All MeasureMyBrand KPIs are based on our team’s collective decades of experience in b2b marketing. We’ve created a standard set of KPIs that fall into three categories: Brand Indicators, Competitiveness Indicators and Website Indicators. This post is the first in a series that goes into detail about each KPI and the development methodology behind it.
Fundamental to our all our KPIs is the view that the Web is a market—of an economic sort—not just a channel for generating leads. Whether or not you’re in a web transaction-oriented business, the Web acts as the “place” where sellers and buyers come together to do business.
It’s important to note that our KPIs likely have value for consumer brand marketers as well, but b2c CMOs will likely want to evaluate them to make their own judgments.
That said, the first KPI in this series of posts is Competitive Webshare, which is one of two Competitiveness Indicators.
Competitive Webshare is the percentage of paid, owned, and earned web presence that a brand holds vis-à-vis a defined set of competitors. By isolating the competitive set, executives are able to focus on developing competitive strategies that are most impactful to the business.
There are two concepts behind this KPI that are familiar to both b2b and b2c marketers.
- Share-of-Voice (SoV). There have been many blogs and articles written about SoV as an important measurement of web marketing. While it provides good insights for more tactical decisions, it’s still channel focused — e.g. SoV for advertising, SoV for social media, SoV for press and so on — which means it contributes little for macro market-level measurement. It also focuses on brand mentions, which doesn’t represent the true web footprint for a brand
- Market share. Arguably, this is the most important marketing KPI in existence.
Competitive Webshare is a bit like market share but focuses on comparing a brand’s web footprint to its most important competitors. But unlike market share, which uses revenue or product units as its quantitative basis for measurement, Competitive Webshare uses brand web presence.
Like market share, Competitive Webshare is a critical trend to track. If a brand’s percentage goes up over time, it’s a leading indicator that the prospect for sustained business growth is promising. On the other hand, if the percentage is deteriorating, the business outlook isn’t rosy.
What’s Behind the KPI
This is the only KPI in the standard set of web marketing KPIs that’s purely quantitative. It measures a brand’s and its competitors’ web presence footprints, which are far more than just simply adding-up brand mentions and ad impressions.
Our methodology for developing Competitive Webshare followed these steps:
- An examination of most all of the available raw data and metadata for paid, owned, and earned content from each of five web macro-channels: Press, Social, Website/Search, Advertising, and Industry/Community;
- A narrowing of social media data sources to include those most important to b2b marketers — LinkedIn, Twitter, Facebook, YouTube, and Google+;
- A narrowing of advertising data sources to include those most important to b2b marketers — search and display
- Determining which quantitative dimensions are core to webshare;
- Creating an algorithm to measure Web footprints.
All in all, there are more than 20 data values in the quantitative dimension for our Competitive Webshare KPI.
This is the first in a series of posts about MeasureMyBrands’ KPIs. For more information on The Web is a Market, download the whitepaper here.