Written byRuchir DahalonNovember 16, 2022
Gain maximum visibility on e-commerce platforms by tracking your share of voice with data
What is the share of voice?
Traditionally, share of voice was nothing more than a way to measure your advertising share versus that of your competitors. Ergo, market share and share of voice were often used interchangeably.
Today, the share of voice means much more than that. It shows the position of your brand in the market, going beyond sales numbers on the ground.
Share of voice is the amount of reach you have in the market compared to your competitors.
It takes into account both organic and advertising spending. As such, calculating share of voice opens up wonderful opportunities to perform competitive analysis throughout industries.
Considering the reach of the internet in the world, it is only prudent for businesses to capitalize on this expanse and improve not just their physical standing but also their digital standing to generate more profits.
Share of voice in digital
When it comes to measuring your share of voice in the digital landscape, traditional methods fall woefully short because of the explosion of data we’ve witnessed in the last couple of decades.
There is so much data to monitor that to gain a legitimate estimate of your SOV, you need to monitor several data points across the board. Especially when you want to measure your share of voice on e-commerce platforms.
Keyword research tools like Semrush allow you to monitor your traffic share compared to your competitors for a particular set of keywords.
Add to that a wide variety of social listening tools like the Hubspot social management software and you can effectively monitor hashtags and brand mentions on social media sites to calculate your share of voice.
In Google, it all comes down to how many times your ads were shown to the target audience. The Impression Share is an important metric that calculates the number of times your ads were shown to how much they could have been shown, based on your keyword and campaign settings.
Measuring SOV on e-commerce platforms
Calculating the share of voice on e-commerce websites enables you to figure out who is getting more sales. This usually starts by nailing down the keywords you want to rank for and tracking the brands and products that appear for them.
Recent trends usually involve spending on paid advertisements to get more sales, which ultimately ups your organic ranking in a specific category.
But tracking the share of voice of your brand is not enough. To truly understand how your products fare with your competitors in impressions, clicks, and sales, you will need to monitor their SOV. It will uncover key insights into factors such as:
- Keywords your competitors are bidding on
- Fluctuations in paid and organic share of voice
- The mood of other players and their campaign tactics
For instance, if you are a confectionery retailer, you’d want to feature on the first page of SERP when somebody types chocolate on the Amazon search bar.
To start, you can begin measuring your SOV by regularly compiling data from the first page for the keyword ‘chocolate’.
At Grepsr, we classify the results on the SERP into organic and sponsored, so you can get your SOV for both organic and sponsored listings.
Whether you are an established brand or somebody new to the scene, a regular supply of data about these findings can help you figure out keywords you need to focus on (or the keywords your competitors are emphasizing on).
It can help you find gaps in your strategy and prevent market share loss beforehand. You can also leverage data to run effective ad campaigns and discover the reasons behind the sudden uptick in Cost Per Clicks (if and when it happens).
Why use data for SOV measurement?
Measuring the SOV across e-commerce sites is a big endeavor, one not in the league of a small team. To ensure you have a steady flow of data from the target website, you’ll need a sophisticated data acquisition infrastructure.
Alternate share of voice metrics
Since SOV goes well beyond the purview of measurements of only a few KPIs, there are many other ways to track your performance on e-commerce platforms.
Market segmentation on the basis of data obtained from different locations can be one way to go.
You can consider customer demographics data like occupation, gender, age, etc. Then by tallying this information in different segments you can figure out your penetration in a particular area.
SOV can be utilized to get a holistic picture of your market share or a detailed analysis into specific areas of interests. You could characterize broad search terms and then narrow it down into paid vs sponsored share of voice.
Furthermore, since SOV, at the end of the day, is basically your market share to the total market size, you could apply the fundamentals of the SOV to various aspects like impressions, clicks, traffic, sales, conversions, etc.
Get the data you need to measure SOV
Our robust data acquisition infrastructure enables you to extract data from all over the web, to help you monitor any number of KPIs.
Rest assured that your brand is in safe hands. We process 500M+ records and parse 750K+ web sources per day, which contains no less than 30K+ keywords with the reliability of 99%!
You don’t need to lose any more sleep about missing out on key data points. Just tell us about your requirements, and let us automate your data extraction from key web sources so you can correctly measure the ultimate KPI of all: the share of voice.