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Selecting the Right Share of Voice Platform to Manage and Monitor Your Influence

This article helps you understand the impact of SOV on your company and why tracking it is essential. It also provides details on how to evaluate the available platforms.

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Selecting the Right Share of Voice Platform to Manage and Monitor Your Influence

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Selecting the Right Share of Voice Platform to Manage and Monitor Your Influence

Why Tracking Share of Voice Is Important to Your Company Growth

Do you know how the market perceives your company? Are you watching “all” channels and tracking what the market says about your brand? Do you have competitive data to define your differentiation to support your sales team in closing sales? Do you understand Share of Voice (SOV) and how this metric can support company growth?

SproutSocial defines SOV as “a measure of the market your brand owns compared to your competitors.” SOV has become one of the most critical metrics for measuring company awareness. If your company has a strong SOV with a positive or neutral sentiment, you should be able to earn a higher market share. This means SOV affects your bottom line. This metric is critical for a small company facing a more significant “challenger.” By monitoring changes in SOV, leadership can hear buyer and prospect feedback and release valued content.

SOV platforms help marketers, brand managers, and business owners measure their brand's visibility and prominence against competitors within a specific channel, such as online ads, social media, website SEO, and other channels. These platforms offer insights into how brands are perceived, where they stand in their market, and which areas require more focus.

This article helps you understand the impact of SOV on your company and why tracking it is essential. It also provides details on how to evaluate the available platforms.

SOV Gives You a Competitive Edge and Makes Sure You Are Heard and Understood

Tracking SOV enables you to spend your marketing/communications budget wisely. Here are just a few of the many benefits.

  • Campaign Engagement: Engaging your audience makes the difference. If the content resonates and a specific campaign increases your SOV, it means the content is of value. If it drops, you can take corrective action ASAP! Real-time tracking of the influence of your content is essential.
  • Competitive Benchmarking: Benchmarking helps you to identify competitors and track the SOVs of each company. It also allows you to identify key influencers in the industry.
  • Competitive Analysis: Understanding how your brand is performing compared to your competitors is of critical value for Product Marketing, Operations, Client Experience, and Sales. Listening and sharing this feedback can enhance your product/service, improve user satisfaction, and increase sales.
  • Resource Allocation: Spending the PR/marketing/communications budget to develop and publish consumed content positions your company as a thought leader and increases your SOV.
  • Identifying Opportunities: Listening to the market conversation alerts you to needed product enhancements, sales opportunities, topics for thought leadership, and areas where competitors are gaining or losing traction.

Unique Data Collected by SOV Platforms

Below are some of the types of data collected by SOV platforms. When selecting a platform, it's crucial to identify which data type is needed to meet sales goals and achieve the corporate strategy. The best platform will be the one that offers relevant insights tailored to your industry and its competitive landscape.

  • Historical Data Analysis: Analyzes past data and tracks changes in SOV over time. It helps to identify trends and shifts in the competitive landscape.
  • Channel-Specific Analysis: Breaks down SOV by different channels, including social media, search engines, digital advertising, and PR.
  • Sentiment Analysis: Provides the sentiment of mentions – positive, neutral, or negative.
  • Alerts and Notifications: Provides real-time alerts when there is a significant change in your SOV, such as a sudden spike in mentions or a shift in sentiment.
  • Geographic Breakdown: Tracks SOV by specific regions or countries. This is especially useful for companies operating internationally or in multiple geographic locations.
  • Tagging and Categorization: Classifies mentions or data points into categories, enabling you to understand the context of SOV better.
  • Keyword Tracking: Tracks keywords and shows how yours perform against competitors’.
  • Ad Creative Analysis: Enables you to view and analyze the results of paid ad creatives.

How to Track SOV

There are two main methods to track SOV – manual and automated.

Manual, as you might assume, means you set up reporting on all applicable social media channels and your website. To start, log in to your account on Twitter, LinkedIn, Facebook, YouTube, etc., and follow the guidelines to set up tracking. Then, set up Google Analytics or a similar tool to track visits and time spent on your website.

