How can you measure your brand's share of voice in the market using data analysis?

One more effective analytics method for data source is social listening. Social listening is the process of monitoring online conversations about your brand, products, competitors, or industry. Social listening can help you measure your SOV by tracking how often and how positively people mention your brand online. Some social listening tools are Hootsuite, Sprout Social, Mention, or Brand watch. You can use these tools to collect and analyze data from various social media platforms, blogs, forums, or news sites.

Being tuned in to competitors and understanding when their SOV is on the upswing gives you a glimpse under the hood of what's working for them. It's easy to get caught up in keeping up with the Jones. How many times do we hear, "Competitor X is doing this. Why aren't we?" It's a window into competitor performance that practically allows you to test how ideas would work in your market without having to try them yourself. Knowing what matters is more important than knowing what is happening. It helps uncover your comparative strengths and weaknesses and understand how to improve.

Share of voice is a measure of how much your brand is mentioned or seen in different data sources and methods, such as social media, search engines, online reviews, etc. By analyzing your SOV, you can see which aspects of your brand are more or less visible and attractive to your audience, and how you can improve them. You can also see which competitors are more or less dominant and influential in your market, and what they are doing differently. A/B testing is a helpful technique to compare different versions of your brand elements, such as logos, slogans, ads, etc., and see which ones perform better in terms of SOV and market share.

To optimize your brand strategy, you can use IBM Watson Studio to perform a SOV analysis that will help you increase your SOV and market share. IBM Watson Studio can provide you with more accurate and reliable data sources and methods, and show you the results in a clear and easy way. You can then use this information to improve the aspects of your brand that are more attractive and relevant to your target audience, and to differentiate yourself from your competitors. You can also track your SOV over time and measure the impact of your actions.