Mapping Search Behavior with Google Trends

I recently came across an Online Shopping Blog that made a reference to Google's newest search tool called Google Trends.

If you're not familiar with Google Trends, basically you can enter a keyword phrases that will return a historical search volume report for the last two years. Ok, that in itself isn't impressive, however when you think of some of the applications, it gets a whole lot more interesting.

As search for "gas prices" reveals a huge spike in search volume right around September 2005. Just a coincidence? Not if your one of the unlucky ones with a gas guzzler:)

Lets look at some industry trends. Pretend you have a mortgage client that's wondering what statistically are the best months to search engine advertise in. A quick search reveals that the summer months are statistically significant.

Measuring Brand Equity
One of my favorite potential applications of this new tool, is the ability to measure branding and brand equity. Now, this is a bit theoretical so feel free to challenge me or provide some feedback. My fundamental belief is that increases in brand search volume are correlated to brand equity. Therefore, if your branding thrusts are successful, you should be able see your brand's market share increase in terms of pure search volume over time. Furthermore, if you include your competitors in the analysis, you can also measure your brand equity vs. that of your competitors. Just take a look at LendingTree's positioning vs. its competitors:

According to this graph, one could argue that LendingTree's closest competitor in terms of branding is Ditech, while eloan exhibits a large gap and trails behind. Does this imply market share too? Could, but not necessarily. Take for example a lawsuit against your company. Yes, it would increase the amount of times your mentioned on the search engines, yet does not translate into increased market share.

I truly believe that this is just the beginning of new marketing insight that search engines are paving the way. In summary, if haven't tried the above tool, I highly recommend that you get familiar with it.

[tags] internet marketing news, internet marketing, internet marketing strategy [/tags]