Effectiveness guru Les Binet presented a new Share of Search metric to help track the health and potential wealth of brands and advertising to an audience of thousands at the IPA-led EffWorks Global 2020 Conference today (14 October).
According to Binet, who has been experimenting with the Share of Search metric over the past six years, it is fast, cheap and predictive, and can measure both short and long term ad effects.
Broken down, Binet refers to share of searches as the share of organic Google search queries (not share of paid search advertising) and the metric equates to total searches for a specific brand, divided by the total searches for all brands in that category. This data can be taken from Google Trends, is free, generally goes back to 2004 and can offer weekly frequency.
To test the Share of Search theorem, Binet explored three categories: automotive, energy (gas and electricity) and mobile phone handsets, to discover
Says Les Binet, Head of Effectiveness, adam&eveDDB: "Over the past 30 years, I’ve found that the relationship between tracking metrics and actual purchase behaviour is often surprisingly weak. By tracking Share of Search we have a powerful, not to mention cheap, metric to measure what people are actually doing online, rather than what they say they are doing. It is by no means a silver bullet – the data needs to be interpreted with care and researchers need more detail to be able to apply this to the real world, which is something I will be providing in a further IPA webinar in November. Without doubt though, Share of Search has enormous potential and predictive power to track brands and advertising going forward."
We are delighted that Les has unpacked his exciting new findings with our cross-industry EffWorks audience. At a time when COVID-19 is pushing more consumers online, and while industry budgets are more strained than ever, we very much welcome the addition of Share of Search as a cost-effective, predictor of the health and potential wealth of brands and advertising. In the right hands, with the right learning, this could be a real game changer.