Resources - Blog
How to Grow Your Brand’s Share of Voice on Amazon
Stay on top of the latest e-commerce and marketplace trends.
Growing competition has long been one of the most challenging aspects associated with selling on Amazon’s marketplace.
With more consumers adopting e-commerce — with a preference for e-marketplaces — as a result of the COVID-19 pandemic, more brands and retailers are establishing a presence on Amazon to reach their customers where they are, and competition is only intensifying.
In order to establish effective pricing and marketing strategies, you need to have a comprehensive understanding of the number of competitive brands and products you face on Amazon.
According to Feedvisor data, 42% of brands say their top business strategy on Amazon is to identify their competitors.
Understanding and tracking your share of voice (SOV) is one of the best ways to know who your competitors are so you can monitor their strategies and respond accordingly to always remain one step ahead.
At Feedvisor, we enable brands to understand and optimize their “digital shelf” presence on Amazon, including how they are performing against the competition at the brand, product, and keyword level, in key areas including content, discoverability, and market share.
Below, we explain what share of voice is and how Feedvisor’s proprietary, AI-driven technology helps brands understand how they are performing against the competition to grow their brand’s market share on Amazon.
What Is Share of Voice?
SOV is the percentage of the market your brand holds in any given time period compared to your competitors. SOV illustrates your brand’s ability to be visible and “heard” amongst your target demographic and can be used to shed light on how much your brand owns the dialogue in a certain segment or product category.
On Amazon, you can use SOV to inform specific actions that you will take to either continue driving sales or course-correct where there are gaps or opportunities. With a steady increase of competition on the already saturated platform, you need to implement a plan that will allow you to keep a continual pulse on new competitors that join your competitive arena, nix competitors that you thought were legitimate but are not, and truly understand who may be stealing demand or market share from you.
How to Track Your Share of Voice With Feedvisor’s SearchGraph Technology
Leveraging proprietary data and AI-based technology, coupled with deep Amazon expertise, Feedvisor’s next-generation optimization platform for Amazon Advertising enables brands and retailers to optimize fundamental components of their advertising strategy by tracking and growing their SOV.
Feedvisor’s proprietary SearchGraph technology identifies the most relevant and impactful search terms for each unique ASIN in your catalog to enable Feedvisor’s platform to allocate resources toward the keywords that will have the greatest impact over time. The search terms are broken down into three categories:
- Branded: Any search query that is related to a specific company, business, or brand name
- Generic: An unspecific search query has meanings with a relatively wide scope (i.e. “stapler”)
- Competitive: These keywords are those that your competitor ranks well for in search results and allow you to understand how your competitors are performing search
Feedvisor’s SearchGraph technology then takes these three categories, organized based on search term frequencies in Amazon’s search engine, and tracks the specific search term on a specific date. From there, you can determine whether one of your ASINs ranks within those search results, as well as determine whether those rankings are organic or paid.
Users can track multiple search terms over a longer data range to monitor historical trends and changes over broader periods of time to gain a full-picture view into your share of voice over a specific category or search term. The number of ASIN results generated in reports grows as you expand the data ranges and number of search engine results, allowing you to see the percent of total number of records, or the appearance of a search term on a given day.
This shows SOV changes over time for the three types of search terms, as well as shows SOV in organic search and Sponsored Brands and Sponsored Products ads.
In addition, you can choose a specific set of products and see how those perform over time together, pinpoint who is taking SOV from your brand in organic and sponsored result — against your top competitors — and even pinpoint 1P versus 3P SOV to find unauthorized sellers and ASINs that have your branded search terms, allowing you to understand your overall brand presence and 3P footprint.
These results help your brand determine how to adjust your advertising and keyword strategy and how you should pivot your budget and allocation, depending on whether you want to invest in brand protection, competitive conquesting, or other strategies.
In addition, you can track the SOV of the category of each ASIN in your catalog, allowing you to understand the search terms of consumers that are most relevant for the products within a certain category. This allows you to see which specific ASINs you are competitive with and allows you to target in your ad campaigns via Product Targeting.
Furthermore, by having this type of in-depth analysis into SOV and top-performing keywords across branded, generic, and competitive search terms, you can leverage these keywords for content listing optimization by injecting them into your titles, bullets, and descriptions of your product detail pages to further enable your product listings to rank better in organic search.
By regularly tracking your SOV on Amazon, you will be able to gauge your market share and how much ownership you have of the conversation in your unique space — among both existing and prospective customers. Knowing your stance in the market puts you in a stronger position to uncover new ways to drive growth and generate new customers.