Marketers can use these insights to support their product and marketing decisions.
This piece argues that share of voice (SOV) is an essential metric for businesses to benchmark their success against competitors in the market. Calculating SOV for different areas of their digital marketing strategies can help brands analyse the competition and improve marketing efforts.
Businesses can gauge their brand awareness levels by calculating their online mentions and pay-per-clicks (PPCs). Determining SOV for the individual campaigns and tracking audience-specific insights can help marketers understand elements of their competitors’ campaigns that can inform their own.
Tracking online SOV and analysing specific conversations happening around competitor brands can also give product inspiration to the businesses. Brands can further calculate SOV in the news allowing them to compare their media strategies with those of their competitors.
[8 minute read]