Measuring Brand Interest and Predicting Market Share with Google Search Data
Discover how Google search data can be used to track brand interest and predict market share trends, providing valuable insights for brands.
00:00:02 A new way to track brands and advertising using Google search data called share of searches. It measures the interest in a brand compared to competitors.
🔍 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.
00:04:14 Understanding the correlation and causality between share of search and share of market is crucial. Share of searches can predict long-term trends in market share, providing a valuable metric for brands.
🔍 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.
00:08:25 Using share of search data can predict market share up to a year ahead in automotive, three months ahead in energy, six months ahead in phones, and 12 months ahead in cars. Share of search outperformed other forecasting methods in predicting quarterly market share movements for Volkswagen.
🔍 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.
00:12:32 The video discusses the limitations of using search behavior to track brand interest and introduces the concept of Share of Search. It also explores the relationship between Share of Search, conversion, and relative price in the car market.
🔍 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.
00:16:43 Using share of search as a market research metric, this video explores how advertising affects brand visibility and consumer interest in three different industries. The findings show that share of voice in advertising has both short-term and long-term effects on share of search, highlighting the importance of repeated bursts of advertising for brand growth.
🔎 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.
00:20:51 This video discusses the concept of Share of Search and how it can be used to track the effects of advertising on brands. It reveals that long-term brand building contributes about 60% to sales effects, while short-term sales activation contributes about 40%. It also explains how steady advertising can lead to a brand reaching an equilibrium level based on its share of voice.
📊 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.
00:25:00 Discover a new way to measure brand strength and track advertising impact using Share of Search. Find out how brand interest can be measured without advertising and use this metric to fine-tune marketing strategies.
🔍 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.
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