Knowing how to choose the correct strategy to achieve an effective online advertising campaign is probably the most important topic of discussion for most digital marketers. Measuring the impact of your advertising strategy is as important as implementing it. It requires understanding of the real needs of your business and will allow you to set your goals. This while you are learning how to choose the right advertising model to accomplish them.
In this article we want to explain to you the advertising model concept known as Share of Voice (SOV). This to help you properly use it and measure the results of your online display advertising campaigns.
SOV digital advertising
SOV or Share of Voice is the percentage of the advertising stock your company buys on a particular media site. This then is divided on either audience or placements. In display advertising SOV is represented in Impression share. For example: the number of times your ads were shown in comparison to the number of times your ads could have been shown.
The formula will be the following:
Impression share = Your impressions / Total eligible impressions
So, SOV means you are buying a percentage (% or share) of the total number of impressions of what a site gets on a monthly basis for a fixed rate and period of time. Nevertheless, following the traffic of the previous months of a particular site you can see on average how many ad impressions usually it gets per month. For example, let’s say on average a website has about 25,000,000 impressions per month. You are going to buy a package of ads. This can include takeovers, wallpapers, native ads, footers, pop-ups, etc.) for 5,000€ per month for a 10% share of those impressions. That means for 5,000 € you can expect approximately 2,500,000 impressions per month.
Some advantages of SOV
1. You are paying a fixed monthly rate. You have a determined budget each month to spend your money on these ads and don’t need to worry about extra costs. Also if the number of ad impressions of the site increase, you will benefit greatly. If the site is having a great month you can benefit with extra impressions. And also without any extra cost for you.
2. Use SOV as a way to segment your target audience.
With SOV advertising, you can choose the section you want to advertise and the geos of your interest, to be sure that your ads will be shown only where it is of interest to your business. In www.fxstreet.com you can choose a US, Global- No US, European markets from where to show your ads and get impressions. Over this “targeted” audience, you can choose the % of SOV that you want to impact, considering the total ad impressions for these geos only and not the whole site.
3. Perform competitive analysis on a market-wide scale and improve future campaigns based on findings in SOV reports. The share of voice of your brand is a great metric to help you measure how visible your brand is as well as to evaluate the results of your marketing efforts during a specific time period, in a specific region, or throughout different channels.
SOV online advertising and pricing
Pricing for SOV depends on good traffic reports. The advertiser can ask for a report to the publisher to look at the average ad impressions and pageviews for the whole website, specific website section, or traffic metrics for a determined country or region over a recent period of time. They can also calculate an estimation based on the last 3 or 6 months.
For example, the advertiser wants to run a 100% SOV campaign for the US only for a determined website. The advertiser should ask these metrics from the last 3 or 6 months to have a clear idea of the number of ad impressions that their ads could get with the complete 100% SOV of the determined audience of a determined web for all its sections.
Our media partner FXStreet offers diverse SOV campaigns. If you want to get a custom-made proposal and receive more details about how to run a successful SOV advertising campaign for your business, please write to us at: firstname.lastname@example.org.
We will be very happy to assist you!