Why Indian Firms Must Strive for Strategic Autonomy in Their Geoeconomic Strategies
February 7, 2025
Bankruptcy is one of the natural states which a company may find itself in. Entrepreneurship is primarily about taking risks. When companies take risks, some of them succeed, whereas others fail. Hence failure is a natural part of the business. However, many critics of bankruptcy laws believe that there isn’t a need for an elaborate […]
What is the Wirecard Scandal all about and Why it is a Wakeup Call for Whistleblowers Anyone who has been following financial and business news over the last couple of years would have heard about Wirecard, the embattled German payments firm that had to file for bankruptcy after serious and humungous frauds were uncovered leading […]
How Modern Decision Makers Have to Confront Present Shock and Information Overload We live in times when Information Overload is getting the better of cognitive abilities to absorb and process the needed data and information to make informed decisions. In addition, the Digital Age has also engendered the Present Shock of Virality and Instant Gratification […]
Geopolitics, Economics, and Geoeconomics In the evolving global trading and economic system, firms and corporates are impacted as much by the economic policies of nations as they are by the geopolitical and foreign policies. In other words, any global firm wishing to do business in the international sphere has to be cognizant of both the […]
In the previous article, we have already come across some of the reasons why the government should not encourage funding of stadiums that are to be used by private franchises. We have already seen that the entire mechanism of government funding ends up being a regressive tax on the citizens of a particular city who […]
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.
Your email address will not be published. Required fields are marked *