Do your target customers consider your brand to be an authority in your niche? Do they see a particular product and associate it with your brand? To get answers to these questions, you need to track your share of voice on social media. This metric indicates how frequently your brand is mentioned in comparison to your competitors.

Tracking your SOV will not only show you if your social media strategy is working but will also help you stand out in a competitive environment. In this article, we will guide you on using SOV as a tool for strategic growth to increase your market share.

Benefits of Share of Voice

The share of voice offers numerous benefits, such as:

• Enhance your brand awareness among people.
• Determine if people talk or know about your brand or its products.
• Discover how frequently your brand appears in online searches across various channels. 
• Determine whether your audience is listening to or reading posts and announcements.
• Make your growth faster.
• Benchmark the position of your company against its competitors.
• Gain deeper insights into the type of content your audience needs.

Understanding your brand's share of voice will give you a clearer picture of where it fits. This can provide some context to the performance data, enabling you to identify areas for improvement and growth.

Share of Voice Vs. Share of Market

While the share of voice and share of market are distinct metrics, they are also interrelated. Both can provide valuable insights into your brand's market performance and presence. The SOV measures the level of brand awareness as compared to the competition. It reflects how much conversation your brand commands on social media.

SOV can help you track the brand awareness generated by your advertising and marketing efforts, compared to your competitors'. It includes mentions in earned, paid, or owned media. This metric can be measured by tracking the total impressions in each channel and dividing them by the total impressions across all channels. 

Market share is a metric that shows the total sales your brand makes in a given market as a percentage of the market's total sales. It lets you set and adjust your sales goals. You can track your share of the market by dividing your total business sales by total industry sales. 

While the SOV is a good indicator of your potential market, the SOM is a more accurate indicator of your actual revenue performance. A higher SOV leads to greater brand recognition, which can, in the future, increase your SOM. 

How eSOV Results in a Higher SOM

Excess Share of Voice (eSOV) is a digital marketing concept that illustrates how a brand's share of voice exceeds its market share. According to various studies, when an eSOV is over the SOM, it results in higher sales. If a brand's SOV exceeds its market share, it will grow. For the eSOV to be effective, it should be combined with a great content strategy. 

Differences Between SOV and SOM

To understand how to leverage SOV and SOM for your business growth, it is essential to understand the key differences between them.

Focus and Measurements

The key differences between these two metrics are in what they measure and how they are calculated. A recent market study revealed that a slight change in either metric can have a significant impact. The study showed that in the makeup industry, a 1% increase can result in a 0.325% increase in SOM. 

The share of voice usually tracks:

• Brand awareness and visibility.
• Focus on the potential market impact.
• Indicate opportunities for future growth.

The share of the market, on the other hand:

• Tracks sales and revenues.
• It is measured using market research and sales data.
• Focus on your market position.

Analysis and Implementation

There is also a difference in how the metrics are analyzed and implemented. The key differences in implementations are:

• SOV is tracked through social listening, media monitoring, and analysis of ad spend, while SOM is tracked through market research, competitor analysis, and sales data. 
• SOV is typically monitored at short intervals or in real-time, whereas SOM can be measured quarterly, semiannually, or annually. 
• SOV data is typically obtained from marketing tools and media monitoring platforms.

Impact on Your Business Strategies

The way you use SOV and SOM for your business strategy also differs. SOV can guide your marketing investment decisions while SOM influences your business strategy. When combined, both metrics can offer a clear picture of your market position. They are an excellent choice for identifying growth opportunities and any competitive gaps. 

Statistics on Relations Between SOV and SOM

The interrelation between SOV and SOM isn't just theoretical; data and solid research back it. When you understand the correlation between the two, you can make informed decisions about your marketing and overall growth strategy. Nielsen research found that a 10% Excess Share of Voice (eSOV) can drive 0.5% market growth.

Other statistics that show how SOV results in higher growth are:

• According to research, to grow your market share, you need an SOV about twice that of the market leader for at least 18 months.
• If there is a consistent investment in SOV, the results will be visible within 12 to 18 months.

