Keep this tool in your back pocket.
One of the primary outputs of public relations is media coverage. But once you have your brand in the media, figuring out how to measure impact and ROI are critical next steps to refine your strategy and improve your reach.
To do this, organizations should first decide what outcomes are most important to them, said Jean Creech Avent, global head of brand, content and communications, at Arkose Labs.
Is it greater engagement? Is it generating leads and drawing more impressions? More earned media than paid media? Perhaps an important metric is just to draw the right people to your organization at the right time, she said. Once you have your desired outcomes established, create a system for measurement that can lend valuable insights into what’s working and what’s not.
“The way that I have always connected my strategy to the bottom line or getting us closer to the bottom line is…through share of voice,” she said.
Breaking down share of voice
Share of voice measures volume, Creech Avent said.
It helps you understand where and how often your brand is appearing in comparison to your competitors. In other words, how is your brand showing up in your market through mentions, earned media, social channels and other platforms?
“This is really important,” Creech Avent said, especially in small startup businesses that are looking to grow their visibility, she added.
Share of voice can help determine more than brand visibility. It can give your organization insights into market trends in your industry, where you’re excelling and where you might be lacking.
It can also help you make more informed decisions about your media strategy, she said.
Calculating your share of voice score
In order to measure your brand’s share of voice, first identify what media you want to include in your analysis. This could be print news only. Or television. Or maybe it’s a combination of several media channels. Be specific about this.
You should then figure out who your competitors are and begin collecting data from the same media over a specific time period. The data you’re collecting should include specific mentions. You should also do this for your competitors’ mentions.
It’s important during this phase to stay in close communication with both your sales and marketing teams so they also understand how your brand is showing up through media and make adjustments, she said.
Once you add up your mentions and your competitors’ mentions over a fixed timeframe, a generic way to calculate a share of voice score includes taking your brand’s mentions, divide them by your competitors’ mentions and multiply this number by 100.
The greater your number is, the more share of voice you have in that market. If this number is relatively low, it’s time to rethink your organization’s strategy and where you need to focus your efforts.
What can you do with your share of voice score?
As an example, a company may be mentioned more in TV programming than other channels, but is this avenue working? Is it reaching the right people?
“Or do we amplify through social media?” she said. “Do we redirect from television to social media to hit the right audience?”
Understanding your successes and pain points can better assess your media strategy and where the holes are. Tracking your share of voice score often can keep your organization honest, innovative and informed.
Courtney Blackann is a communications reporter. Connect with her on LinkedIn or email her at courtneyb@ragan.com.
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