Understanding  Share-of-audience

Are you struggling to increase your brand's reach in the digital world? Do you want to know how your brand is performing compared to your competitors? If yes, then it's time to learn about the concept of "share-of-audience" (SOA).

SOA is a metric used in marketing research that measures the percentage of a specific audience that interacts with a brand or a particular product. It's a crucial concept in advertising, social media marketing, digital marketing, email marketing, and other related fields. Understanding SOA can help you make better decisions about where to allocate your marketing budget and resources.

In this post, we'll explore the six most common questions about SOA and provide you with some useful insights.

What is Share-of-audience (SOA)?

SOA refers to the percentage of an audience that interacts with a specific brand or product in comparison to its competitors. It's calculated by dividing the total number of interactions with your brand by the total number of interactions with all brands in your industry.

For example, if your brand received 1000 interactions out of 5000 total interactions in your industry, then your SOA would be 20%.

Why is SOA important?

SOA is crucial for brands that want to gain a competitive advantage by increasing their market share. By measuring SOA, you can identify how well you're performing compared to the competition and adjust your marketing strategy accordingly.

It also helps you prioritize which channels and tactics are most effective for reaching your target audience. For instance, if you have a high SOA on Instagram but low on Twitter, then you should focus more on Instagram marketing.

How do you measure SOA?

Measuring SOA requires collecting data on brand interactions across various channels and platforms. You can use tools like Google Analytics, social media analytics tools, or surveys to collect this data.

Once you have the data, you can calculate the SOA using the following formula:

SOA = (Brand Interactions / Total Interactions) x 100%

What are the benefits of knowing your SOA?

Knowing your SOA can help you:

• Identify areas where you're losing market share
• Determine which channels are most effective for reaching your target audience
• Optimize your marketing budget by investing in channels that have high SOAs
• Benchmark against competitors
• Develop more targeted and effective marketing campaigns

How does email marketing affect SOA?

Email marketing can have a significant impact on SOA as it's one of the most effective ways to reach and engage with your target audience. By tracking email metrics such as open rates, click-through rates, and conversion rates, you can measure how well your email campaigns are performing and adjust them accordingly.

You can also use email marketing to drive traffic to your website or social media profiles which can increase overall brand interactions and improve your SOA.

How do you improve your SOA?

To improve your SOA, you need to focus on improving engagement with your target audience. Here are some tips:

• Create content that resonates with your target audience
• Use social media analytics tools to identify what types of content perform well
• Engage with customers via social media platforms
• Optimize website design for better user experience
• Use email marketing campaigns to promote new products or services

References:

1. Berman-Eisenberg, L. (2019). The Ultimate Guide to Understanding Share-of-Audience (SOA). Retrieved from https://www.crispvideo.com/share-of-audience/

2. Kogan Page Limited (2014). Digital Marketing Strategy: An Integrated Approach to Online Marketing. London: Kogan Page Limited.

3. Kotler P., Kartajaya H., & Setiawan I. (2016). Marketing 4.0: Moving from Traditional to Digital. John Wiley & Sons.

4. Plummer J., Rappaport S., & Hall T. (2015). The New Strategic Brand Management: Advanced Insights and Strategic Thinking (5th edition). John Wiley & Sons.

5. Smith P.R., & Chaffey D.(2005). eMarketing eXcellence: Planning and optimizing your digital marketing (2nd edition). Routledge.