Factors Affecting the Correlation Between SOV and SOM

When implementing the insights through the various digital marketing platforms, you need to consider multiple factors, such as:

• Market maturity. If you are in a mature market, you need a higher SOV to cause an impact. On the other hand, an emerging market results in a rapid conversion from SOV to SOM.
• Brand's position. If you are a market leader, you can see a different correlation pattern. eSOV often benefits challenger brands more. On the other hand, niche players can see their conversion rates increase. 
• Marketing mix. The correlation is also affected by the channel distortion. The quality of content impacts the conversion rate, while the effectiveness is affected by the level of integration triage.

In Conclusion

SOV and SOM are two closely related metrics, even though they differ. The entire SOV serves as a guide for your marketing investment decision, and the SOM influences your overall strategy. When both are combined, they can provide a clearer picture of your market position and help you identify any marketing gaps and opportunities for growth.

The share of voice on social media is a valuable metric that shows how your brand compares to competitors. It involves tracking various metrics, such as ad impressions, social media mentions, and search engine rankings. 

After tracking all this data, you need to measure it against industry standards to show your brand's health. To properly track share of voice, you will need the right tools. In this article, we will share a list of the top seven tools to consider. 

What is Share of Voice and Why Does it Matter?

Share of voice refers to the extent to which your brand dominates conversations on social media compared to your competitors in the same market segment or industry.  It shows the visibility of a brand on different channels, such as:

• Organic search results. 
• Impressions for paid advertising.
• Media and PR coverage.
• Engagements and mentions on social media. 
• Industry conversations.

Understanding the share of voice goes beyond understanding the simple visibility metrics.  When you have a substantial share of voice, it leads to increased brand awareness and recognition. Studies indicate that when a business has a larger share of voice, it also translates to a larger market share. 

How to Choose the Right Share of Voice tools

To better track your SOV, you need the right tool. A good tool should provide essential insights to help you make informed decisions. Here are tips to help you choose the right tool:

• Versatility. It's essential to choose a tool that lets you track share of voice across platforms, including social media, search, and PPC. Such a tool will provide you with a multifaceted view, offering better insights into your share of voice. 
• Real-time tacking. A good tool should provide you with the right analytics in real-time so that you can track any shifts. Ensure you select tools that not only analyze your brand but also your competitors. This will provide you with a clearer picture of your share of voice.
• User experience. Choose a simple tool that is also easy to use, as this will reduce the time you spend analyzing your share of voice.
• Budget-friendly. Ensure that your tool provides the right metrics at an affordable cost.

Top 7 Best Share of Voice Tracking Tools

To help you trace your share of voice, consider one of the following tools:

Sprout Social 

Sprout Social offers a robust social listening tool that helps you uncover valuable insights into your industry, competitors, and industry trends. You can use the tool to set the keywords you want to track, and you will receive an SOV report. The tool will also automatically track your share of voice by comparing it with the total brand mentions in the industry. 

You can filter the generated reports to view your SOV across social platforms, including Facebook, TikTok, and X, providing granular insights. It can, therefore, help you to analyze the performance of your content on various social media platforms.

Brandwatch

This is another excellent tool for tracking your brand mentions on social media and other platforms. The tool enables you to track each brand's share of voice and analyze other key metrics, including location, customer sentiment, and demographics. Using the tools' sentiment analysis features, you can identify risks and obstacles and gain valuable context for reports on the share of data. 

HootSuite

If you are getting started with SOV tracking, Hootsuite is a good tool to enable you to track because it allows for monitoring of specific keywords, hashtags, and brand mentions. The tool features a convenient dashboard that provides users with all the necessary information they need.

Google Ads

If you want to track your PPC advertising share of voice, Google Ads is arguably the best tool for doing so. When using the tool, you can consider the impression share metric. The Google Ad tool is also quite convenient, as it can be easily linked to a Google Ads account. With an impressive feature that tracks the impression share metric, the tool makes it easy to achieve your SOV.

Ahrefs 

While Ahrefs is not a full share of voice tool, it provides insight into your organic traffic compared to that of your competitors using the batch analysis feature. On top of that, you can track your competitors' backlinks, providing you with a hint of their share of voice compared to the keywords you want to rank for. This makes it one of the best tools for competitor analysis. This versatile tool will meet most of your SEO needs, from website audits to semantic research.

