Use Google Trends To Track Your Market Share And Success
Google search results can be useful to help you stay informed about your overall business trends and your company ... [+] market share trends.
GettyI'm sure many of you have used Google Trends in the past to find out about top trends over time. But for those of you who don't know this amazing tool, now is the time to learn how market research is important for your business to help you calculate your market share trends.
What are Google Trends?
Google Trends is a tool that lets you know how a unique keyword search on Google changes over time, regardless of the days you crave it most. For example, to help me explain this story, I would like to show you a search engine trend for the term "restaurant items" that affected Covid restaurant industry in 2020.
Google Trend Restaurant Search Info
Google TrendsFor companies such as Restaurant Furniture Plus , this information can be very useful as a tool for their executive team to know that the industry is moving up and down, how the industry is operating year by year and how it can compete with their revenue trends. Tells the reader that the company has gained or lost market share compared to its competitors; I present below. To read this chart, the egg is the highest point in the period up to 100, and then each menstrual period points to that peak. Therefore, a week that shows 25 points will have 75% less traffic than the 100 week high.
In this chart, we see the decline that began in March 2020, which is not surprising since the onset of the Covenant epidemic in the United States. Then, in June 2020, there was an unexpected growth in the food industry. Why is there a positive trend in the middle of the epidemic as more restaurants close? In response to Kovid, they rushed to buy outdoor furniture to open the porch of the restaurant. And then, for the rest of the year, almost all of the current trends followed. The industry usually peaks in March-June, then November-December is usually the slowest month of the year. If you look at the same program for 2019, you will not see a decline in March, you will see an increase in demand, which will lead to the opening of a new summer restaurant and the demand for furniture.
How to use this information for your business. A few issues
As explained, the above shows how the industry is performing so that you can compare it with your income trends. But it can also tell you that you should be happy or sad about your income if you go a little deeper. Use the graph above to illustrate. April averaged 27 points, and May - 48 points. This is a 78 percent increase as the restaurant industry recovers from a rapid recovery from covida.
Compared to Restaurant Furniture Plus, revenue in May was 128 percent higher than in April. So yes, if you look at the revenue data individually, without Google Trends data, it is clear that the team was happy with the 128% growth. But considering that the industry grew by only 78 percent, Restaurant Furniture Plus has grown 50 percent faster than the industry. In other words, it is increasing its market share, gaining the size of its competitors, which really impressed their team. Online retailers, such as Restaurant Furniture Plus, have been linked to a number of offline brick and mortar retailers in the global covide-linked post, which is currently closed, which may explain the trend.
This information is especially useful in the following case: I found a very happy company with a 10% monthly increase. Until he took advantage of the 20% growth in the Google Trends data industry, he thought everything was fine in business. "Oh, we are losing market share." There is no easy way to measure your performance with your industry performance when you touch a key.
Some additional instructions
Remember that Google Trends is only about Google Traffic Information. Your website traffic growth may not be the same as Google Trends. There may be a problem with poor search engine optimization and you may not be able to get the right share of all Internet searches (so get it right). And the example above shows that you can turn your site traffic into sales during the same month. This could be the case with low-cost consumer goods. However, this may not be the case with services with long B2B products or long sales cycles, especially when they are offline. Therefore, instead of comparing Google Trends data with sales or transactions for the same month, it prepares recommendations. If you are planning for a post-sale, you may need to adjust the analysis for your sales time (for example, an increase in April traffic during the three-month sales period will result in an increase in July sales). Did you understand the point? Be sure to compare the data in each case.
Close your mind
We hope you have a new tool that can help you with rapid market research and trends in your industry. Use this information to help you plan your monthly budget for any season in your industry. Compare the overall industry trends of your business. If you are losing market share you may not know it now but you are having a big problem and you need to solve it as soon as possible. Power!
-
George Debe is a partner of Red Rocket Ventures and author of 101 Startup Lessons: Entrepreneurship Guide .