Share of Search is a powerful tool for measuring a brand's online presence and predicting future market share. It's a relative measurement of how much a brand is searched for in relation to other brands in the same category. With Branquo's Share of Search tool, you can easily generate custom reports for your brand. But how do you analyze the results? Here's a guide to interpreting and using Share of Search data to inform your business strategy.
If you haven't generated your Share of Search report yet, try out our free Share of Search Tool below!
Before we dive into how to analyze Share of Search reports, let's take a closer look at what Share of Search is and how it works. Share of Search measures a brand's search volume relative to other brands in the same category. It doesn't provide information on the total volume of searches, only the brand's share of the market.
Share of Search is a valuable metric for predicting future market share. Studies have shown that brands with higher Share of Search tend to have higher market share in the future. However, it's important to note that Share of Search doesn't indicate the reasons behind the trends. Human analysis is necessary to understand why the Share of Search needle moved in a particular direction.
So, how do you analyze a Share of Search report? Here are some key factors to consider:
Trend Analysis: The trend line is the most important factor to look at in a Share of Search report. A rising trend line indicates an increase in search interest, while a declining trend line indicates a decrease. Look for patterns over time and consider any external factors that may be impacting the trend.
Competitor Analysis: Share of Search is a relative metric, so it's important to analyze your competitors' Share of Search data as well. Look for trends and patterns in their data that may be impacting your brand's Share of Search. Consider their marketing initiatives and adjust your own strategy accordingly.
Seasonal Analysis: Share of Search can also be impacted by seasonality. Analyze the data over time to identify any seasonal trends or patterns. Use this information to adjust your marketing strategy and allocate resources to the appropriate times of year.
Share of Search data can be a valuable tool for informing your business strategy. Here are some ways to use Share of Search data:
Competitive Analysis: Use Share of Search data to monitor your competitors' marketing initiatives and adjust your own strategy accordingly.
Product Development: Analyze Share of Search data for specific products or services to identify customer interest and adjust your product offerings or marketing strategy as needed.
Brand Awareness: Use Share of Search data to track the success of brand awareness campaigns. A rise in Share of Search without a corresponding increase in sales may indicate that your brand is becoming more recognizable, but customers are not yet ready to make a purchase.
Crisis Management: Share of Search can be a valuable tool for monitoring your brand's online presence during a crisis. Use the data to quickly identify any negative trends and take action to address the situation.
Share of Search is a powerful tool for measuring a brand's online presence and predicting future market share. Analyzing Share of Search reports can provide valuable insights into customer interest and behavior. Use the data to inform your business strategy, adjust your marketing initiatives, and allocate resources to the most effective channels. Remember to analyze the trend line, competitor data and don't look at Share of Search in a vacuum.