From Share of Voice to Share of Model: A Critical Next-Gen Metric in an AI-Enabled World
As a marketer, I’ve always considered share of voice (SOV) to be a critical metric. Simply put, SOV measures what percentage of the online conversation in my category is about my brand versus the competitive set. It’s a vital indicator of brand presence and influence in the market.
However, as we move forward, I find myself increasingly obsessed with the emergence of ubiquitous voice agents. These intelligent assistants are poised to revolutionize the entire customer experience (CX) landscape.
Over the weekend, I asked my AI assistant for recommendations on various products and received fascinating, tailored responses. This experience underscored a significant shift that’s on the horizon: the transition from manual interaction with websites to seamless voice interaction.
The Rise of Voice Agents
Voice agents, powered by sophisticated AI algorithms, are becoming an integral part of our daily lives. They offer a more natural, intuitive way to engage with technology and access information. This shift towards voice-first interactions will fundamentally reimagine how we buy from and engage with brands throughout the end-to-end CX journey.
Imagine a world where instead of scrolling through endless web pages or mobile apps, consumers simply ask their voice agents for recommendations, make purchases, and receive customer support. This scenario is not a distant future; it’s here now.
Embracing the Opportunity: Brand Readiness for Voice Interaction
With this impending transformation, there is an enormous opportunity for brands to prepare for the voice-first world. This is where the concept of “share of model” (SOM) comes into play. Share of model, in this context, refers to how well a brand is represented and recognized through the lens of AI-driven voice agents.
What is Share of Model?
Share of model is a measure of a brand’s health and readiness in the emerging landscape of voice interaction. It gauges how effectively a brand’s products, services, and overall experience are integrated and recommended by AI assistants. This metric will become increasingly important as consumers rely more on voice agents for decision-making and purchasing.
How Does Your Brand Fare Today?
I highly encourage you to try this through the lens of your product or service. As an EV enthusiast, here’s a query I recently asked of my favorite voice agent. Suffice it to say that the results have been fascinating:
“I am in the market for a new electric vehicle. My priorities include range, cutting-edge technology, performance, and luxury. What brands do you recommend?”
As you can see, there’s nothing fancy behind this request. It’s a real-world example of how consumers will buy in the not-so-distant future. The results have been extremely interesting, and I hope my friends at Lucid Motors take note and explore the brand through the lens of SOM.
Take a moment to ask a similar question for your category. How do you stack up? Are the answers you get back what you’d hope a prospective buyer would hear? If not, how are you getting ahead of this enormous opportunity?
Steps to Enhance Share of Model
1. Optimize for Voice Search:
- Ensure your brand’s content is optimized for voice search. This involves understanding the nuances of conversational language and structuring your information to be easily accessible by voice agents.
2. Integrate with Voice Platforms:
- Actively engage with and integrate your brand into popular voice platforms like Amazon Alexa, Google Assistant, and Apple Siri. This integration ensures your brand is readily available when consumers seek recommendations.
3. Leverage AI and Machine Learning:
- Utilize AI and machine learning to analyze consumer interactions and preferences. This data can help you refine your voice strategies and enhance the accuracy and relevance of your brand’s recommendations.
4. Focus on Customer Experience:
- Prioritize a seamless and personalized customer experience across all touchpoints. Voice agents thrive on delivering tailored experiences, and your brand must be prepared to meet these expectations.
The Time to Act is Now
As we stand on the brink of a voice-first revolution, marketers must pivot from traditional metrics like share of voice to innovative measures like share of model. This new metric will provide critical insights into a brand’s readiness and health in the AI-driven future.
By embracing voice interaction and preparing for the AI revolution, brands can ensure they remain relevant and influential in the evolving landscape of customer experience.
At Cortico-X, we’re helping select client partners think through the implications of ubiquitous voice agents and share of model to their content strategy and overall business. We’d welcome the opportunity to discuss the implications for you and your business.
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