Marketers traditionally used Share of Voice as a critical metric, influencing budget allocation, spending, and tactics. However, the increased use of online media elucidates that it cannot be calculated correctly. Many brands needed a new metric to evaluate the effectiveness of their campaigns.
Share of Search (SOS) is the perfect substitute for Share of Voice in the digital age. Marketers can precisely measure the organic searches as a proportion of complete searches made for all brands in the same industry. This metric is a credible indicator of market share and helps you understand the demand for your brand in the industry.
If the organic search for your brand is high, the sales will also increase. Individuals will be intrigued to search for a brand by name only if they are ready to purchase its products. If this metric is heaving, you can also see a rise in market share, and it’s considered a good sign of growth.
How to measure Share of Voice?
Before the digital era, market share success is predicted using Share of Voice. If it is high, it elevates brand awareness and sales. The market share of the brands heaves due to the influence of Share of Voice. If a brand calculates how much it spends on advertising in the industry, it will be easier to measure Share of Voice.
However, online advertising made it hard to calculate this metric as no credible data is available. Lately, brands have to keep track of numerous platforms, including OTT advertising, product listing ads, etc. Share of Voice is quite similar to the new metric that most brands use. However, the difference is that number of times a brand’s name is furnished on search engines matters as it is very reliable.
Why is Share of Search important?
Digital advertising is heaving across the globe, and your brand needs a new metric to evaluate the efficiency of campaigns. There are numerous benefits to utilizing this metric. First off, individuals can quickly and easily calculate it using Google Keyword Planner.
You can effortlessly retrieve the data than the Share of Voice report, and there is no need to spend time analyzing competitors’ share of visibility. The right SEO tool will help the brand of any size in spend optimization to measure and access reports regularly.
Advertising budgets don’t provide more information about a brand, and there are some concerns about using Share of Voice. For instance, the brand’s quality of advertising or PR crises are not analyzed properly. This new metric lets individuals evaluate the customers’ interaction with the brand precisely. Marketers find this universal metric more useful as they can use it in various industries like B2B.
You can improve this metric with TV advertising, as it is a critical attribute. When more people know your business, the search for your brand in search engines will also increase. Many D2C brands have enhanced their investment in advertising to improve brand awareness.
It is not just about TV advertising, but brands can consider contemporary techniques like social media marketing, influencer marketing, or traditional advertising like billboards. All these efforts will surely increase the market share.
As digital advertising conquers the world of marketing, the demand for Share of Voice reduces, and SOS can provide valuable insights which help you to spend properly with the marketing budget. Every brand needs a proven solution to view where it ranks in the organic search results and fine-tune its online visibility. Consider SOS to improve your market share and sales. Multiple companies offer the service to help businesses of all sizes.