A retailer needs to constantly track the share of a brand in the market and use this information to improve their product and strategies.
The search engine optimization (SEO) tool that has recently come up in the retail sector is called Share of Search. It allows businesses to understand what is the actual share that the business or the brand holds in the market without having to go through tons of paperwork, metrics, and confusing graphs and charts.
What is Share of Search?
When we need to find information about a product or service, the first thing we do is search for the name of the product or service on the internet.
The first thing an interested or prospective customer is likely to do when looking for a product or information on a product is to google the name of the product or service.
This right here is a powerful tool that can help you understand the growing preference for a product or service among consumers in the market.
The share of search is an online metric that helps to understand and measure market share of a specific product or brand amongst its competitors in the same industry in a specific region.
This data is a reliable way to determine the market presence, brand awareness, and preference of the customer.
According to a 2021 survey, the share of search has a direct correlation with sales which means that when the share of search increases for a specific brand or product, the sales of the product are also very likely to increase.
The search engine share is directly proportional to the visibility of a product or brand in the market. This means that more customers are aware and view the product or brand than their competitors.
Share of Voice Evolution
The Share of Voice tool measures how often a brand is mentioned in online conversations. The Share of Search tool measures how often a brand is searched for on Google. ..
It was determined that the brand spent an estimated $2,811,000 on advertising in the Memphis area over a three-year period and that total advertising done in this area was $27,000.
This required the brand or business to compare and contrast the advertising budgets of each competing brand in a given time and area.
This approach is no longer viable as there are more methods of spending on ads these days and therefore data is not very realistic.
Search engine share can be used to estimate a brand’s market share on a real-time basis. ..
The study found that the current share of searches for a specific keyword is directly related to how well a brand is doing in terms of marketing its product. By increasing the share of its marketing programs that focus on this keyword, a brand can increase its search engine visibility and potential customers.
