Google’s Global Market Insighs: Financial Instability And Consumers
Google is the largest search engine in the world, there is no doubt about that. There are billions of searches performed every day on the platform and a global market share of more than 86%, compared to competitors.
With so much research carried out through the platform, can you imagine the level of data intelligence companies are able to collect on trends, consumer behavior and countless other valuable insights?
What if Google itself not only collected this data, but also shared complete analytics with you based on billions of queries performed by its users? Well, that’s exactly what the Global Market Insights team offers monthly on the Think With Google website.
In this article, I’m going to talk a little about their latest update, in which they shared extremely valuable information about the current global scenario of great financial uncertainties and its impact on consumer behavior.
The new search behaviors
The expression “new normal” was disseminated throughout the world as an association with the habits and behaviors of the population during the pandemic period.
This new reality, added to the various political and financial crises we are experiencing all over the world, has drastically changed the way the population consumes products and hires services, mainly over the internet.
In this context, Google Market Insights has brought very interesting data on the latest research patterns seen from four different perspectives: Inflation mitigation, financial knowledge, consumer research and online and offline shopping.
The current scenario has brought an increase in inflation in the vast majority of countries. In this context, Google has seen a huge increase in searches such as: “buy 1 get 1” and “promo code”. Also, searches for “mortgage” have grown over 100% year over year.
In addition to trying to mitigate inflation, there has been a huge increase in research related to financial education. Searches for “best shares to buy”, interest rate correction and credit card benefits have increased considerably in recent years.
Searches related to more economical cars are growing by more than 90% year after year. In addition, there has been a considerable increase in queries about “when will prices go down” and “when is a good time to buy…” A clear picture of consumer concern about finances in their decision making.
Online and offline shopping
At the same time as there was an increase in searches for finance and promotions, queries related to “shopping malls”, “stores open”, “online shopping dresses” and “delivery partner apps” had a very significant increase.
It shows that even if people are concerned, they are intent on buying – with a shift to omnichannel growth.
Scenarios in a post-pandemic world
In the world during/post-pandemic, “digital” is stronger than ever. Teleworking, which many did not believe could work, is already a reality in many people’s lives and the balance between work and well-being is a trend that is here to stay.
Many companies that only worked in the offline world were forced to quickly enter the digital world as a way of survival.
On the consumer side, social isolation has changed, or rather accelerated, new digital consumption habits, resulting in an impressive increase in online shopping since the beginning of the pandemic.
At the same time, we are in the midst of various financial and political uncertainties on the global stage. And the insights collected by Google clearly show the consequences of this in the purchase journey of consumers, because during the decision-making process, the size of our wallets has had a much greater weight than before.
Research patterns such as “when is a good time to buy…” or “when will prices drop…” show that consumers are seeking to inform themselves (even more) before making a purchase decision. And it is exactly at this moment of decision that your company needs to be increasingly present. But, how does one do this?
How to prepare your Marketing for this new scenario?
With less purchasing power, your consumer’s purchase journey often extends.
To shorten this journey, the strategy of many companies at the moment is directly linked to offering offers and promotions for their products and services. Thus, the consumer who finds themself indecisive, has more “fuel” to make his decision in a shorter period of time.
And does it work? Certainly. As previously stated, searches related to “buy 1 get 1” and “promo code for existing users” grow by 60% and 100%, respectively, year after year.
But is this the only solution? Certainly not.
Promotions and offers are excellent strategies for bringing in people who are at the bottom of the funnel. However, as we said before, financial issues make the purchase decision more time consuming and many people are turning to Google to understand if it is the best time to buy certain products or to evaluate the cost-benefit relationship to purchase them.
What if, by conducting research related to decision making, your company could educate that customer and lead them on this journey? This is when Content Marketing becomes even more effective.
Content Marketing is the Marketing strategy focused on engaging your target audience and growing your customer network through the creation of relevant and valuable content. Through it, you attract, involve and generate value for people in order to create a positive perception of your brand and, thus, generate more business.
The consequences of this for your company are:
Greater reliability and brand recognition;
Audience and community building;
Driving your consumers along the purchase journey and, consequently, in decision making;
More traffic to your website (especially when the content is made on the company blog).
Therefore, in a scenario with so many uncertainties, your potential client, who is undecided, can be educated and led to make better decisions through the content offered by your company.
Therefore, your company’s decision needs to be: do you prefer your customer to be led and educated by you or by your competitor?
In addition, we have several free materials on the subject! Just go to our resources page and download various content and complete tools about Content Marketing.
The data and analysis offered by Google Market Insights provide very important insights into current consumer behavior in a context of diverse financial and political uncertainties.
It is possible to observe that while consumers are looking for alternatives to educate themselves financially and make better purchase decisions, there has been a considerable increase in searches for shopping malls, stores and delivery apps.
For all these scenarios, the most effective Marketing strategy is, without a doubt, Content Marketing.
Through it, your company has the possibility to educate your potential consumer and guide them in their purchase journey for better decision making.