Search trends are an amazing resource for any business to mine, something that bundles together the information that various other forms of market research provide (like focus groups and surveys) but at only a fraction of the cost and time required.
You can probably think of some basic uses for search trend information, for example in gauging demand. But the spectrum of possibility goes far beyond that. Also, what you can do with search trend information varies somewhat for each industry.
Today we’ll take a look at three industries and the possibilities that search term analysis opens up for them. Retail is the sector that is perhaps most closely tied to search, with their histories intertwined going back to the start of the consumer-focused internet. Finance encompasses consumer uses with institutional and investor information needs. And management consultancy is an area that is still in the process of a great digital shift, but one that stands to benefit greatly once search analysis is more of a standard practice.
Retail search trends
The retail industry is one of the most straightforward to analyze in terms of search trend use; after all, “big data” and e-commerce essentially developed and grew up together as the internet began proliferating into households worldwide.
It’s also one of the markets in which keeping on top of search trends is absolutely vital. Online search is the way over half of shoppers now begin their eventual journey to a digital purchase, and the vast majority begin their shopping cycle online even if they ultimately decide to purchase at a brick-and-mortar establishment.
Search trends tell retailers all sorts of useful things. One obvious example would be the quantity of searches for particular products over time; a toy seller would want to know what the public is most interested in as far as Christmas gifts for the kids go.
Since the ultimate focus of retail is the sale at the point of purchase, a lot of search trend analysis is bent toward getting customers to that point with product in hand (or digital shopping cart). Search trends also tell retailers how world events are changing and shaping the shopping process, and to what degree. The Covid-19 pandemic is an example of this. Search trends provided insight not just into what people were choosing to buy over time, but in what numbers they were ready to come out of lockdowns and resume normal life again.
Search trends have other functions for retailers, however. One is to evaluate interest not just in individual products or product categories, but the interest level in particular packaging/bundling approaches and promotions. People looking for particular types of sales, or particular groupings of products at a discount, are out there plugging that desire into search engines.
Search trends also help to explain dips and spikes in product sales that are visible in stores. Looking at trends over time, one can see if it is a seasonal or regularly predictable pattern or if it was inspired by some unique event.
One final example: search trends can help to elaborate on exactly what people want or expect from a particular product or service. They will often search for the product, with added modifiers explaining exactly what features or functions they want. Good analysis can link searches with different wording but the same intent together to paint a clearer picture of what features are most in demand at the moment.
Finance search trends
The general concept of examining search trends to optimize and prioritize products transfers from retail to many other industries. That’s as true of finance as any other, but finance provides some unique examples of how each industry has its own unique spins of search trend analysis.
Someone looking to invest or seeking similar financial advice (such as retirement planning) isn’t limited to searching for a specific product or service. They are likely asking a broad variety of questions, and putting those questions directly into search engines. A 2019 survey found that would-be investors go to an average of seven different sources to ask questions.
Search terms have even been adopted as an aspect of investment strategy. Some researchers have drawn direct correlations between Google search data and historical stock price records. Commercial banks also benefit in a simpler and more everyday way; for example, search terms were used to help determine how to set hours for and staff local branches during the pandemic. A local bank can also use regional search terms to gauge interest in adding new elements, such as mobile snapshot check deposit.
More general searches for financial terms can also provide valuable information about the macro state of markets. For example, fewer questions about financial aid and college admissions than is usual for a period could indicate that higher education attendance is about to be down for the academic year. Questions about mortgages and insurance could contribute to knowledge about real estate patterns in an area. Similar useful information can come from searches for topics relating to retirement, child care and insurance.
Management consulting search trends
Management consulting is an example of a field that has not yet embraced analytics and “big data” in a big way, but seems inevitably bound to given the highly competitive nature and the need to keep on top of trends and breaking news.
As the field continues to digitize, it seems inevitable that search trends will become a big part of automated research and analysis processes. This is something that could be provided by a niche specialist that emerges, or by management consultants partnering with other analytics consultants outside of their industry.
Search terms will also likely play a role in an ongoing industry shift to a client demand for more immediate, tangible results. Analyzing the results of public searches will likely be one of many tools used to demonstrate organizational improvement as a result of the consultant’s interventions.
There is also the matter of being on top of how search terms are best leveraged by the specific industries they contract for, such as the examples from the retail and finance industries listed here.
Staying on top of search trends
Tracking search trends requires visibility into keywords as they are being used in Google and on popular platforms; that’s no small feat, and one that is constantly updating and changing. This is where specialist keyword feed analysis from companies like Datos comes in.
“Search terms will also likely play a role in an ongoing industry shift to a client demand for more immediate, tangible results. Analyzing the results of public searches will likely be one of many tools used to demonstrate organizational improvement as a result of the consultant’s interventions,” according to Eli Goodman, CEO & Co-founder at Datos,
A dedicated firm that constantly monitors the major search sources is best positioned to provide you with up-to-date and accurate data on trends, packaged in an easy-to-understand format searchable by all of the variables that are critical to interpretation (and ideally free of regulated personal information as well).
