You might have seen that Google recently released their 2015 economic impact report. Inside, they announced that the amount of revenue from its search and advertising tools in 2015 was $165 billion in the United States. This is larger than the national GDP of countries like Kuwait, and almost three times that of Luxembourg’s.[1]
We all know Google is a revenue monster, but why is that important to people like you and me? Because of the hows and whys behind that revenue. Did you know that 97% of Internet users now look online when they are looking to buy local products and services? That 9 out of 10 part-time business owners would not be in business without the Internet? And that Google’s tools like AdWords and Adsense helped over 1.4 million businesses and nonprofits in 2015?
Here’s what you need to know:
1. Blurred lines between online and brick and mortar:
You could have the biggest, best storefront on the best street in your city but lose a lot of revenue to your competition if you don’t have your local listings updated. As you saw above, 97% of all internet users first look online before shopping locally. Consumers often go online to compare prices and reviews before they make a decision. If you don’t have a strong online searchable presence, shoppers won’t see you and will move on to another product or business.
2.Your competitors may be buying your name and profiting from it.
Did you know that anyone can buy ads featuring the name of your company online? I recently saw an AdWords campaign that said “Did [Company Name] raise your prices? Check us out instead - we offer the same product for less.” For our clients in highly competitive environments, Catalyst often advises that they constantly monitor their category search terms at the very least. Or, set up a proactive AdWords campaign to protect their online reputation.
3.Google gives back to business owners and nonprofits:
Both through their Google for Entrepreneurs and their Accelerate with Google programs, Google gives financial support and training to entrepreneurs and business owners.
4.Measurement: Google Analytics helps you monitor your site’s traffic.
For those who are not familiar with a Google Analytics report, Google provides just about every kind of data you could ever want to know about your site. For example, you can see what city/state/country website visitors are coming from, how long they’re spending on your site, and whether they’re accessing it via desktop or mobile. As a website owner, all of this data can be monetized and optimized so you can build your traffic and sales month over month. By the way, we get that data can be overwhelming, so if you need help making sense of it and turning data into actionable strategies, we can help.
As we’ve mentioned before, we are big fans of Google. They offer so many cost-effective tools that make running a small business easier. Got a question about how you can use Google for your business? Give us a shout.
[1] Wikipedia, List of countries by 2015 GDP,https://en.wikipedia.org/wiki/List_of_countries_by_GDP_(nominal)
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