Case Study · NBFC Loan Software · India

29.8% to 41.0% Share of Voice, Across Four Months

Q: Which page is doing the most work?

One comparison page, a head-to-head NBFC loan management software roundup, was cited in every single one of the four tracked runs, 33 times total. No other page came close to that consistency; the next two most-cited pages only started appearing in the July and August runs.

Four months of AI citation tracking for an NBFC loan management software brand, across ChatGPT, Gemini, and Perplexity, including a July dip the data didn't hide, and an August recovery that became the strongest month on record.

41.0%

Share of Voice, Aug: four-month high

unique pages cited in Aug, up from 7 in Jul

33×

one page cited in every tracked run

2.4×

brand-name mentions, May→Aug

Most AI visibility case studies show a straight line up. This one doesn't, and that's the point. Four consecutive monthly runs tracked how often ChatGPT, Gemini, and Perplexity cited or named an NBFC loan-management software brand, and the trend line had a real dip in the middle before its strongest month yet.

Direct Answer

Over four tracked months, Share of Voice moved from 29.8% to a 22.5% July dip, then recovered to a four-month high of 41.0% in August, alongside pages cited nearly quadrupling from 7 to 26.

What Actually Happened to Share of Voice?

It didn't move in a straight line. May started at 29.8%, June held roughly steady at 32.6%, July dropped to a 22.5% trough, and August recovered to a four-month high of 41.0%, a 37% relative gain over the May baseline and an 82% jump from July's low point.

Run	Responses Tracked	Mentioned or Cited	Share of Voice
May 04	84	25	29.8%
Jun 01	46	15	32.6%
Jul 02	102	23	22.5%
Aug 03	139	57	41.0%

The response count itself grew across the period too, from 84 tracked responses in May to 139 in August, as the prompt set expanded and Google AI Mode joined ChatGPT, Gemini, and Perplexity as a fourth tracked engine starting in August. Share of Voice is calculated against that larger denominator, which makes the August recovery a harder number to hit, not an easier one.

What Happened in the July Dip?

Citation depth fell alongside Share of Voice: unique pages cited dropped from 13 in May to 9 in June to 7 in July, before jumping to 26 in August. The two metrics moved together: fewer distinct pages being surfaced as sources tracked with a lower Share of Voice that same month.

Run	Unique Pages Cited	Brand Named, Not Cited
May 04	13	3.6%
Jun 01	9	0.0%
Jul 02	7	4.9%
Aug 03	26	8.6%

Two different signals bottomed out at different points: citation depth kept falling through July, while brand-name recognition (mentions without an accompanying source link) actually ticked up that month, before both climbed together in August. Neither metric on its own would have caught the full picture; reading them side by side is what shows the recovery was broad, not a single lucky citation.

Which Page Is Doing the Most Work?

One comparison page was cited in every single one of the four tracked runs, 33 times total. A head-to-head NBFC loan management software roundup, no other page came close to that consistency; the next two most-cited pages only started appearing in the July and August runs.

Page	Citations	Runs Cited
/blog/top-nbfc-loan-management-software-comparison/	33
/loan-origination-system/	17
/blog/best-lms-platforms-for-nbfcs/	15
/blog/what-your-lms-cant-handle-line-of-credit/	10

A single comparison-style page carrying every run is a concentration risk as much as a proof point: it's the clearest evidence AI engines trust that specific page as a source, but it also means the brand's AI visibility currently leans on very few URLs. The pages that only started appearing in July and August are the more interesting trend to watch next: whether that list keeps widening determines if August was a real structural gain or a good month.

How Does This Compare to the Competitive Field?

One rival's domain was cited 318 times across the tracking period, roughly 1.7x more than the next closest competitor and far ahead of the tracked brand's own citation count. Growth happened inside a market where a single incumbent still dominates AI citation volume.

Domain	Citations, All Runs
Competitor A (category incumbent)	318
Competitor B	181
Competitor C	113
Competitor D	80

The 41.0% August Share of Voice number reads differently once the competitive backdrop is visible: it was earned against an entrenched leader with an order of magnitude more raw citation volume, not in an open field. Closing that specific gap, not just improving month over month against oneself, is the next data point worth tracking.

Frequently Asked Questions

It didn't move in a straight line. May started at 29.8%, June held roughly steady at 32.6%, July dropped to a 22.5% trough, and August recovered to a four-month high of 41.0%, a 37% relative gain over the May baseline and an 82% jump from July's low point.

Citation depth fell alongside Share of Voice: unique pages cited dropped from 13 in May to 9 in June to 7 in July, before jumping to 26 in August. The two metrics moved together.

One comparison page was cited in every single one of the four tracked runs, 33 times total; no other page came close to that consistency.

One rival's domain was cited 318 times across the tracking period, roughly 1.7x more than the next closest competitor. The growth happened inside a market a single incumbent still dominates.

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