If you’ve not yet used Google Insights for Search you’re missing out on one of the best SEO tools around and one that’s free too. Recent reports also suggest you are also probably missing out on understanding your own market sector too.

The Guardian this week reported on the fact that The Bank of England is using Google Insights to help it understand economic and social patterns and how it should set its policy.

Google Insights form the basis of reports into unemployment, consumer spending and the housing market, according to the newspaper. The reports have then been compiled into the Bank’s Quarterly Bulletins.

With Google Insights you can compare search volume patterns across specific regions, categories, time frames and properties. This means you can be very specific to find out what people are currently searching for in your business sector, but importantly also see how that compares to say 6 months or 6 years ago.

Essentially, it can be used to spot trends to maybe help focus what and where you launch in terms of new products, as well as the traditional use of highlighting essential keywords to use on your site to improve traffic, and what possible adwords are worth investing in.

Have you used Google Insights to good success? We’d love to hear about your experiences.