A Two-Stage Model of the Effects of Keyword Searches on Sales
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While more and more consumers rely on keyword searches to obtain information on products, little research has been conducted on the effect of keyword searches on sales. The goal of this research is to investigate the relationship between keyword searches and sales for the first time. We develop a two-stage model that captures 1) the effect of advertising expenditure on the number of keyword searches, and 2) the effect of the number of keyword searches on sales. We estimate the model on data from 11 brands in three different product categories: mobile telecommunication, high-speed Internet, and automobiles. We also compare the proposed model with two single-stage models. We find that brands in the automobile industry tend to show significant relationships among advertising expenditure, number of keyword searches, and sales, while brands in other industries do not. Among automobile brands with significant results, new brands exhibit stronger effects than existing ones. Finally, we find that single-stage baseline models are likely to produce misleading results, which demonstrates the usefulness of the proposed two-stage model.
Abstract
While more and more consumers rely on keyword searches to obtain information on products, little research has been conducted on the effect of keyword searches on sales. The goal of this research is to investigate the relationship between keyword searches and sales for the first time. We develop a two-stage model that captures 1) the effect of advertising expenditure on the number of keyword searches, and 2) the effect of the number of keyword searches on sales. We estimate the model on data from 11 brands in three different product categories: mobile telecommunication, high-speed Internet, and automobiles. We also compare the proposed model with two single-stage models. We find that brands in the automobile industry tend to show significant relationships among advertising expenditure, number of keyword searches, and sales, while brands in other industries do not. Among automobile brands with significant results, new brands exhibit stronger effects than existing ones. Finally, we find that single-stage baseline models are likely to produce misleading results, which demonstrates the usefulness of the proposed two-stage model.
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