Share of Search (SoS): A Key Indicator of Marketing Impact

Share of Search (SoS):

SoS is a predictive proxy for Share of Market (SoM) that can help you measure the impact of your marketing investments. By aligning business objectives with marketing KPIs, you can make more informed decisions and drive top-line performance.

A Case study in the outdoor clothing category:

Key Benefits of SoS:

• Predictive Power: SoS accurately forecasts Share of Market.
• Granular Insights: Track performance at the brand and product level.
• Actionable Data: Guide your marketing strategy and tactics.

How Does SoS Work?

SoS is calculated by dividing the total searches for your brand by the total searches for all brands in your category. By analyzing this data, you can identify correlations between your marketing efforts (Share of Voice) and market performance (Share of Search).

Method:

1. Keyword Selection: All brand-related keywords were identified for each individual brand.
2. Data Collection: Monthly search volumes were gathered from MyTelescope for each brand, along with corresponding media spend data from Kantar Sifo.
3. Data Normalization: Search volumes and media spend were standardized to create Share of Search and Share of Voice metrics for each brand per month.
4. Correlation Analysis: Pearson's correlation coefficient and P-values were calculated to assess the relationship between Share of Voice and Share of Search for each brand.

Data:

• Search Volumes: Monthly search volume data was obtained from Google (not Google Trends).
• Media Spend: Monthly media spend data was acquired from Kantar Sifo.
• The outdoor brands were selected by the leading media channel for retail in Sweden, Market, and was the main source for an article. (In Swedish

Outcome:

In this validation study we found an average 95% correlation between a brands brands Share of Voice and Share of Searches in the outdoor fashion category.

"I'm not surprised, as we are a strong brand. With 36 stores nationwide, a significant media presence, and an even higher profile over the past year due to various factors, our visibility is substantial," said Sofie Saberski, Marketing Manager at Naturkompaniet.

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"I'm a bit surprised by the results, I must admit. I think one explanation is that we're still advertising in print media. And then we know that a large percentage of our customers come to us through word of mouth, which leads to an increase in searches," said Stefan Engelson, CEO of Engelsons.

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Revolution Race has hardly done any traditional marketing in the past twelve months, which has led to low demand on Google. Now, all of a sudden, they invested twelve million kronor in October, including program sponsorship, which has led to a doubling of their search share.

By understanding and leveraging the relationship between search share and market share, marketers can make data-driven decisions to improve brand visibility, increase market share, and drive business growth.

The core message of the statement is clear: there's a strong correlation between a brand's search share and its market share. This means that brands with a higher percentage of searches related to their products or services are more likely to have a larger market share.

Posted at MediaVillage through the Thought Leadership self-publishing platform.

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The opinions expressed here are the author's views and do not necessarily represent the views of MediaVillage.org/MyersBizNet.