Our client wanted to evaluate the impact of media and other communications activity on top of funnel measures such as awareness and salience. This kind of awareness measurement is traditionally done by expensive market research.
To analyse its market share – getting hold of data is not cheap and is difficult for most clients. For our client ESSEC, the Singapore market has a sample size of only 15,000 who are interested in a Business School education at a given point of time. With this small data size, a traditional way to research would be an expensive exercise.
So, we adopted an innovative approach: Share of Search – This metric is proven to be a lead indicator of market share and awareness in high involvement categories where Search is an important part of the consumer journey.
The Share of Search was calculated following these steps
The rolling 12–24-month technique to monitor search combined with predictive modelling can be used as a planning metric to signal Market share and Awareness.
Share of Search Simplified = Number of searches for your brand ÷ Number of searches for all competitors