Measuring share of coverage in an improvement from just measuring share of voice. In this video, I talk about why share of coverage is important and highlight the video conferencing industry with an example analysis. Enjoy the video and subscribe to my Youtube channel to be the notified when new videos are added.
Today is March 31st and we are still quarantined and the shelter in place is in full effect.
Last week we talked about the idea that budgets are tight. CMOs are demanding to see ROI from all marketing programs before they are reinvesting. We then transitioned to measuring PR and the baseline, or elementary way to measure the impact that a brand is having in media coverage. We talked about share of voice – it’s that KPI that many marketers and PR pros are still using this metric internally.
And while measuring share of voice is okay for beginners, I did give a couple of ideas on how to up-level that metric to demonstrate a little more value than how its normally done by public relation teams.
I talked about this idea of unique mentions. So pulling media coverage that mention just you and not competitors and then doing the same when pulling competitive share of coverage.
I also talked about measuring exclusive coverage where you brand or product is mentioned in the headline of the article instead of just a mention in the article.
And lastly I talked about building a media list first – for example – your top 25 or 5o media publications that you care about and measuring your share of voice against just those media publications; and how a combination of all three of these things will demonstrate a much higher level of business value.
Today we are going to talk abut share of coverage.
The best way to do this is by using an example. Now last week I talked about share of coverage and I talked about the video conferencing industry – companies like Zoom, GoToMeeting and WebEx and I am going to do the same thing today.
Now the first thing you want to do is build your taxonomy. So what you are seeing is several video conferencing keywords and they all represent the idea of using software to collaborate and connect with others using video.
Now the important thing to remember when building your taxonomy is to make sure that you are as comprehensive as possible. The last thing you want to do is miss a few important keywords that the media might be using when describing video conferencing.
Now I have two examples here.
1. 1.3M mentions which is data that encompasses all mentions in the title and the article
2. 650K mentions of the targeted keywords in the headline only
One thing to remember when pulling share of coverage is these numbers represent your entire data set. You will be filtering for brand and competitive mentions from these 1.3M articles. Nothing more.
Now if you think about what I talked about as it relates to unique mentions and exclusives, I would apply that same methodology here when measuring share of coverage.
In my opinion, it paints are more accurate representation of how relevant you are to the media. If they are covering you and no one else, that’s better than covering you and everyone else.
Now what’s different here, if you are looking at share of voice and as I said last week, if you are using a target media list, you will miss out new media publications and opportunities.
In this case you are pulling in every media publication that’s writing about video conferencing, so it give you the opportunity to find those new publications that might not have been on your radar before.