Share of Voice

Share of Search

Share of Search: Tap the Power of Keywords and Reach Your Ideal Audience

In today’s world where every piece of information is just a fingertip away, shoppers have become smart and aware. Accordingly, the brands have to be on their toes to understand what’s on the consumer’s mind. Along with it, it’s also essential for brands to keep track of their competitor’s moves. While the traditional approaches have their own space, the universal metric of Share of Search is set to open a door of effective business insights and therefore more opportunities. 61% of marketers say improving SEO and growing their organic presence is their top inbound marketing priority. Learn how Share of Search can change your digital commerce game and help you compete with utmost transparency and efficiency in the ever-evolving digital landscape. What is Share of Search? The simplest way to explain Share of Search is, that it is the percentage of search results on a particular keyword for which a brand appears. An SOS can be measured for general search queries on search engines and eCommerce marketplaces. Share of search is a powerful metric for eCommerce marketers to understand and predict their market share and growth. In terms of digital shelf analytics, the share of search enables brand owners to get transparency of how their brands are performing online in comparison to their competition, get an insight into their brand performance and also revamp their search strategies. Is Share of Search a substitute for Share of Voice? There is an existing misconception that Share of Voice (SOV) can be substituted by Share of Search as both are derived from the same concept. Share of Voice determines the market share success by comparing the brand’s advertising spend with total media expenditure within the industry. Whereas the share of search is determined based on how many times a brand’s keyword is organically typed rather than how much is spent to capture the market share. Share of search gives a fair idea of a brand’s organic reach in digital platforms. By leveraging advanced intelligence solutions, one can better understand the search behaviour of a shopper – like if people are comparing products or trying to learn how to use the products based on keyword searches. Therefore, it will not be a substitute but a collaboratively used metric to understand the pulse of the market, make crucial business decisions based on market position, and create effective strategies to stay relevant. How Search Drives a Shopper’s Behaviour? Today’s shoppers are smart and fast unlike earlier. And to tap the interest of these fast consumers, search plays a crucial role. Your product is just a quick search away. From discovering new and trending products, researching via reviews and ratings or even exploring other options, comparing prices and checking quality, they leverage the internet for everything before buying. Therefore, it has become essential for brands to stay on top of their search game to ensure they don’t get overshadowed by competitors. How does Share of Search Help to Stay Ahead of the Game? According to a study conducted by James Hankins, the share of search entails 83% of a brand’s market share. When used ideally, this metric not only provides the brand’s market position but also enables marketers to accumulate search insights based on geography and product category, thereby understanding consumer preferences. Share of search can help brands to: Appear In The Front Shelf Stats say there are up to 60% higher chances of adding to a cart if a brand’s product appears within the first four search results. Imagine, your loyal customer is at the shampoo aisle looking for their favourite brand. But when searching your competitor’s product overshadows your product by taking the prime position in the aisle. This similar happens in online shopping when your competitors appear above you in the search results when looking for “shampoo”. If your share of search is weak, there will be a higher chance of discovery for your competitor’s product until it goes out of stock. By understanding the competing brand’s share of search, you can identify the hidden tactics in the product detail pages (PDPs) and optimize them to appear on top of the digital shelf. Be Known for What You Do Best Improve your brand’s positioning by covering not just branded but also non-branded keywords. According to an experiment done by HP in 2022, they found that there was a rapid rise in generic search terms like “best laptops”. This experiment increased to 8.2% of customers shifting from consideration to purchase decision. The metric provides a wide coverage to the brand across both branded and non-branded keywords leaving a deeper impact on the customer’s mind. Stay ahead of competitor’s move The product display pages [PDPs] require frequent updates to stay relevant in the dynamic environment of eCommerce businesses. 76% of the shoppers prioritise detailed product descriptions as a significant attribute when shopping. By keeping track of the share of search, marketers can effectively improve the product descriptions, outdated images and missing sections along with incorporating the best-performing keywords. This means that if you own a homemade product brand, the metric must be able to help showcase your product even when a person searches “homemade”. Stay Ahead of Competitors with Insight-driven Analytics The behaviour of a consumer’s search behaviour is dynamic and monitoring it is an ongoing process. It differs according to the stage in which a customer stands. Whether they are looking for a solution, or comparing the products with competitor’s products. All these lead to making the final decision. To keep track of these dynamic changes, the brands require a holistic and advanced eCommerce analytics solution. mScanIt is a ecommerce competitive analysis that helps to fulfil these requirements and more with a comprehensive dashboard that enables one to keep track of search rankings and provides a transparent overview of the brand’s visibility. Get in touch with our experts to solve your eCommerce woes!

