What is Share of Search?
For decades it’s been near impossible for organisations to show how creative marketing and long term brand building is actually creating and driving your share of market. Making it hard for marketers to prove the value of their work and business-leaders to know how much to safely invest in it.
Recent studies have shown that Share of Search can solve this issue by providing you with a leading metric with proven correlations with market share. The logic behind this is that Share of Search shows true interest towards your brand, and that interest correlates to market share.
For this reason your Share of Search widget is the centrepiece of any good tracker.
How is MyTelescope's Share of Search calculated?
The calculations follow the same principles as when calculating market share:
You define your competitive set by entering your brand name and competitors
You select which keywords you want to build the analysis on.
MyTelescope retrieves search volumes from Google for the chosen search terms for each brand.
MyTelescope divides each brand's monthly search volume by the total and then turns it into a percentage.
And there you have it! Your Share of Search on a 48-month timeline.
How to get started with it:
Start by looking at your Share of Search trend, is it increasing or decreasing over the year?
Are there any spikes in interest for your brand or your competitors? By figuring out what initiative sparked this interest you can draw inspiration from this and gain a deeper understanding of what the market reacts positively to. Use the Rising search terms widget to deep dive into that month.
Measure the effects of campaigns by using the events tracker looking if they created a sustained increase in Share of Search for your brand.
Why people search for your brand:
People are looking to buy from your brand - 81% of people search before all major purchases.
They are already customers and looking to get more information about your offering.
General interest in your brand - caused by general brand fame or bad PR.
By looking at the number of times people search for your brand compared to its competitors, we can see customer intent towards your brand, based on unprobed behavioural data that’s readily accessible for all. Making it the optimal KPI to measure brand and campaign performance.
Plainly said: your Share of Search shows if the interest for your brand compared to your selected competitive set is increasing or decreasing. This could be due to a new ad campaign or a number of other reasons, what is important is that whatever the reason more or fewer people have been inclined to take time out of their day to engage with your brand.