Thursday, January 21, 2021

Startups In The Indian Pharma Industry Are Minting Billionaires

India’s pharma and healthcare space is counting in billions now and creating new billionaires in the country. According to a Business Standard report seven...
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    has been used as a vital strategy in the past few months. Marketers that work on big brands and think about strategy and positioning are looking at search data. The big brand and big budget marketers have found it very exciting because it can predict market share.

    Although search data only scratches the surface , it’s hugely useful because when people search, they type what they want and most importantly what they’re willing to pay for.

    The data generates a detailed description of demand and tells the marketer what it is that is possible to sell. It also reveals which types of product are most in demand and which aspects of them are most important to consumers. Share of search tells you about the demand of your brand and how well it is doing.

    But it is important to understand that the search for your brand does indicate some willingness to purchase from you, but it doesn’t tell you how much people are willing to pay. So, you can be an in-demand brand which has a high share of search and still won’t convert to a sale because the price is wrong.

    It is important to know the psyche of consumers. People’s first thought is to survey what different businesses can offer them and then they come to a clear idea of who they prefer to buy from.

    It is worth paying attention that it isn’t only the brand names that people search for that are useful. It is also the other words people put into that search bar. The next step is to group the searches that have similar keywords. This leads to a different version of share of search. It tells you where to focus the attention for sales growth. One gets to know the demand pool through this.

    Demand pool makes it possible to see which competitors are strongest. The data about which website people visit following a search is always in the public domain. This helps identify promising pools where your brand holds a position and this could be the basis for  the growth of your brand.

     

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