I am sure many of you have used Google Trends in the past, to learn high level trends by topic over time. But for those of you that are not aware of this terrific tool, now is the time to learn how valuable it can be for helping your business do market research on your industry and can help you calculate your market share trends.
What is Google Trends?
Google Trends is a tool that can tell you how searches for a specific keyword on Google has been trending over time, for whatever date range you are most interested. As an example, here is the search traffic trend for the term "restaurant furniture" for 2020, the year COVID impacted the restaurant industry, to help me illustrate this story:
For companies like Restaurant Furniture Plus, this data is very important for its executive team, as a tool to know whether the industry is moving up or down, and how the industry is behaving year over year, which they can compare to their own revenue trends. It also tells the reader whether or not the company is gaining or losing market share, compared to our competitors, which I will detail below. The way to read this chart is the highest point in the period is scored a 100, and then every other period is indexed against that peak. So, a week showing a score of 25, would have 75% less traffic than the peak week at 100.
What do we see is in this chart—there was a slump starting in March 2020, which is no surprise with the beginning of the COVID pandemic in the U.S. Then, there was an...
Read Full Story: https://www.forbes.com/sites/georgedeeb/2022/05/04/use-google-trends-to-track-your-market-share-and-success/
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