Share of Search: A Beginner's Guide

After joining the team at Rival I was introduced to an intriguing concept known as "Share of Search." This article serves as my introductory exploration into this emerging metric to shed some light on this metric.

In today's rapidly evolving business environment, staying ahead of market trends is crucial for maintaining competitiveness. Traditional methods of market research often struggle to provide timely and accurate insights. However, Share of Search has emerged as a powerful alternative, offering the ability to predict changes in market share by analyzing search data from popular search engines. So what is Share of Search, and why should it be considered an extremely powerful tool for brands?

For those who haven’t come across Share of Search before, it refers to a metric that measures the proportion of search queries related to a specific brand or product compared to its competitors. By harnessing search data from platforms such as Google, Bing, or Yahoo etc., businesses can gain valuable insights into consumer interests, preferences, and market dynamics. Research conducted by the likes of James Hankins and Les Binet for the IPA's Share of Search Think Tank has demonstrated that fluctuations in Share of Search align with changes in market share, making it an invaluable and dynamic metric.

What are the main benefits of tracking Share of Search?

• Timeliness: Share of Search offers near real-time insights into consumer interests, enabling businesses to promptly adapt to changing market dynamics.

• Cost-Effectiveness: Compared to traditional market research methods, Share of Search provides a more cost-effective approach to monitoring market trends. By leveraging existing search data, businesses can eliminate the need for expensive and time-consuming surveys.

• Competitive Analysis: Share of Search not only allows businesses to monitor their own performance but also provides valuable insights into their competitors' performance.

Research conducted by organizations like the IPA demonstrates how Share of Search insights can be leveraged to predict and respond effectively to shifts in market share. For example, if a leading e-commerce platform detects a significant increase in the Share of Search for a particular product category, it can allocate additional resources to capitalize on the opportunity and increase its market share. Likewise, in the telecommunications industry, a company that analyzes the Share of Search data to identify emerging themes related to support issues can strategically implement proactive fixes to prevent a decline in market share.

In today's fiercely competitive business landscape, adopting innovative tools and techniques is essential. Share of Search is emerging as a valuable approach, particularly with advancements in AI and machine learning. It provides businesses with timely and actionable insights into consumer behaviour and market dynamics. By embracing Share of Search, companies can proactively adapt their strategies, seize market opportunities, and maintain a competitive edge. With its predictive capabilities, Share of Search empowers businesses to stay ahead of the curve and make informed decisions that drive success.