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What Is Share of Voice on Amazon?
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In order to succeed and optimize your “digital shelf” presence on Amazon, you need to understand how you are performing against the competition at the brand level, in key areas such as content, discoverability, market share, pricing, ratings, and customer engagement.
This is where share of voice (SOV) comes in. 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.
Perform an SOV Analysis
Being aware of the competitive landscape will allow you to adjust your brand’s positioning and go-to-market strategy — and performing an SOV analysis can help you accomplish this.
1. Identify your SOV relative to your competitors.
Feedvisor’s digital shelf analysis is a managed service that provides comprehensive insights into how your brand is performing against the competition across key areas on Amazon and results in the deliverable of optimizations and recommendations to improve your digital shelf presence.
2. Understand the Amazon lens.
For SOV on Amazon, specifically, a significant element of the SOV analysis deals with understanding your key competitors in organic search placement as well as your key competitors in the advertising space. However, as mentioned above, it can also include broader elements of your brand presence such as ratings, impressions, click engagement, and more. Make sure you do not compromise other areas of your business, such as your inventory position, by making a hurried change to accelerate SOV, like running a new campaign.
3. Monitor fluctuations in SOV in an ongoing manner.
Doing so will enable you to uncover what is working for your brand and where your resources might be better invested, such as experimenting with a new ad format. Check in on your SOV with a biweekly or monthly cadence so you can effectively track wins and losses.
4. Measure SOV for various use cases.
Performing an SOV analysis can help you understand where your brand is positioned — are you an incumbent leader with a historically large SOV or an on-the-rise disruptor rapidly taking share? You can also use it to identify the success of your marketing tactics. Did trying a new ad format positively impact your SOV? Lastly, you can use SOV to learn more about your target audience so you can personalize the sales funnel to their behaviors. What is your competitor with more SOV doing differently than you?
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.