Practitioner Marketing Using Meltwater to Calculate Share of Voice
Meltwater is a media intelligence company that provides media monitoring and social media monitoring to help companies grow and build their brands. https://www.meltwater.com/
In order to optimize a company’s reach and presence in the media world, real-time analytic tools are needed to accurately measure how that company is performing. Creating benchmarks allows for the marketing team to set goals and strategize for an effective solution. One such tool is Meltwater’s share of voice (SOV) metric.
Using and misusing
Using the Meltwater algorithm to find a particular topic’s or conversation’s share of voice (CSOV) is simple and easy, but it can be prone to manipulation and biases if the user is not careful. Meltwaters algorithm crawls through 100,000+ different media and social sources. Where the bias or manipulation comes into play: The search can be limited to a time period or can exclude certain sources.
It can increase the effectiveness of the CSOV measurement by eliminating unnecessary or unwanted sources (such as pay-to-play media, non-reputable sources, and unrelated but similar sounding words (homonyms)). However, the Meltwater search tool’s effectiveness can be diminished when the user tweaks the report to skew to a predetermined outcome. For example, if a user wants to exclude a media site that has given a company an unfavorable review, and that site has significant reach, they may do so, and the review will not be factored into share of voice. The old mantra “any publicity is good publicity” may hold true for a celebrity, but it is not necessarily true for a technical product.
(A search for Container Security company Aqua Sec for the month of July—Note the “Shipping Containers” in the NONE box, as that is an entirely different keyword, but will show up unless specified.)
Once the search terms are refined, the user can tag the topic. This takes the combined reach and sentiment of all sources (both social and media) under the tag so it can be factored into the share of voice widget. Up to five tags (at least on the current plan Fixate.io uses) can be factored into the share of voice widget that then calculates the total reach all five tags have, and displays the percentage of share of voice each tag holds in a donut graph.
The tagging function allows a company to see how it performs in relation to another, or in a specified conversation. A neutral and factual report gives the marketing team the best opportunity to see what strategies are effective and which are not—therefore allowing them to adjust and change as they see fit.
Real-time analytic tools allow for effective response to marketing challenges. Tools like Meltwater give your team the ability to respond quickly and with accuracy, which saves time, money, and headaches.