How To Calculate Share of Voice in Excel or Sheets
Introduction
Share of voice (SOV) is a critical metric for measuring your brand's online presence compared to your competitors. It tells you how much of the conversation you own in your industry or niche. A high SOV indicates that you're dominating the online space, while a low SOV suggests you need to step up your game.
Calculating your SOV can be done manually, but it's a tedious and time-consuming process. Thankfully, there's a much easier way to do it: using Excel or Sheets.
Why it's important
There are several reasons why calculating your SOV is important:
- Tracks your brand's progress: By monitoring your SOV over time, you can see how your online presence is growing or shrinking. This can help you adjust your marketing strategies accordingly.
- Benchmark against competitors: Knowing your competitors' SOVs can help you identify your strengths and weaknesses. You can then use this information to develop a competitive advantage.
- Allocates resources: Understanding where you stand in the market can help you allocate your resources more effectively. For example, if you have a low SOV, you may need to invest more in online marketing.
How to calculate Share of Voice in Excel or Sheets
Here's a step-by-step guide on how to calculate your SOV in Excel or Sheets:
- Gather your data: You'll need to collect data on the number of mentions your brand receives online. This could include mentions on social media, news websites, forums, and blogs. You can use social listening tools or manually search for mentions of your brand and your competitors.
- Create a spreadsheet: In Excel or Sheets, create a spreadsheet with the following columns: Date, Brand, Mention Type (e.g., social media, news article), and Sentiment (positive, negative, or neutral).
- Enter your data: Enter the data you collected in step 1 into the spreadsheet.
- Create a pivot table: Create a pivot table to summarize your data. In the pivot table, group your data by brand and mention type.
- Calculate your SOV: To calculate your SOV, use the following formula:
-
(Your brand mentions / Total mentions) * 100
- Analyze your results: Once you have your SOV, you can analyze your results to see how you're doing compared to your competitors. You can also track your SOV over time to see how your online presence is changing.
Summary
Calculating your share of voice is a valuable way to track your brand's online presence and identify areas for improvement. By using Excel or Sheets, you can easily calculate your SOV and gain valuable insights into your marketing performance.
