The Global Economic Crisis and its Impact on India
Much has been written about the way in which India was one of the few countries that was relatively unscathed because of the global economic crisis. Most of these narratives focused on how India managed to weather the storm in the dark days following the collapse of Lehmann Brothers. However, it cannot be completely said […]
Advantages and Disadvantages of Currency Pegs
Advantages of Currency Pegs Currency pegs have become extremely popular in the post Bretton Woods monetary world. About one fourth of all countries in the world today have pegged their currencies to some other major currency like the dollar or the euro. This strategy has bankrupted certain nations like Argentina whereas it has caused other […]
Workplace Health and Safety
Statistics show that every twenty seconds of every working minute throughout the world, someone dies as a result of industrial accident or poor safety conditions at workplace. Thousands of employees throughout the world lose their limbs, suffer from temporary or permanent disability or lose their lives due to insufficient arrangements for their health and safety […]
Predictive Analytics in Knowledge Management
The foundation of a strong knowledge management (KM) system is data. However, using data effectively is the key to real success. Companies can perform a process called predictive analytics with their data in order to save valuable time and money within their organization. What is Predictive Analytics? According to Harvard, Predictive analytics is the use […]
Trait Theory of Leadership – Advantages and its Limitations
The trait model of leadership is based on the characteristics of many leaders – both successful and unsuccessful – and is used to predict leadership effectiveness. The resulting lists of traits are then compared to those of potential leaders to assess their likelihood of success or failure. Scholars taking the trait approach attempted to identify […]
Building an E Marketing plan for any business or product is quite engaging and challenging. What makes it more interesting is the fact that unlike traditional channels where one needs to depend upon market surveys and other means to gauge the customer behaviour, using the internet search data one can have instant feedback about the customer and this data can then be analyzed and used for building product strategy as well as marketing strategy.
Search is the basic tool that links customers to the product and to the seller on the internet. The search engines have built in processes and algorithms to identify, collect data and work on the data of the search words used by the millions of internet users.
Most often the search words are limited to one or maximum of three words. The variations and the words used by the searchers may vary but will still be relevant to one subject. If you take an example of Americans and Canadians looking to migrate to Mexico for retirement, you will find that there are several thousand hits on words like ‘Migrate to Mexico’, ‘Expat heaven in Mexico’ and Retirement in Mexico’ etc.
The search engines capture and analyze all the data and are built to prompt words to the users. When one types a few letters, the search engine prompts the rest of the options, which shows that the search engine has the data on the most sought after information on the internet and in the area that one is looking at.
The search data can be extrapolated to yield a variety of information about the Consumer behaviour. The data can be analyzed to understand what exactly the customer’s intent is, what exactly the prospective customer is looking for and more details about how many customers are looking for the same information, the geographical location of the searchers etc. All of these details generated can be and are being used by companies and incorporated to build better products and services that the customers are looking for and also to build the exact fit.
Take the case of accommodation during summer in UK. From the search information data of the millions of users who search for specific information about accommodation in UK, very many details regarding the exact location, the type and size of accommodation as well as the budget and other requirements can be tabulated.
The number of prospective customers can also be mapped location wise. Such kind of detailed analysis can help a tour operator to custom build products that suit the customers keeping in line with the findings.
In case of car sales, the Car manufacturing company can get to see who and how many are looking for what kinds of cars, what are their specific requirements in terms of priority be it with safety features, the speed, the mileage or the cost etc.
Besides, the marketing communication can also be targeted at the specific customer group making it more specific and customised to attract attention. The data helps build customer specific and one to one marketing communication. All of the marketing and branding exercise can be done at costs that are miniscule compared to the traditional media advertising.
Keeping in line with changing lifestyle and economics, the customer behaviour is varying and changing. This can also be tracked easily using the search data and depending upon the report; product and services can be modified or suited to meet the new requirements. Besides, the data gathered about the consumer behaviour can also be used to build the marketing strategy for the traditional channels too.
The search data gives you a lot of insight into your customer, his background, his habits, preferences as well as his buying behaviour. It also provides a picture about the competition too.
The size of the market, the sensitivities of the market and consumer, provide the marketer with specific information that can help in building products and services which match with the customer expectation and one can look at means and ways to beat competition too.
If the customer is looking for ‘Cheapest’ and not necessarily the ‘Best’, you know how you have got to position your product to such customer.
SEO Optimization is a part of the E-Marketing plan that uses the search data and the key word to build relevant links and website content and to attract the customer. This apart, the marketing managers find the search data to be a gold mine that gives them complete insight into the customer and helps build the product, pricing, promotion and distribution strategies to suit the customer needs.
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