Throughout any podcast campaign, it's important that marketers consider an appropriate brand presence on the show(s) they sponsor. Establishing a sense of “reach & frequency” similar to more traditional broadcast platforms will magnify the impact of your campaigns, and ultimately, drive ROI. Here's how to calculate share of voice for your ad campaigns and use it to your advantage.
What Is Share of Voice (SOV)?
To start, the notion of SOV in podcasting is slightly different than how it might be applied to most other media platforms. Traditionally, SOV correlates to the number of advertising buys you have compared to your competitors. In podcasting, particularly when ads are served via Dynamic Ad Insertion (DAI), a more appropriate definition is how often your brand appears as relates to monthly listening experiences (on any given show) - more commonly referred to as downloads.
SOV can also be determined by your share of downloads, also known as monthly listening experiences. Ideally, for podcasts with one million MLEs, you would aim to acquire a share between 25%-40%. Buying too high, e.g. 80%, can cause listeners to experience ad fatigue and ignore your brand entirely. Buying too low, e.g. 5%-10%, reduces your chances of being heard at all.
Why Does Share of Voice Matter?
The world of podcast advertising is competitive, so it's essential to know how to best leverage your brand. Knowing your current SOV also allows you to consistently improve your advertising efforts. If you put your ads on a few new podcasts, your share of voice should increase. Of course, your rivals can also purchase new ad spots at any time. That's why it's important to constantly evaluate your share of voice throughout your campaign.
How Share of Voice Correlates to Traditional KPIs
There's already strong data that shows us the effectiveness of podcast ads. As of 2021, it's estimated that 28% of Americans listen to at least one podcast each week. When you know which podcasts resonate with your audience, and the proper cadence for your brand within any given show and/or network, you’ll increase performance both tacitly and strategically.
Share of voice allows you to accurately measure the reach of your advertisements. For example, you might notice that despite a plentiful amount of ads, you're not drawing in as many customers as expected. You may have to consider if another podcast (or group of podcasts) would be a better fit for your brand.
Ultimately, navigating the right frequency is a key factor in your campaign's success. Podcast ads already have the highest recall rate of any advertisement, up to 86%. 33% of listeners also said that they either rarely fast-forward through these ads or don't skip them at all! With this knowledge, you can rest assured that your podcast ads will be worth the investment.
Finding Your Share of Voice in Podcasting
To keep up with the competition, you need to accurately gauge the impact of your ads. Share of voice follows an easy formula to give you concrete success metrics, such as brand recall and reach. With those advantages, you're more likely to have a positive ROI from your podcast buys and campaigns!