Brand24

Brand24 is another excellent tool that enables brands to carry out a comprehensive review of their online presence. It features AI-driven capabilities that provide unmatched access to your brand mentions across various platforms, including social media, blogs, videos, news outlets, podcasts, and more. Therefore, you can rest assured that your brand won't miss essential mentions and will help you manage your brand narrative effectively.

Talkwalker Analytics

This tool enables you to track brand mentions across over 100 million sites in various languages. In addition to the major website, it will provide insights into discussions on multiple platforms, including news sites, forums, blogs, and offline databases. Through the sentiment analysis tool, you can gain insight into how your audience perceives your brand. The tool also features an AI-powered image recognition tool to track your images and logos across the internet. 

In Conclusion

The best share of voice tools have features that enable competitive benchmarking, identify market gaps, and define brand positions. It can also help you evaluate the effectiveness of your campaigning, while providing insights into market opportunities and returns. Therefore, there are unlimited benefits of having the top share of voice tools. If you are unsure of which to choose, consider one of those mentioned earlier. 

Statistics indicate that 60% of customers find buying inspiration from social media. That means social media live selling can be an effective strategy for finding a ready-to-convert audience. The approach also works because it taps into people's daily work and adds a new and engaging shopping experience.

However, with competition in livestream selling increasing, you need to think outside the box to turn your viewers into paying customers. For instance, you can combine TikTok live shopping with a good YouTube live shopping strategy. In this article, we will provide actionable tips on boosting your live selling.

Benefits of Social Media Live Selling

Is live selling on platforms such as TikTok and Facebook worth it? If this is your question, here are some great reasons to consider:

• Real-time engagement. Live selling enables you to connect directly with prospective customers and illustrate to them how the products improve their lives.
• Better conversion. Live selling can lead to higher conversion rates and better turnarounds, as people watching the livestream are more likely to make a purchase based on the presentation.
• Instant feedback. You can receive instant feedback from your customers to inform your product development.
• Authentic content. In recent years, social media users have increasingly indicated a preference for authenticity over polished content. Live selling allows you to connect authentically with your audience. 
• Fewer returned producers. When you demonstrate to your prospective customers how a product works, they are more likely to understand its functionality, leading to fewer returned items. 

Tips for Best Live Selling Results

Now that we understand the benefits of live selling, let's look at the top tips for getting the best results in your live selling:

Have an Outstanding Foundation

A solid foundation in live selling, consisting of the right plan and tools, is a key ingredient to set you up for success. Of course, without a good live selling platform, you will not be able to sell. 

When selecting the right platform, consider the features that you find valuable, such as shopping integrations, audience integrations, and analytics. Some of the most popular social media platforms for live selling are YouTube and TikTok. Outside social media, consider platforms like Amazon Live and Bambuser.   

After selecting a good platform, you will also need the right tools to enable you to create outstanding videos and audios, such as an exceptional camera and microphone to allow you to enjoy crisp audio and high-quality video during live streaming. Remember that you will also need a stable internet connection. 

Have Actionable Goals

You need to have a plan for what exactly you want to achieve during the live shopping. Is it to improve brand awareness, nurture leads, drive sales, or a combination of the three? Determining your priorities and creating a story around the goals is important.

Your goals should revolve around your audience's needs, so that they can see how the product you are selling will improve their lives. Having a goal in mind before going live makes it easier to create a script and plan accordingly to achieve the desired results.

Understand Your Target Audience

After determining your goals and getting the relevant tech, you need to know your audience. You need to consider different demographics such as location, interest, and age. You also need to pay attention to their pain points, the exact problem they need solutions for, and how your product can solve the problem.

One of the top ways to understand your audience is by creating a social media buyer persona, which represents a clear picture of who your ideal customers are. You can then tailor the live selling to resonate with your target audience. 

By speaking directly to your audience and demonstrating that you have a solution to their problems, you increase their chances of taking action. Once you have a relevant message, you are more likely to engage and convert.

Share the Benefits of Your Product

Before you go live, you want to understand why your audience may need your product. The good news is that with live selling, you have the opportunity to demonstrate how the product works, address viewers' questions, and connect with potential buyers. Therefore, use this opportunity to showcase the uniqueness of your products and explain why viewers should buy them. 

When doing that, make sure you focus more on the benefits rather than the features. Instead of listing what the product does, make sure you tell the viewers what it will do for them. When you make such simple changes, you can determine the number of people following through after a product presentation.

