Measuring Brand Interest and Predicting Market Share with Google Search Data

🔍 Traditionally, marketers have relied on survey data to track brands and advertising, but this data is often unreliable. Instead, tracking brands based on online behavior, specifically Google search data, can provide more accurate insights.

📈 A new metric called 'share of searches' can measure the level of interest in a brand compared to its competitors. It is calculated by dividing the brand's search volume by the total search volume for the category.

🔬 Studies across different product categories have shown a clear relationship between the share of searches metric and market share. This approach has been applied to automotive, energy, and mobile phone industries with consistent results.

🔍 Share of search is closely correlated with share of market.

📈 Share of search is a leading indicator for future market share trends.

⏰ The time gap between share of search and share of market can provide valuable predictive insights.

🔍 Share of search can predict market share up to a year ahead.

📊 Changes in share of search precede changes in market share in automotive, energy, phones, and cars.

🔬 Using share of search as a forecasting tool for market share movements is more accurate than other methods.

🔍 Share of search is a new way to track brand interest, but it doesn't provide information on the sentiment or whether the interest is positive or negative.

📊 The conversion from share of search to share of market is influenced by factors such as price, with affordable brands having better conversion rates.

💰 The conversion process and price sensitivity can be evaluated through the demand curve, helping manufacturers adjust prices and improve efficiency.

🔎 Using share of search as a market research metric can provide insights into demand and conversion.

📈 Advertising has a significant impact on share of search, with the correlation between advertising spend and share of search being strong.

⏰ Advertising has both short-term and long-term effects on search behavior.

📊 The graph depicts the short and long-term effects of advertising on market share.

💡 Around 40% of searches generated by advertising are a result of short-term effects, while 60% come from long-term effects.

⚖️ Brands should aim for a balance of roughly 60% long-term brand advertising and 40% short-term activation.

🔍 Share of voice modeling can be used to measure the inherent interest that people have in a brand, even without advertising.

📊 The base level of share of searches is an important metric for brand owners to track the health of their brands and fine-tune their advertising spend.

🚀 Share of search is a powerful way of tracking brands and advertising, offering predictive power for market analysis.