calculations, compare disparate metrics, and end up with dashboards that collect dust on a shelf. A recent guide aimed at addressing these issues has shed light on the intricacies of SOV tools, but it’s not just about the technicalities – it’s about how marketers are using (or misusing) these tools.

Share of voice measures the percentage of visibility a brand earns compared to its competitors in a specific market or channel. This seemingly simple concept is complicated by the fact that “visibility” has different meanings across channels, from search engine results to social media mentions. The nuance of this definition often leads to misleading SOV reports.

Startups tend to rely on social SOV and SEO SOV because these metrics are quick to move and easy to act upon. Mid-market teams need to incorporate PR SOV to build their brand presence, while enterprise teams rely on AI-driven share of voice as a crucial metric. Mid-market teams would do well to start tracking this metric now.

Different tools calculate SOV using varying inputs and methodologies, leading to discrepancies in reported numbers that cause marketers to question the accuracy of their tools. These differences are largely due to three factors: keyword set variations, click-through rate (CTR) model disparities, and data source coverage issues.

Standardizing measurements is key to avoiding these pitfalls. Teams should define a fixed keyword set or competitor set before measuring, lock in tracked competitors, use the same tool consistently across channels, document methodology for future reference, and maintain a consistent cadence of measurement. Building a competitive analysis template beforehand can also help ensure that SOV measurements align with how teams think about their competitive landscape.

When using share of voice tools for SEO specifically, marketers need to understand that organic SOV tracks relative visibility across target keyword sets. This means comparing the percentage of organic clicks or impressions captured by a brand against all possible organic traffic for those keywords. The formula is simple: (Estimated organic traffic ÷ Total possible organic traffic) × 100.

To effectively use share of voice tools, marketers must align keywords to personas and funnel stages. Marketing teams may track different metrics, but the goal remains the same – to measure competitive visibility and inform marketing strategies. By doing so, marketers can harness the power of SOV tools to drive informed decisions and competitive advantage.

However, the share of voice conundrum highlights a larger issue in marketing: our reliance on metrics that don’t necessarily add up. As we move forward, it’s essential to approach SOV with nuance and understanding – recognizing both the value these metrics bring and the limitations they impose. By doing so, marketers can avoid relying on inconsistent measurements and use SOV tools to inform truly impactful strategies rather than collecting dust on the shelf.