You can also use the following tips to make your product demo outstanding:

• Get straight to the point. If you are giving a presentation without direction, nobody will buy. This is why you should go straight to the point and begin illustrating the benefits.
• Leverage visuals. Instead of just telling about the product, showcase it using high-quality videos and images that illustrate the product in use.
• Show enthusiasm. Unless you demonstrate your passion for the product to your viewers, they will not trust you.
• Show real-world examples. Use case studies, reviews, and testimonials to showcase how the product has benefited others, as these can be powerful tools.
• Give great deals. Exclusive discounts and limited-time offers can add a sense of urgency, urging your audience to take action.

Use Interactive Elements

Remember that during your live selling, you need to engage with your audience. Ensure that not only do they participate, but they also thoroughly enjoy the experience. One way to achieve this is through interactive elements, such as gamification, polls, surveys, and giveaways.

Leave Room for Questions

As noted earlier, one of the benefits of live selling is that it allows you to interact with your audience. You should encourage them to ask questions. By addressing any concerns they may have, you can build trust and show them that you are an expert in the field. We recommend our guide on creating a converting live shopping strategy.

Ensure that your audience understands you are ready to answer their questions. A good idea would be to have a Q&A section. Remember that people will, by default, say no and give excuses on why they shouldn't buy. With this in mind, have some common objections in your mind and ensure that you are ready to answer them when they come up. When you have a fast and concise answer, you can convert the person asking the question. 

Having such a direct interaction can be a powerful tool, enabling you to chat with your viewers in real-time. It also guides your potential audience before they make a purchase.

Follow up with the Attendees

The fact that your live selling has ended doesn't mean you need to stop selling. A good idea would be to ensure that you follow up with the attendees to build relationships and drive sales in the future. Ask them if they have tried the product, if there is something they need clarification on, or even invite them to your future event. This can be an essential strategy for nurturing leads, increasing loyalty, and increasing sales. 

Final Thoughts

Live selling can be a powerful tool for connecting with audiences and increasing sales. It takes a lot of effort, time, and patience, but the fruits are worth it. Remember that by being consistent, you will only improve, and your efforts will ultimately pay off.

One of the platforms that has revolutionized online shopping is TikTok. This is because it has emerged as a powerful platform for brands to sell products through livestreams. With over 1.25 billion monthly users, it provides a vast customer base that brands can utilize to reach their target audience. Going viral on TikTok is also easy, making your videos get a broad audience.

Studies indicate that 70% of Gen Zs use TikTok Shop to buy goods directly from TikTok. Therefore, when you host a TikTok livestream, you can leverage a creative way to showcase your products and reach this generation. This is especially true when combined with a good YouTube live strategy. Additionally, TikTok offers a lot of tools to enhance the shopping experience, but for the best TikTok live selling, you need to have the right tools and strategies.

What is TikTok Live Shopping?

TikTok Live is an e-commerce strategy that enables brands to sell products through interactive live video streams on TikTok. First introduced in 2023, TikTok Live shopping is now predicted to be worth $4.8 trillion by the end of 2025. The platform enables users to purchase products directly within the app. You can also sell the products through paid ads and in-feed videos, which means brands have different ways of selling on the platform. 

Benefits of TikTok Live for Brands

Selling on TikTok Live provides brands with an opportunity to achieve higher growth and engagement. On top of that, there are other benefits of TikTok live, such as:

• Higher real-time engagement. TikTok live streams allow brands to engage with their audiences, benefiting from real-time interaction and feedback. It differs from pre-recorded videos in that it enables streamers to respond to the user’s comments and answer questions related to the product.
• A stronger community. When a brand goes live on TikTok, it gets an opportunity to build a more loyal and engaging community because it offers its followers a chance to connect with the brand representative, who answers their questions. When the brand addresses the viewer by their name and responds to their comment, this offers the TikTok community a sense of belonging.
• Get new and engaged followers. TikTok lives usually appear in the For You Feed, meaning that new users can come across them. This means they can help broaden your audience as new users join the community.
• Stir’s audience interest. Brands that frequently test new content styles and ideas have a better chance of success. Through TikTok Live, brands can pique the interest of their viewers by offering a real-time experience, recommendations, and advice as they plan for future products and content.
• More authority and credibility. When you frequently host live events on TikTok Live, you can enhance your brand authority and credibility because you will be offering high-quality and valuable content while directly engaging with your audience. Additionally, authentic and real-time interactions can enhance recognition and trust among your consumers, ultimately improving your brand's influence and reputation in the future. 

