Your Online Share of Voice is your business’s portion of the digital “pie”. How often your business shows up at the top of search engines for relevant searches. You can look at your online share of voice as a whole, compared to all national searches, or in relation to your industry locally or nationally.
Why should you care? According to Google, 87% of customers turn to search in a moment of need. We now have a world of “micro moments”. Consumers want to Go, want to DO, want to BUY. The businesses who are in front of consumers throughout their online journey will beat out competitors by:
- Driving AWARENESS
- Influencing CONSIDERATION
- Driving ACTION
- Growing LOYALTY
75% of consumers expect the top companies to be above the fold (meaning they can see your business without having to scroll down ) in searches. 33% of consumers relate placement to prominence. It is becoming more necessary to provide consumers with the most useful experience possible including answering a question, solving a problem, providing fast page load speeds and relevant video content. Consumers are becoming less brand loyal in favor of getting what they are looking for. 76% of consumers will visit a business within 24 hours of their search.
So showing up at the top of search engines is paramount to being competitive. But in order to get there, knowing your online share of voice allows you to see what opportunities exist to help dictate the best digital strategy, providing the highest return on your digital spend and saving you time, effort and money. According to Marketingland.com, “smart marketers are maximizing their digital performance by first understanding their competitors’ strategies and then, and only then, building intelligent digital campaigns based on where and how competitors are winning and losing online”.
You think you know who your competitors are, but you may be missing players in the digital space. A study by Millward Brown found that businesses that increase their digital share of voice are more likely to increase their market share over time. Uncovering hidden opportunities by completing an online share of voice assessment can result in significant increases in conversion and revenue.