Understanding SOV (Share of Voice)
By Christopher Knight
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DEFINITION: SOV = Share of Voice. The total percentage that you possess of the particular niche, market, or audience you are targeting.
Example: There are 100,000 businesses in the same industry as your list or ezine services. You have 10,000 members on your list. It could be argued that your SOV is 10% of that industry if your list specifically serves that niche.
Another way of looking at Share of Voice: (according to ADVBL.com)
"Secondary market research is used to accumulate measured media expenditures and estimated costs for other communications activities. Information should be gathered for all competitors on a regular (quarterly and/or annual) basis. Each competitor's percentage of the aggregate total is its Share-of-Voice."
Why does knowing your SOV matter? Answer = Because with email newsletters and discussion lists, it is a strong selling point to advertisers when you can tell them that you are reaching a 40-90% share of a particular market niche that is of value to them (depending on what your SOV is).
If reaching a high percentage of their target market is important, this will endear them to you and possibly increase their level of advertising with your list(s).
How do you find out what the total size of your niche is?
Almost every industry has a research report that you can buy from the big dogs, such as Forrestor, Yankee, etc. You might also find relevant stats on your niche from press releases or sales literature from organizations that already bought the reports and are publishing how big the niche is that they are looking to dominate.
This Ezine-Tip was submitted By Christopher Knight -- Email List Marketing Expert, author and entrepreneur.
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Ezine-Tips for March 02, 2000
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