In its basic definition, Share of Voice is the measurement of conversation (or “ad noise” in a display perspective) generated by a brand through its advertising and marketing efforts – compared to the rest of a defined market (competitors).
Traditionally, this concept is applied by advertisers as a way of measuring their “piece of the pie” in their respective market. The question is however, how does this apply to social media and how does a brand increase their Share of Voice on Twitter? These questions have been one of the tasks the Strategic Insights Department at Insightpool has been tackling for the past year.
Insightpool uses a proprietary algorithm to “suggest” which users to engage with based off of their likelihood to reciprocate an action – reply, retweet, favorite, click, etc. Share of Voice has to do with the percentage of impressions generated of the total. Impressions on Twitter are typically defined as the summation of users’ followers. Thus, a commonly-used, and more accurate name for this metric is “potential impressions”. For example, if 10 people with 100 followers each, tweet about a particular subject, that means 1,000 potential impressions have been generated. A potential 1,000 people could have seen the subject matter contained in those 10 tweets. If your brand coerced 3 of those 10 to tweet, your Share of Voice is about 30%.
To summarize, take the number of potential impressions generated by your brand, divide by the total potential impressions on Twitter surrounding the same topic or total in the industry (generated by competitors), and you have your Share of Voice.
So, what implications does the definition provide regarding social media strategy in an effort to increase a brand’s Share of Voice? Well, since Share of Voice is the percent of total impressions, we asked ourselves the same question, and concluded that the most important action to receive from an engaged user is the almighty Retweet. Not just any Retweet, however, a Retweet from the right person.
The tactic is to find those who are not only likely to Retweet your content, but find those who are connected to others engaged with the same subject. Finding the right people helps by:00
- Increasing the likelihood that a user that follows both the engaged influencer and your brand will engage in the topic (i.e power tools fans)
- Increasing the likelihood that the engaged influencer shares the content (to their audience of already-engaged followers)
Insightpool uses a combination of copy element optimization (the what), drip strategy (when/how) and audience optimization (who) to ensure our clients hit the right people with the right message at the right time in order to increase your brand’s Share of Voice. One way we’re able to determine this is by applying the Cumulative Distribution Function (CDF) to different copy elements, drip strategies and/or target audiences.
In the below example, we’re able to determine the probability a client is to meet or exceed a particular Engagement Rate benchmark (5%) given that their tweet copy either contains (green) or does not contain (red) a URL.
In the above, we can see that only 5% of the copy that doesn’t contain a link, meets or exceeds a 5% Engagement Rate, whereas 19.9% of the tweets containing a link meet or exceed 5%. So we would recommend the client include a link.
For more insight on how to increase Share of Voice using Insightpool for your brand, contact our team to learn more today!