Suppose that you have an idea and you want to start up your own business. One of the main problems that every entrepreneur faces at this stage is how to find the right market and how will it will react to the idea. If you know exactly what is going to happen in the market, the chances are that you can predict every move for yourself and even for your competitors are high. Therefore, you can easily dominate the your target market and become a very successful and, of course rich, entrepreneur.
Now imagine that you and your direct competitor announce a new product to launch. You both give your audience details about the new product’s pricing and specifications. By using Google Trends we find out that, for every 10 internet users who search for these 2 products via Google Search Engine, 2 are searching for your product, 6 are searching for your competitor’s and the rest (2) are searching for both!
Although we can’t be 100% sure, we can still predict that people are more likely to care about your competitor’s product and about 20% of the market might not be sure which one to buy. Well, they might know which one to get, but they’re only comparing products (this is only an estimation).
With this data that we can currently find out via Google Trends, we can’t find what is causing this. We can use hypothesis and it could be a great help, but only if someday Google gives you another level of this data! Imagine Google gives you a pattern like this: People who are searching your competitor’s product are also searching for different colors but those who search for your product are not.
We still can’t be 100% sure, but this is priceless knowledge! Now you have the chance to see that MAYBE the reason people might like your competitor’s product more than yours is that your product doesn’t come with different colors.
Yes, companies are using test groups and thousands of different methods to predict the market, but they are paying a lot of money for a very small sample groups and with limited metrics to measure.
But with a search engine like Google, you will have limitless power. The only thing that is stopping Google from having this power is simply people’s right! If everyone agrees that Google can use their search behavior and let third parties use this knowledge, the world will go crazy!
If Google continues to dominate the web with massive daily data, they can someday see everything that matters to businesses. They can tell you what is going to happen to your customers. They can predict stock markets, Box-office revenues for popular movies, the demand for millions of markets and who is going to win in a competition for a new product.
So how much do you think you will need Google in future?