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share-of-voice

Beginners Guide to Share of Voice on Search Engines

Share-of-Voice is a marketing metric that defines your brand’s visibility versus the competition. On search engines of Google, Bing, Opera, etc., SOV defines the share of your brand’s appearance versus the competition based on keywords. Measuring SOV on a search engine is critical to know your presence on the web and the form of content you are visible on such eCommerce Platforms, Blogs, News, Brand Websites etc. Analyzing SOV is also important for brands as it gives a complete picture of their awareness on the brand, competitor and organic keywords. Brands with higher visibility percentage have a higher chance of boosting their conversions/sales/purchases and giving impression as a market leader. According to Statista, desktop search traffic originating from Google ranges between 8.78% to 94.15% across countries, with the highest results from India. The likelihood that consumers would go to an ecommerce platform using the top three-page results is higher than the pages preceding them. It means that brands have a higher chance of driving traffic from the Google search engine to their product listing on a platform the more times they appear on the top three-page results. Why Does SOV Matter for Your Brand? Measuring the SOV of keywords helps to answer the following questions: Which is the best performing type of content? How much market share does it acquire? What is your market positioning? What is the keyword-based ranking of your brand? What is the share of your paid search keywords? Who has the highest market share? Which ecommerce platform has the highest SOV and for which keywords? How likely will consumers come across your brand? What is your brand awareness? What types of search results do consumers get on your selected keywords? What type of other results appear on your chosen keywords? What is their SOV? Without measuring the SOV, deciphering such results could become impossible on Google, which is one of the most dominant sources of finding the most relevant results. In the U.S., 61.4% of core search queries were generated through Google in January 2022. According to Google, personalized results are generated using an algorithm that relies on commonly used words, expertise sources, location, setting, and other factors to deliver the best results. Appearing as the most viable search results active on Google becomes a priority as it is directly connected with traffic generation, conversion, revenue, etc. Here is an example of mobile SOV for one of our brands: Tracking the share of voice on Google paid searches helped one of our clients take measures to boost their brand website share from 25% to 28% from January to December. The brand’s share of ecommerce marketplaces diminished from 51% to 47%. So, the visibility of the brand’s search results for the ecommerce marketplace also diminished, and marketers should assess the reasons for the change. In short, the advantages of measuring Share of Voice on search engines are as follows: Brand Awareness: Analyzing SOV through mScanIt defines the proportion of your brand’s awareness on organic, paid, and competitor keywords. The higher your SOV, the higher the chance of reaching out to potential customers through the search engine by redirecting them to your website or an ecommerce product listing. Visibility: SOV also defines the proportion of your brand visibility versus the competition. Brands with the highest visibility would captivate more attention and have historically witnessed a higher click-through rate (CTR) & conversion rate. Search Rank: The user often goes through the top twenty or top three-page results before making a buying decision. Higher search rank is directly proportional to higher ranking during recurring intervals. Thus, acquiring a higher market share and revenue. Most Dominant Form of Content: Analyzing SOV also gives a picture of the most dominant content results on the search engine, and such content forms would likely have the highest traffic. Moreover, brands can find paid keywords with the highest and lowest SOV, and marketers can use them to build strategies across channels. Pro Tip: “Search engine analytics reveals information pertaining to your brand’s webpage performance. However, mScanIt defines the presence of your brand and the competition across the web on the keywords or key phrases commonly used for searches. Users today still make buying decisions or deviating to an eCommerce platform through search engines. Therefore, tracking your visibility/brand awareness on search engines keeps you abreast of your consumer interactions.” Conclusion Share of Voice is an important factor for measuring a brand’s awareness, visibility, search rank, etc., on the search engines. mScanIt, powered by mFilterIt, measures the SOV of global leaders, giving them an overview of their likely market share. Analyzing SOV through mScanIt also helps to deep-dive into consumer behavior, showcases the presence of the competition, makes the brands aware of new trends, and more. The paid and organic results enable brands to find areas of improvement, the most visible types of content, the percentage-wise share of each form of content, and more. Schedule a demo with us to learn more about the advantages of eCom Competitive Analytics for your brand.

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