A few weeks after the tracking has been set up, you will need to go to the sites and manually collect the data from each site, analyze it, and prepare a report. This option is cost-effective (cheap) and a great starting place. After a few months, you will see trends and better understand what content is resonating with your audience.

Another option is an automated subscription platform. There are two levels of platforms – free and at a cost. The free platforms, such as Social Searcher and Talkwalker Alerts, offer tracking with limited insights and analysis. While a free platform is a great start, you will still need to allow time to analyze the data and build your reports.

The pay-for platforms not only gather data but also provide an analysis for you. The analysis, via a dashboard, enables you to dig deeper and produce reports. Besides the automation, one of the most important benefits is that the analysis is based on the same monthly data, so you constantly compare apples to apples.

How to Evaluate Platforms

When evaluating any software to integrate with your existing systems, it is important that you ensure the new one won’t conflict with current business operations. Listed below are both the unique features of an SOV platform and the standard features of any software.

Key SOV Platform Features

  • Monitoring: Does the platform offer real-time monitoring? Social media is changing so quickly that you need real-time data. This information will also allow you to see emerging trends that can be used for thought leadership.
  • Coverage and Reach: What channels do you use? What channels does the SOV platform track? Depending on the channels you use and the type of content you release, you will want to choose a platform that follows all those channels and provides metrics. This will provide a broad, holistic view of your overall SOV performance.
  • In-Depth Reporting and Recommendations: Will the platform enable you to create detailed custom reports or visual dashboards for straightforward interpretation and data presentation? Will it also provide recommendations and actionable insights? Can you track the results by defining the channels and metrics and creating custom reports to share with leadership?
  • Recent Growth and Acquisitions: Has the company that owns the platform been acquired by another company, or has it acquired another company? This may have diluted its offerings and customer service. Read user reviews before you make a final decision.
  • Competitive Analysis: Does the platform track your competitors' activities? If yes, what channels does it follow? Knowing where you and your competitors stand enables you to position your company to outperform them strategically.
  • Integration Capabilities: Can the platform be integrated with other tools, allowing for a comprehensive view of your PR efforts?
  • Audience Segmentation: Will the platform analyze SOV among specific audience segments, enabling you to tailor strategies to select audiences?
  • Influencer Tracking: Does the platform identify and track key influencers or opinion leaders in your industry?

Standard Software Analysis

  • Data Security and Privacy: Does the platform protect your sensitive data and follow your firm’s data security and privacy regulations? Your IT department and leadership will insist!
  • Reputation, Usability, and Customer Support: What do current users say about the SOV platform? Does it have a reputation for usability and quality user support? You will want a reputable, dependable platform that is easy to learn and navigate. You will also want training and customer support when needed.
  • Pricing and Scalability: What is the cost? Can you justify this expense based on the data you will collect and analyze? Will the platform scale as the company grows and your needs expand? Depending on the current situation, you may start with one platform that fits your budget and move to a second one as your needs and budget increase. If there are multiple pricing levels, staying with the same platform over time provides report consistency and reduces training time. But don’t sign a contract for a platform with too many bells and whistles you don’t need right now.
  • Data Sources and Accuracy: From what source does the platform pull the data? Are the sources dependable? Because the data will be used to make changes in business strategies, product modifications, or campaign content, you will want to ensure it provides an accurate picture of how your company and its brands perform against your competitors’.

SOV Monitoring Tools

When selecting an SOV platform, it’s essential to identify the specific metrics you want to track. Do you need a detailed analysis of social media mentions? Are you more concerned with keyword search visibility? Are you concerned about sentiment? Knowing what you want to measure will help you select the most suitable platform. Below is an overview of different metrics monitored by SOV platforms.

Social Media Monitoring Tools: Measure the number of mentions, sentiment, and engagement a brand gets on social platforms, such as:

  • Brandwatch, Critical Mention, Emplifi, Sprinklr, Talkwalker.

SEO Tools: Measure a brand’s visibility with keywords as compared to competitors, such as:

  • Google Analytics, HubSpot, Moz, SEMrush, Similarweb.

