Share of Voice: Why it Matters and How Your Business Can Stand Out

As we continue to navigate a fluid economic reality, many business leaders are on an ongoing mission to cut costs and justify spending. Endeavors that are immeasurable are frequently the first to go.

Public relations can easily fall into this category. Marketing can too, but the reality is there is no direct, measurable, line from PR to sales. But before company leaders label PR efforts as unquantifiable, they should look to the following data point, which can confirm their message is getting in front of the right audience thanks to their PR and marketing efforts: Share of Voice (SOV).

SOV allows companies to measure their brand awareness, health and visibility against industry competitors. It can be viewed as a measure of potential awareness by your target audience of your business and its branding. SOV is a trackable metric that demonstrates where your business stands among competitors in a given period of time. It can also demonstrate the PR and marketing tactics or messages that were most successful in raising awareness for your brand.  

At the same time, SOV can also provide insight into the most successful PR and marketing tactics of your competitors, giving you an even better idea of what might work for your audience. Further, SOV can point out any potential disconnect between what competitors are talking about and where your business chooses to focus its messaging.

Getting to Know Your Numbers

Calculating the metric is not rocket science. It requires aggregating your company’s media mentions and gathering data on industry competitors and their media mentions from the same points in time. Ideally, you’ll want to measure your SOV and that of your key competitors to get a benchmark before launching a PR campaign. Then, measure again during and after the campaign, to see how your company’s SOV has fared against your competitors.

The results can be eye-opening. We have found our clients see tremendous value in the metric – value they can bring before their board, investors and leadership team to pair with the organization’s overall efforts to achieve critical goals.

For example, at the end of 2022, a global insurtech company reached out to our agency looking to build SOV in the American insurance media market. At the time, they only had a 9.1% SOV and were struggling to breakthrough. Our team studied the approach of their competitors and developed a new, non-promotional PR approach focused on the dynamic personalities and interests of the co-founders and the state of the insurtech and insurance industries more broadly. This approach had a knock-on effect of demonstrating the company had its finger on the pulse of its core audience and their needs.

By avoiding outdated industry topics and blatant self-promotion, focusing on current trends and educating insurtech customers, we were able to secure dozens of media interviews and contributed articles for the company. By the third quarter of 2023 – just 9 months into our engagement – the company had established itself as the dominant voice among its competitors in the insurance media, with an SOV of 77.8%. This growth has corresponded with increased sales numbers and inbound product inquiries.

SOV is a powerful metric.  It can demonstrate the value of a strong, consistent and coordinated public relations campaign in partnership with good marketing. While there still is no direct line from PR to sales, a considerable uptick in SOV demonstrates your message is being broadcast, and if done correctly, it is broadcast to the audience most in need of receiving that message. As year-end planning begins, consider incorporating this metric into your 2025 planning to help make your company the top voice among your competitors.

What’s in an Address? Good PR Doesn’t Always Mean Big City Agencies, Hefty Price Tags

There was a time when American businesses leaders could do no wrong if the consultants or vendors they hired were marquee names with storied addresses on K-Street in Washington, D.C., Madison Avenue in New York or were located among the scenic vistas of Silicon Valley. That time is over. Management has tired of paying for the geographic mark-up of posh addresses. New York City and Silicon Valley may have been known as go-to hot beds for finance and tech expertise, but cities in Texas, less recognized for offering that same level of expertise without the swanky digs, are quickly transforming the Lone Star State into a tech and financial hub.

Goldman Sachs, Wells Fargo, Charles Schwab and Deloitte are expanding their presence in Dallas, lightly dubbed Y’all Street, according to The Wall Street Journal. At the same time, tech companies like Hewlett Packard Enterprise, Oracle and Tesla have moved sizeable operations to Texas as well, noting a friendlier regulatory and tax environment and robust talent pool.

These companies do not want to spend Silicon Valley or New York City dollars to get the same-or-better quality and service they can get elsewhere. This thinking has long been a too well-kept secret in public relations. While business leaders may have previously assumed a large New York City PR firm was the only means of garnering impressive results, current trends are pointing to star PR talent in Texas, and elsewhere outside the high-rent districts of Manhattan.

Good PR does not have to cost $30k, $20k or even $10k a month. While some of the country’s most well-known global PR firms may have former presidential candidates to tout on their rosters, many boutique agencies have tenured professionals who not only know PR, but know your industry… and best of all, who will take the time to listen and get to know you because they value – and need – your business.

In fact, we often hear from clients who have come to us from large, global agencies. They tell us they were shocked by the both the price of admission to these goliath agencies, as well as the lack of access to senior talent at those agencies. Too often with larger firms, clients find themselves the victims of bait-and-switch routines with a junior staffer managing their account after an initial meeting with executives where they signed on as new clients. Or they find out that press releases or thought leadership writing are all additional costs outside the retainer agreement. Just as many tech and financial services companies have recognized, good expertise does not always come from the most expensive source.

That said, we are all also too familiar with the phrase “you get what you pay for.” Fantastic PR firms offering services at a fraction of the price of their larger counterparts are out there, but business leaders and their marketing and communications teams seeking support will have to do their homework to find a valued partner they can trust.

Contemplate the following dos and don’ts when considering a PR firm:

  • Don’t be fooled by a name or size. Simply because they have a celebrity on their roster or they are the biggest, does not mean they are the right fit for your company’s needs. Often, business owners can get more bang for their buck when it comes to PR by selecting a smaller agency with specialized expertise to fit their needs.
  • Don’t assume PR is expensive. PR does not have to be expensive. Campaigns can be tailored to fit your budget – within reason. A smaller, targeted campaign by a team who really understands how to reach a specific audience and what they are looking for can produce more results for less compared to an overly broad, national campaign.
  • Don’t let your company be nickeled and dimed. A good PR firm will not busy themselves with counting your hours and billing for every single. They will work with you. They will offer inclusive services, and not bill separately for press releases or writing services. (And on writing, ensure the agency you are considering has proven writers on staff.) Often, the best PR firms employ former journalists, who not only know what reporters are looking for, but know how to write like them to ensure the best possible reception among the journalists most important to you and the audiences you need to reach.
  • Do ask who will be working on your account to ensure the leadership team you spoke with at first doesn’t ghost you for the newest assistant.
  • Do consider a PR agency’s specialties and expertise in your industry.
  • Do look to references. Clients, and particularly former clients, can give you an honest opinion on whether an agency met or exceeded expectations, as well as their experience working with the team.

Most importantly, keep an open mind. Just as good tech solutions no longer come only from Silicon Valley, good PR is not provided exclusively by big city agencies for tens of thousands of dollars a month. Smart, committed and results-driven teams drive PR success and increasingly those folks can be found at boutique PR agencies that offer more manageable retainers.

Back-to-School: Business Edition

It’s back-to-school season and the team at Kimball Hughes Public Relations knows this means changing things up at home for many. For business and non-profit leaders, September ushers in planning season for the year ahead while winding up 2024 priorities. Our team at Kimball Hughes PR is here to help you check off your list of communications initiatives for 2024 and prepare new strategies and initiatives for 2025. We’re just a phone call or email away. Just don’t ask us to pick the kids up from school.