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.
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%.
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.
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%
Knowing your SOA can help you:
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.
To improve your SOA, you need to focus on improving engagement with your target audience. Here are some tips:
Berman-Eisenberg, L. (2019). The Ultimate Guide to Understanding Share-of-Audience (SOA). Retrieved from https://www.crispvideo.com/share-of-audience/
Kotler P., Kartajaya H., & Setiawan I. (2016). Marketing 4.0: Moving from Traditional to Digital. John Wiley & Sons.
Plummer J., Rappaport S., & Hall T. (2015). The New Strategic Brand Management: Advanced Insights and Strategic Thinking (5th edition). John Wiley & Sons.
Smith P.R., & Chaffey D.(2005). eMarketing eXcellence: Planning and optimizing your digital marketing (2nd edition). Routledge.