TV advertising is a powerful way to reach consumers. However, many brands are missing out on one of the medium’s best-kept secrets: Share of Search (SoS). SoS is a predictive proxy for Share of Market (SoM), can be measured daily, and has been shown to respond quickly to both brand and product advertising. As a modern marketer, you know that understanding your market share is essential to making informed decisions about where to allocate your resources, and understanding the link between share growth and SoS is the first step to ensuring your advertising is engaging your target audience, and moving the needle for your business.
The Growth of Share of Search
EDO has long pioneered the use of data to streamline advertising and marketing efforts across platforms, but our new white paper on Share of Search marks a step forward. The paper investigates the link between SoS and SoM, finding that in the last six years, the importance of SoS has skyrocketed. For example, State Farm has been losing market share to Progressive, as predicted by the latter brand’s much higher SoS from 2016 on.
And according to EDO’s industry research, across a wide range of brands, categories, and regions, SoS correlates closely with a brand’s SoM, with an average correlation of 83%. And for insurance companies like State Farm and Progressive, that jumps to 86%.
SoM has always been linked to SoS, but the link is becoming ever-more clear in a world of multi-screen viewing — with 88% of people watching TV with a second screen in hand — allowing them to act on advertising in real-time, including leveraging search.
Mass Media and Share of Search
According to James Hankins in his research for the IPA (Institute of Practitioners in Advertising), it’s notable that mass-media reach has a greater impact on SoS than the targeted channels traditionally seen as more intelligent marketing, and investing in high-value media placements like TV campaigns or movie advertising could be key to growing your business and getting through economically hard times.
At EDO, we offer our advertising partners investment-grade data — to align your stakeholders behind advertising decisions, prove the importance of SoS, choose the best marketing channels for your business, and make creative decisions. This includes historical and current data on your competitors that can be used to assess what worked for other brands and avoid expensive mistakes in a high-value environment. With the right insight and data, modern marketers can measure and optimize for Share of Search to drive your business forward — not just in times of economic uncertainty, but in all conditions.
Want to learn more about how Share of Search drives Share of Market? Check out EDO’s white paper “Share of Search Predicts Market Share Growth”, or request a demo to find out which of our products is right for you.