Let’s begin by defining ‘share of voice’ for the uninitiated. Share of voice is a metric used in advertising. It measures the percentage of media spending by a specific company in comparison to the total media spending for the service, product, or category in the market. Essentially, share of voice refers to the amount of brand awareness your company has.
For example, Target and Walmart are companies that everyone knows about. They both have a huge share of voice, because most people in the Western world know about them and trust them to a certain extent.
Marketing tactics such as paid advertising are the primary way to increase the share of voice, but what about less direct methods like public relations campaigns?
When you earn media wins that you don’t pay publications directly for (our specialty here at Victorious PR), those media spots become contributions to your share of voice. Of course, you have to factor in the cost of having a stellar PR team.
But the beauty is that good press gets shared across social media channels and among friends dramatically more than ads do. When was the last time you forwarded someone an ad? Probably never, or once at most.
Articles and podcasts are shareable, and that is what makes them such an indispensable factor in building your visibility and credibility. You can become the number one authority in your niche by building authentic brand integrity. This integrity is one of your most valuable assets in building a cost-efficient and effective share of voice.
A high share of voice leads to market engagement and sales for your business in most cases, but the share of voice metric doesn’t tell you how much of your spending on advertising is leading to sales. In other words, it only provides you with part of the picture.
By utilizing good PR practices, your share of voice becomes less expensive, but your ROI is high. We don’t do paid advertising here, so PR doesn’t calculate into share of voice math in the same way.
We aren’t saying paid advertising is bad. Every business should have a well-rounded marketing campaign that is tailored to suit them. But we do think that a public relations campaign is an excellent first step if you are just starting to get your brand voice out to the public.
Of course, we know that even for large businesses that have their marketing campaigns down pat, public relations is the perfect cherry on top that solidifies them as the top authority in their sector.
So whether you are a life coach or cryptocurrency guru, real estate agent or mortgage lender, entrepreneur or CEO, share of voice should be crucial to you.
Victorious PR knows how to not only increase your share of voice but make it work for you most efficiently. Because what is brand awareness without sales? You want your target audience to know about you, sure, but more importantly, you need to convert them into sales.
If you would like to learn more about how Victorious PR can skyrocket your share of voice in your market, please schedule a call with us today. Victorious PR was chosen as one of the top PR firms in Las Vegas in 2021 by Expertise.com. We get our clients earned media wins such as the Forbes Top 1000, press in Inman and Entrepreneur, and niche-specific podcasts.