Since time immemorial man has been obsessed with the creation of a mind reading machine – I believe that a combination of Search and Social media is the closest man has reached to accomplishing this dream. To explain it further, 6 billion searches are performed on Google every month; 25 billion pieces of information are shared on Facebook every month. It is this access to this database of Intent and action allows us read and, more importantly, understand minds.
Reading minds is about insights one can gain from this information and how these insights can be converted into action leading to a competitive advantage.
Below is the first example how these insights can be converted into action… many more to follow.
As one can see from the above graph, one could have foreseen the steady growth of Hannah Montana as compared to Mickey Mouse and Barbie – if something is doubling every month, we could forecast the date when it shall reach the tipping point. Imagine how valuable this information would be to an importer of such products. Could Google Trends and insights for search have helped builders anticipate the demand for green buildings or give an entrepreneur an idea to build a SPA, before a million others saw the same opportunity?
What are the multiple other ways in which different Search and Social media tools can be used! However, you will need to exercise some patience until I complete my post…
Vivek Bhargava’s first post appears on exchange4media.com from July 23, 2010.
(Vivek Bhargava is the Founder and Managing Director of Communicate2, which has evolved into one of the largest search and social media specialist organisations in India.)