As we know, the more people we’re reaching, and the more people who are talking about us, the greater our opportunity to maintain or grow our market share. Where a brand Share of Voice (SOV) is higher than then Share of Market (SOM) the brand tends to grow, and the opposite is valid.
It’s the “ESOV (Excess Share of Voice) law“: brands that set their SOV above their SOM tend to grow, and those that set SOV below SOM tend to shrink. The rate at which a brand grows or shrinks tends to be proportional to its extra SOV (ESOV), defined as the difference between SOV and SOM.
But let’s not forget: it is not just the weight of spend that matters, it is against what it is spent. It is perfectly possible for a brand to spend more than its fair share and still not grow because its offer is not meaningful to the audience or because of the poor creative quality of the content produced.
Very interesting. I have been considering using a social media management platform to schedule content and measure share of voice but I had not heard about the ESOV law. One more thing to consider when weighing using a platform reviewed on Data Hunters https://www.data-hunters.com/use_case/share-of-voice/ but it strikes me as very worthwhile.