How the TikTok Live Shop Works

When selling on TikTok Live, start by adding products to your TikTok Shop. It's from this shop that you can select the products to be featured in your TikTok Live basket. This means the products can be viewed and bought during the live broadcast. 

After you have gone live, viewers can then browse and purchase the product. As the Live stream continues, the seller can perform additional functions, such as pinning products to the live stream or temporarily featuring them on the screen for viewers to see. 

Statistics on TikTok Live Selling

If you are getting started with TikTok live selling, one of the questions you may have in mind is whether people really buy on TikTok Live. According to a 2023 study, 50% of people on TikTok have already purchased a product after seeing it in a TikTok live stream. As noted earlier, Live shopping is especially more popular among Gen Z, as this group is comfortable buying through the TikTok shop. 

Additionally, the 2024 Black Friday statistics serve as proof of TikTok Live Shopping's growing popularity. TikTok revenue increased by 179% during this season, with a 131% rise in the number of shoppers purchasing between November 25th and December 2nd. Other TikTok Live shopping statistics show:

• The number of live shopping events in the UK exceeded 6,000 per day. Approximately 95% of the purchases were made by SMEs in the UK.
• Creators and brands created over 1.6 million shoppable videos.

Most Popular Products to Sell on TikTok Shop

The sellers dominating TikTok live shopping are mainly in the beauty and fashion categories. These include skincare products, fragrances, casual dresses, makeup, hair care, and scalp care items. Due to TikTok’s outstanding visuals and its interactive shopping livestream, it is easier for sellers to highlight the product features. 

Steps in Setting Up a TikTok Live Shop

If you are getting started with TikTok Live, here are the steps you need to follow:

Shop Setup

You will need to begin by setting up the TikTok shop by filling it with the products you intend to sell. Ensure that you also include all relevant details, such as weight, size, color, and more.

Basket Setup

After setting up the shop, you can now choose the products you want to make available to live viewers, also referred to as your basket. Ensure that you think critically about your basket orders and place them at the top of the basket.

Adding Keywords to the Title

You want to ensure that your live event has been categorized as per the keywords related to your niche. That is important as it helps the algorithm to show your TikTok livestream to the right audience. It can also be a great way to summarize your TikTok live in a single sentence, allowing users to make a quick decision on whether to continue watching or keep browsing. 

Image Addition

A small image can help draw people’s attention. Therefore, ensure that the designs and colors align with the theme to enhance the livestream. You need to ensure that the live is quite eye-catching.

Live Stream Plan

Consider the approach you will use to sell your products and how you plan to engage with your audience. Consider the language you will use to add persuasion and a sense of urgency.

Have a moderator for the livestream who will be moderating and watching the chat to mute and report any persons not following the community guidelines. Ensure you understand the TikTok livestream guidelines to avoid violations, as these can limit the traffic to your livestream. 

Also, have a plan for promoting the livestream so that your audience understands what they can expect from it. You can use discounts and hot deals to grab your audience’s attention and build their anticipation. You can also use TikTok ads to promote the livestream. Leverage tools such as giveaways, polls, effects, and live goals to build excitement for viewers. 

Final Thoughts

TikTok live shopping can be an effective way to boost conversions for your brand, build real-time interactions, and foster a community. Brands can also leverage it to showcase their products. If you are new to TikTok live shopping, our guide can prove helpful. You can read our guide on TikTok live gifting.

Social media is no longer just a tool to connect with family and friends; it has now become essential for brands to communicate with their target, build awareness, and even sell products. One of the social media marketing trends is live shopping. This sales format combines live streaming, online sales, and social interactions. Viewers of the livestream can watch product demonstrations or reviews, ask relevant questions, and buy directly from social media live streams.

One method brands use to build awareness of their live shopping and increase conversion is through influencers. In this article, we will examine the role of influencers in shoppable live shopping.

How Live Shopping Works

Live Shopping is a marketing strategy where the seller uses live streaming to market products and answer viewers' questions in real-time. This is typically achieved through dedicated social media platforms, such as a YouTube live shopping strategy or a specialized website for live shopping. The seller showcases the products, responds to the viewers' inquiries, and creates an engaging and interactive shopping environment.

