Who Dominates the Key Media Agendas?
– How to compare your coverage to your competitors’
Many companies wish to position themselves as leaders in certain areas in order to stand out as market leaders. By being present in the media, these companies increase their exposure to relevant stakeholders, thereby increasing their relevance among journalists and other influencers.
The important topics you choose to focus on in your communications strategy is typically closely connected to your company’s overall business goals. This is vital because it connects your PR- and communication efforts to the general development of your company. This connection is an advantage when you have to showcase the ways in which your communication and press coverage contribute to the business’ fundamental objectives.
“Share of Voice”: A focused benchmark analysis that shows who dominates the important media agenda
The Hypefactors’ platform can help you evaluate how strong your brand is positioned in certain media agendas. We recommend that you measure your positioning by comparing the coverage you have on selected topics against your competitors’ coverage on the same topics.
You can measure your “Share of Voice” within a certain topic. When you keep track of and measure your Share of Voice, you will be able to exhibit developments to your colleagues and management. You will also be able to show how your company’s Share of Voice has increased significantly within the key media agendas as a result of your successful communication strategy.
This is how you measure the “Share of Voice”
1) Update your search terms:
In the Hypefactors platform, you can easily add more search terms to the media monitoring of your competitors’ media coverage. Just find the search streams created to monitor your competitors and add relevant keywords in the field “Only show mentions that include at least one of these words”. This way, you will be able to narrow the monitoring of competitors to only include media coverage that covers a specific topic.
2) Find the Share of Voice Analysis:
Click on “Dashboard” on the top menu bar. Select relevant competitors under “Brands”. You will then find the analysis “Share of Voice” with an interactive pie chart at the bottom of the page. When you hold the cursor over a specific part of the chart – Company B, for example – you will see the key numbers for Company B, including its Share of Voice in percentage and number of clippings.
It is also possible to gain insight into how your competitors’ media exposure develops over time in relation to a specific topic. You can change the time period by clicking on the dates at the top of the page.
We recommend that you either investigate your competitors’ positioning when you work on your new communication strategy, or re-evaluate the strategic topics that your company chooses to engage in. A benchmark analysis that focuses on certain topics will provide you with important knowledge about which topics are neglected by your competitors. These neglected topics could be valuable opportunities for you to take advantage of.
Important considerations: If your communication strategy is focused on general or wide topics such as “sustainability”, it would be advantageous for you to identify which subtopics could be relevant for your company “to own” in the media. If we take “sustainability” as an example, a subtopic could be ”climate change” or, to be even more specific, “sea levels”.
Are you interested in exploring the opportunities with an in-depth benchmark analysis? If so, our team of advisors can show you the benefits of a customized Benchmark Analysis Report. You can get in touch with us here: lot@hypefactors.com