Share of voice is an essential element that has a measurement of a specific market that a brand is apart of and makes a comparison between competitors. It provides companies with a precise measurement of the control they have in the industry. The amount of market share, a brand has, reflects on popularity and the amount of potential consumers they bring in and the amount of loyal consumers they keep. There are many ways in which brands measure their share of voice, like impressions, reach, frequency, and GRP (gross rating points).
Impressions are the metric that measures the amount of times advertisements show up in a paid search for an audience and how many times the ad is shown in a third-party site. Brand awareness can be analyzed and calculated using impressions. Impressions is just the number that the ad was displayed, not how many people saw an ad. Impressions tell brands whether consumers got the message or ignored it.
Reach is the amount of people that see both the organic and paid ads on social media channels. A form of reach is effective to reach, which is only measured once the person has seen the ad more than three times. With reach, marketers want to know how many different groups of people are exposed to the ad. Average frequency is the amount of times that the target audience had an opportunity to see the ad. Marketers need to be careful that their target audience isn’t seeing the advertisement constantly as it causes them to start ignoring the ad and banner blindness. Just like reach, frequency also has an effective frequency, which is the amount of times a person is exposed to an advertisement for it to be effective. Gross rating points are the amount of rating points over different media channels. Marketers use this mostly to measure the advertising impact. To calculate it, the brand gets the percentage of the target market that was reached and multiply it by the exposure frequency.
In the end, all of the factors linked to provide useful information for marketers to see how the company is doing within their industry. Every brand wants a consumer always to remember their brand when a specific industry comes to mind. And every brand wants to dominate its market. For example, Nike wants to dominate the footwear market; H&M wants to dominate the fast-fashion market. Knowing their place in the industry allows brands to try out new trends, build on brand awareness, and stand out from competitors.