When multiple companies
compete for dominance in a given segment of the market, they don’t just compete
for customers. Good companies know that success comes when they perform and
dominant in every aspect of running a business. Thus, from having a good
company culture to hiring well and marketing the products well, all these
different parts together contribute to one company doing well and dominating
its segment.
The performance of a
company in different aspects of running a business is measured with the help of
KPIs. Knowledge performance indicators or KPIs are metrics used to measure how
a business is doing. In digital marketing, one KPI used extensively is share of
voice.
In this article, we
will discuss what share of voice refers to in the context of digital marketing.
What is Share of Voice?
For marketers who have
been in the field for a long time, share of voice wouldn’t seem like a new
term. Just as companies measure their market share by the number of customers
they have, share of voice is used to measure the marketing presence and
visibility a brand has compared to competitors.
In the old days, share
of voice was used to measure the share of advertising a company had in mediums
like newspaper, radio, and television.
In digital marketing, a
metric like share of voice is very powerful as it can be calculated with
greater accuracy and precision.
Why is Measuring Share
of Voice Important?
A company, in order to
be at the top of its own market segment, has to dominate its competitors in
every field possible. Selling more products than competitors is the ultimate
goal, but to reach that level, a company has to do a lot of things better than
its rivals. This means hiring better, having a better culture, occupying more
marketing space, and so on.
In Conclusion
Many metrics are used
by marketing professionals to measure a range of different things during a
campaign. The role of these metrics is to help marketers understand their own
campaign in a better light. There is a universal push in all fields of work for
more data to make sure that any work done by a professional actually delivers
results. In this article, we discuss one such metric, share of voice, its role
in digital marketing, and how it can be measured.
About the Author- Sheila Basant is a well-known digital marketing analyst with seven years of experience in analyzing campaign data and KPIs. She is well-versed in data science and has worked as an analyst for top digital marketing institute like DelhiCourses.in.
The place is widely regarded as the best place for an affordable
digital marketing training in Delhi.