Share of voice (SOV) is considered a unit to compare your advertising share to your competitor's. Nevertheless, with most marketing budgets now invested to increase Visibility on channels like social media and search rankings, an overall SOV is now an indicator of your brand's presence on the market.
The investment that you make on communication and advertising campaigns will surely increase your SOV and this is no different on eCommerce, so tracking key indicators such as the types of Ads, their placements and Promotional activity of your competitors is important to increase your Market Share.
How to measure your SOV on eCommerce?
One of the easiest ways you can track and understand your SOV online is provided by Google Adwords. The Impression share (IS) is the percentage of times your ads were shown, out of the total impressions it could have received based on your targeting.
This metric is very important and useful for marketing teams, however it needs to be contrasted with your Ads targeting. Other aspects also need to be controlled on a more global level, and also compared to other brand’s strategies.
However Google Ads metrics and KPI's are especially useful for your own channels, if you want to monitor your Share of Voice across other websites and especially across e-retailers you'll need to establish third-party monitoring tools that scrape these sites regularly, determining the amount of space your brand is getting against your competitor's on a daily basis.
This "space" can be any moment your brand appears online: whether on an Ad, as part of promotion, as a result of a product search by specific keywords or across an entire category.
Traditionally Market Share and SOV have been very related: the Share of Voice will often equal the market share of your brand. So it only seems logical that your Share of Voice across eretailers will match your share of eCommerce sales, as well.
Why is the Share of Voice important for your eCommerce business?
The impact of product content, as well as its diversity are key indicators that define the interaction between consumers and your brand. Therefore, the quality of the content you are producing will help boost the interest of consumers and lead them to know more about your products.
If you want to stay ahead of your competitors, an important thing to know is: how people react to your advertising compared to the one of your competitors matters, even on eCommerce.
Your SOV will give you an overview of your brand’s awareness: it will guide your marketing decisions, allowing you to define and improve marketing investments and ROI.
Traditionally Market Share and SOV have been very related: the Share of Voice will often be equal to the market share of your brand. So it only seems logical that your Share of Voice across eretailers will match your share of sales online, as well.
6 tips to improve your Share of Voice on eCommerce
If your company is growing online, you don’t only want to maintain your Share of Voice, but also increase it, and even though it could be more difficult than in the past, numerous ways to do it still exist.
1. Context and content
Yes, there is a huge quantity of banners and promotional spaces available on all the e-retailers sites and even though everyday there are more and more different options to promote your products online: try to spot the ones that really sets you apart and highlights your products and offers.
When planning these campaigns: think about content and context, more than just advertising. Take into account special dates and holidays (like Thanksgiving or Black Friday) when designing your creativities and also all the different formats available today and go beyond the traditional Banners, butterflies, vignettes, showcases or carousels.
2. Optimise your marketing channels
You might not know this: but there was a time when people did not receive 300 emails a day… when email boxes did not exist, you would have had a bigger Share of Voice than now. One of the keys is to optimise you marketing channels and decide on which one you want to be present but this goes beyond just seeing your e-retailer's sites as places to sell but also al media platforms.
As you would with any marketing channel optimise the budget you allocate on Ads and promotional campaigns across e-retailers according to the ones that will give you the biggest SOV. You might think the biggest e-retail sites are the ones to go for but this might not always be true. Actually one of our clients in the Alcohol industry learned by monitoring their marketing activity with our Visibility tool that it was better for them to allocate their spending on smaller and niche retailers.
3. Tell better stories
Have you heard about how stories make brands come alive? It is true! It is another key factor of why content marketing works because it's not just advertising, because it really rewards people for their attention, as good as any story would.
How to tell a story on a e-retailer site? Try for example using an engaging banner on the Homepage of the retailer and then linking it to the offer in a product page, according to your branding and messaging.
4. Partnerships with influencers
Do you want more people to talk about your brand? Try to organise campaigns with influencers (not necessarily the ones with the most followers) in order to make your content or brand more reliable. The SOV could be highly influenced with the right influencer marketing program, never better said.
5. Get insights on the activities that are performing best
Not every thing works, some placements and formats are not useful to help you achieve the biggest SOV. Therefore, if you want to measure your brands and products presence to improve your Share of Voice, the use of third party tools in order to know the effectiveness of your campaigns is a must.
Measuring across eretail sites is a big undertaking for a small team, there's no way to check daily all the amount of data generated and for that there are sophisticated scraping tools that help eCommerce and Marketing manager know where they's standing.
6. Invest in product content promotion
In many ways, the Share of Voice is the ultimate advertising and promotional effectiveness indicator. The content goal is to be “read” or “consumed” (or interacted with) so the product content must be effectively distributed in order to target the “ideal audience” or shopper.
The Share of Voice measures the proportion of your audience who sees and speaks about your brand and how effective are your marketing campaigns compared to your competitors. This same indicator can also be used on eCommerce sites and eretailers like Amazon or Walmart, since these have become important and powerful media channels themselves.
Are your measuring your eCommerce Share of Voice right now? If your answer is not, then reach out! We can help you start.