Importance of SOV for E-commerce Brands
Importance of SOV for E-commerce Brands
Ecommerce or e-com is a global phenomenon that has been proliferating rapidly over the past few years. People worldwide are going online to purchase everything under the sun.
It means that as a business, you have to move your business into the digital realm apart from the traditional brick-and-mortar approach to selling.
However, as soon as you become one of the many e-commerce companies, you must start investing in ad campaigns to compete in your industry.
One of the most crucial elements for your business is to seize its share of voice (SOV) to differentiate from rivals in this digital marketplace if you want to prosper.
A detailed SOV study of how, where, and how frequently customers are discovering or not discovering your brand name is critical to claim your share of voice on the online market.
What are Some of the Challenges for SOV Study of Your E-Commerce Ad Campaigns?
With businesses selling their products online, customers can choose from an endless aisle of products. This abundance of options makes it essential for companies to conduct an extensive SOV study to stay ahead of the competition.
Even though the share of voice study is an essential e-commerce digital marketing tool, it has its challenges, like:
- There is too much data that needs analysing and at first collecting.
- It takes up a tremendous amount of time to collate the information.
- One must look at various ad campaign performance metrics that require monitoring and analysing.
- Even a multitude of channels like Amazon ads, Google ads, Flipkart ads and more require checking simultaneously, which can complicate the entire process.
Because of so many challenges, it is wise to opt for an e-commerce analytic tool that can help to simplify everything.
What you need is a visual representation of all the metrics, including SOV from the various channels, in the form of a dashboard like the one you get from Weavr. It will aid in providing you with an enhanced eCommerce business, always performing better than the competition.
Why is SOV Important for E-Commerce Brands?
The impact of your product marketing content and its diversity are important determinants of how customers interact with your e-commerce brand. Therefore, the quality of the advertising material you create will increase your client’s interest and encourage them to learn more about your offerings.
For you to create high-quality marketing content or, for that matter, better products and services, SOV analysis is necessary. Here are some points that will highlight the importance of SOV for your e-com brand:
1) Understanding Your Brand Awareness:
Online businesses are constantly in competition with one another to capture even two seconds of a customer’s attention. Moreover, every other brand a client sees in their social media feed or search engine results page competes with one another.
A share of voice is vital if you want to be more visible on various online platforms. It indicates how many people are familiar with or aware of your e-commerce brand, mainly on the internet.
Improving your advertising efforts is much simpler if you know where you are with your marketing campaigns.
With the help of an e-commerce analytic tool like Weavr Sense, SOV analysis can help you understand your company’s brand awareness.
2) Get to Know Your Competitors Better:
Analysing your competition and what they are offering to customers is critical to gain an edge over them.
With the help of the sharing of voice data, you will get to know many details about your competition in-depth. That is why it is critical for business managers to study SOV and come up with better ideas for ad campaigns.
When the ROI of your campaigns increase because of using SOV data effectively, you will be able to beat your competition in every area. You will, most importantly, create an enhanced e-commerce brand name with proper SOV analysis.
3) Develop Innovative & Improved Products or Services:
Tracking your share of voice performance metrics for all your marketing initiatives will provide significant insights into your customer’s needs. You will get to know what is working for you and what isn’t for your target audience.
Your e-com business can grow if you use this information to improve your products. Furthermore, you can work on innovative offerings based on what isn’t working and study what your customers are looking for you.
SOV even helps you to attain data about your competition which you can leverage to fill the gap by coming up with new products for your customers.
4) Provides Clarity of Your Campaign Performance:
Weavr Sense assists your e-commerce brand in tracking its SOV by giving you an insight into how your ads and campaigns are performing.
After a campaign, if the share of voice indicates that your market share improved, your campaign efforts were successful.
If not, you can focus on the areas you feel require further attention and modifications.
Also, since you are mostly working on multiple marketing channels, an e-commerce digital marketing tool, SOV data lets you know which platforms you excel at and where you can make improvements.
All your digital marketing efforts revolve around your customer. So if you want to make smart managerial decisions to expand your business, you have to monitor your company’s share of voice. Then with the help of SOV, you will be able to analyse and come up with the best solutions for your organisation.
Analysing your SOV data with the right e-commerce analytics tool, like Weavr Sense, will help you manage your business more effectively.