80 per cent of all major purchases are done by shoppers who conduct their research online, most of them then tend to finish the purchase inside a physical store. But then you have to understand that 75% of users never scroll past the first page of search results. So, this is the window that you have and this is where you need to hold your customer’s attention. But the primary question here is how to appear on your customer’s search?
Enter the world of ‘Share of Search’
Brands today are increasing their dependency on this new metrics to measure the effectiveness of their campaigns and stay ahead of the competition. Share of Search, in a nutshell, indicates the number of organic searches a brand has received in comparison to the total number of searches made for every brand in its industry.
To maintain the right footing within the ever-evolving online domain, Share of Search can be a reliable indicator of your brand’s market share. Further, more people searching for your brand actually means that you are going to land more sales. This is because, most consumers only search for a brand by name if they plan to buy one of its products or they already own one. This means, if your Share of Search is rising, you can expect to see an increase in market share. So to say, Share of Search reflects the impact of your brand’s marketing activity basis an analysis of the interest your brand has acquired online through search.
One size does not fit all
However, for Share of Search to work in your favour you will need to grab the right assistance. Let’s take an example here, marketplaces like Amazon and eBay undoubtedly will help customers discover your brand easier. Amazon has 150+ Prime members and over 300 million active customers, worldwide. However, unless your brand’s placement is in sync with this e-commerce giant’s algorithm, you will hardly gain any leverage out of it. Moreover, there is the problem of common brand names and common words or brand names that people use to search for brands. For instance, using Chapsticks to search for all lip balms or Kleenex to search for all tissues. This makes it very tricky for your brand and that is where you need support.
You have to tame your searches and it is never a single formula that clicks with all brands. Rather it is a tailor-made approach. In fact, the platforms for search also alters the equation. For instance, Vaya Life, a brand that revolutionises everyday products, like lunch boxes, through world-class design and high-end engineering has recently clocked 30% global increase in lunch box sales through Google. The brand budgets more than 90% of its ad spends on digital advertising, of which Google Search is a big pivot, which helped the brand increase its potential reach across the globe.
A general overview on Share of Search calculation
To calculate your brand’s Share of Search, all you need to do is take the number of organic searches your brand received during a specific period and then divide it by the number of searches all the brands in your industry received at that time. This is the simple formula to keep handy.
Share of Search = Number of searches for your brand ÷ Number of searches for all competitors
The idea will work only if you include all big and small brands in your calculations. Also, when doing the data collection of search volumes the location has to be changed. This will help you gain insights about all the locations where your brand has a market.
Share of Search offers brands a cutting-edge approach against their competitors and using this simple metrics, Pretty Little Thing increased their market share by 47%. By understanding the search terms the brand’s competitors were appearing on, Pretty Little Thing connected with this new set of consumers, who they knew were ready to buy. In an effort, they appeared in 1,400 new searches. Thus, increasing their market share in no time.
To sum up, Share of Search will help you solve many pertinent problems for your brand like a. it’s stunted to declining growth, b. drop in customers at the top of the funnel, c. reducing repeat customers, and d. competitors taking over your customer share.