If a lot of people are searching for your company, they are more likely to buy something from you. After all, most consumers only search for a brand or business if they already have a product from that company, or they plan on actively buying one. This means if you see a rise in your share of search, you may see a rise in market share too.
Unlike share of voice, share of search doesn’t rely on the amount of money spent on advertising. It takes into account free publicity like social media, emails, or even viral videos. However, this doesn’t mean paid advertising doesn’t affect share of search. In fact, anything that raises brand awareness can impact SOS.
There are a number of advantages to calculating your company’s share of search instead of its share of voice. These include:
- It’s a more universal metric
- It’s more reliable
- It’s cheap and accessible
- It’s easier to calculate SOS
In order to calculate share of search, all a business has to do is divide the number of searches for their company by the number of searches for all their competitors. By using Google Trends, you can easily find the rate at which people are looking for your company versus the companies you’re up against.