This marketing method enables viewers to click instantly on featured products to make a purchase, allowing them to benefit from exclusive promotions or deals that occur during live sessions. This innovative approach ensures a more personalized shopping experience, offering a unique and engaging experience. The entire buying process becomes an entertaining and social event.

How Livestream Shopping Can Benefit Influencer Marketing

There are significant benefits to influencer marketing live shopping. The ability to interact with audiences in real-time while showcasing products and answering questions is definitely the most crucial benefit. Live streaming on Instagram or any other social media platform can create FOMO, as it encourages viewers to make a purchase immediately.

Additionally, interactive live streaming can help increase trust, as viewers can view the products in action, thereby increasing their chances of making a purchase. During a live stream, an influencer can also give some exclusive deals and discounts, adding an outstanding shopping experience for the viewers. 

Marketers can also monitor viewers’ engagement, sales metrics, and product interest. The ability to receive instant feedback and the credibility of the influencer can result in successful livestream marketing strategies. 

How to Add Livestream Shopping to Your Influencer Marketing Plan

When leveraging influencer marketing for your livestream shopping, your first step should be to select good influencers. The influencers should have a strong following, and their values should align with your values. After that, you need to plan the content you will be live-streaming.

You will need to ensure that you have an informative and engaging livestream, showcasing your brand in an engaging manner. For instance, you can include interactive elements, such as exclusive discounts and Q&A sessions, to increase users’ participation.

Market the livestream using various platforms, including social media, website, and email newsletters. This will bring traffic and leave you with a larger number of viewers. After the live event, you can also analyze performance to determine what was effective and what wasn’t. You can then improve your following livestreams accordingly.

Ensure you are collaborating effectively with collaborators to gain a deeper understanding of your brand’s goals and messaging. This collaboration can ensure a seamless and practical livestream shopping experience.

Best Platforms For Live Shopping

A key step in influencer marketing livestreaming is choosing an influencer marketing platform. YouTube is one of the most popular options because of its large number of users and the availability of the YouTube live shopping feature. TikTok Live has recently become a popular platform for brands to conduct livestream shopping.

How to Work With a Livestream Shopping Influencer

Influencers are a vital asset that can drive traffic to your live shopping events. When you partner with popular influencers, you can increase your following. You can attract the right audience to your livestream and even your e-commerce store. You can also use influencers to create buzz ahead of the livestream by posting teasers and promotional content. This helps build a level of anticipation among your followers, ensuring maximum attendance to the livestream.

Many social media users also trust their favorite influencers. That means that during a livestream, influencers can build trust and encourage viewers to make a buying decision. Brands can leverage influencer marketing to drive traffic to their online store.

Key Livestream Metrics To Track

To get the most out of your livestream shopping, you need to understand the right metrics to track, which will help you achieve a higher conversion and engagement rate. These metrics can be important for understanding how customers respond to the livestream and to help you determine if you are getting a good ROI from the livestream events. Some of the top metrics to track during the livestream include:

• Engagement metric. This is an indicator of viewers’ interaction during the livestream. You can track instant engagement metrics, including how many comments, likes, and shares.
• Live chat participation. You also need to monitor the number of people participating in your live chats. 
• Click-through rates. This is a good indicator of the way viewers click on the links to the products shared in the livestream.
• Conversion rate. The conversion rate is a valuable metric for tracking the effectiveness of a livestream in converting viewers into customers, as it indicates the percentage that ultimately makes a buying decision.
• Revenue. You also need to track the revenue you generate for each livestream, including the actual sales made during the livestream and the purchases made after it.
• ROI. This is a good indicator of whether your marketing spend is bringing the desired returns.

By measuring these metrics, you can get insights into what is capturing the audience’s interest and encouraging them to make a buying decision.

In Conclusion

Livestream shopping is an excellent way of ensuring an interactive and engaging experience. It helps to draw viewers before converting them into buyers. However, with the success of a livestream depending more on online shopping convenience and an emotional connection with the live audience, it is beneficial to be innovative. One of the great options you can use is influencer marketing. Through influencer marketing, you can increase the conversion rate of your livestream.