Paid Advertising Tools: Analyze the performance and visibility of paid campaigns against competitors, such as:

  • Adthena, Ahrefs, iSpionage, SpyFu.

PR and Media Monitoring Tools: Measure the media coverage of a brand against competitors, such as:

  • Agility PR Solutions, Cision, Critical Mention, Meltwater, Prowly.

General Marketing Analytics Platforms: Provide a comprehensive overview of a brand's digital presence such as:

  • Adobe Analytics, Adverity, Google Analytics, HubSpot.

Niche or Industry-Specific Tools: Some tools are designed specifically for specific industries or niches, offering specialized analytics and insights. Platforms will be particular to your industry and marketplace.

Monthly costs for an SOV subscription platform range from $29 to $500 or more per month, depending on usage, seats, and tracking options. The key is identifying the metrics you must report to leadership and adjusting your PR, AR, and other communications. This should enable you to determine what you need to track and identify the best platform for your needs and budget. A detailed listing of SOV platforms is provided at the end of this article.

How to Select a Stable Platform

Now that you have researched multiple platforms, select two to three platforms that fit your needs and budget. Compare the media and narrow your selection to one. Then, talk with the sales rep and ask for a free trial. This will enable you to use the platform and see how it works. Make sure to involve IT before signing a contract. This will enable IT to understand the requirements regarding integration with other corporate systems and will avoid implementation delays, saving time and money.

Key areas to address include the following:

  • Financial Viability: Does the company have a solid financial foundation? Is it a start-up or does it have a lengthy history? If it is a public company, can some metrics be used to evaluate its financial stability? Review the article Select Tactical SaaS Vendors That Are Built to Last.
  • Integration: What will it take to integrate the current software? Will IT have to be involved in its installation and integration?
  • Compliance: Does the software meet your company’s compliance requirements? You want to ensure your data is safe and avoid a data breach.
  • Negotiation: Have you negotiated the price of the platform? Most vendors are willing to negotiate a lower price than the “list” price, depending on the length of the contract. Review the Negotiate SaaS Agreements That Are Built to Last blueprint for tips on contract negotiation.

Conclusion

Tracking your SOV provides insight into what the market says about your company and supports company growth. Selecting the right SOV platform is a significant decision, so it is essential to evaluate the available options. The guidance in this article should shorten the time to assess these platforms. In addition, taking advantage of a free trial allows you to test it. Ensure you feel comfortable using the platform, as you will most likely use it for years.



Users’ Top-Ranked SOV Tracking Platforms in Alphabetical Order

Adobe Analytics

https://business.adobe.com/products/analytics/adobe-analytics.html

Adverity

https://www.adverity.com/

Adthena

https://www.adthena.com/

Agility PR Solutions

https://www.agilitypr.com/

Agorapulse

https://www.agorapulse.com/home2/

Ahrefs

https://ahrefs.com/

Awario

https://awario.com/

Brandwatch

https://www.brandwatch.com/

Cision

https://www.cision.com/

Clerk

https://www.clerk.io/

Critical Mention

https://www.criticalmention.com/

Digimind

https://www.digimind.com/

Emplifi

https://emplifi.io/

Google Analytics

https://analytics.withgoogle.com/

HubSpot

https://www.hubspot.com/

Hootsuite

https://www.hootsuite.com

iSpionage

https://www.ispionage.com/

Klear

https://klear.com/

Meltwater

https://www.meltwater.com/en

Mention

https://mention.com/

MoZ

https://moz.com/

Muck Rack

https://muckrack.com/

PacVue

https://www.pacvue.com/

Prowly

https://prowly.com/

Reputation

https://reputation.com/

SEMrush

https://www.semrush.com/

Sendible

https://www.sendible.com/

SimilarWeb

https://www.similarweb.com/

SOCi

https://www.meetsoci.com/

Sprinklr

https://www.sprinklr.com/

Sprout Social

https://sproutsocial.com/

SpyFu

https://www.spyfu.com/

Talkwalker

https://www.talkwalker.com/

Zoho Social

https://www.zoho.com/social/


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