So I've been working on and refining my perspective around social media measurement for the past five years and I feel that I've been exposed to or heard the vast majority of ideas around metrics. Recently though while at Pivot I heard something new that stuck with me. The concept is "share of choice".
Whereas "share of voice" is a competitive metric I've been measuring for years, "share of choice" is a nice twist and meaningful competitive metric. It offers a new way to move beyond comparing conversation volume and to evaluate the important area of content engagement. While you want people to talk about your brand and products online, what you really want them to do is take action and demonstrate preference as well.
To make this distinction more clear, share of choice can be understood and defined as how often your brand is chosen to be engaged with versus your competitive set. As compared to share of voice, which evaluates the relative volume of conversation around your brand or products versus that of your competitors. I like how share of choice offers a view into understanding brand preference through people's direct actions of literally choosing to click on and view your video content.
With the increasing use and consumption of online video, I believe that determining how often your content is chosen versus that of your competitors is not only a relevant information point but can sincerely help you evaluate how well your content is resonating with your target audience, and in cases where it's not, enable you to learn from what your competition is doing well.
No comments:
Post a Comment