The internet has made it challenging to accurately measure brands’ Share of Voice. Luckily, Share of Search is a simple but powerful metric using search interest to indicate how your brand is performing and its market share.
Traditionally, Share of Voice was a key metric for marketers. However, the rise of online media means it can no longer be calculated accurately. Share of Voice only works if you know how much advertising exists in a particular category. With the many channels available today, that task is close to impossible.
Monitoring social media mentions doesn’t work either. The brands people talk about most on social media are often the ones they’re least likely to buy.
Share of Search is a Share of Voice that works in the digital era. Whilst Share of Search uses organic search data, it is more than just an SEO metric. Share of searches is the share of organic Google search queries (not share of paid search advertising) and equates to total searches for a specific brand, divided by the total searches for all brands in that category.
Share of Search is easy to calculate:
Share of Search = Searches for your brand / Searches for all brands in category
Calculating your brand’s Share of Search comes with several advantages. As more consumers change their behaviour towards online channels for investigating and purchasing products, the volume in organic search and advertising increases making Share of Search an important metric and leading indicator on brand performance and market share.
Compared to other measurements, Share of Search is a simple and cost-effective way to measure the performance of your brand and your competitors’ brands.
In terms of its effectiveness, studies by Les Binet and Hankins show a clear correlation between Share of Search and market share.
Across numerous studies spanning many categories and countries, there has been an average of 83% correlation between Share of Search and market share.
Advertising is a key driver for your brand’s Share of Search. The more people know about your business, the more your brand search increases. There are plenty of initiatives to boost interest and awareness, improving your Share of Search and, ultimately, your market share.
The first step is to regularly monitor your brand performance by using Share of Search as your key metric to calculate your brand’s performance, competitors’ performance, and market share.
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