Jul 24 2008
Using Technology to monitor the state of the economy
Economists often refer to the amount of packages that UPS and FedEx have flowing through their courier networks to gain an understanding of the state of the economy. This important research is done because a significant amount of GDP flows through the courier networks and interesting insights into the state of the economy can be understood.
Similar research is now possible with mobile phone and web searches. Tech Crunch reported today that V-Enable, a voice-enabled mobile 411 system, sampled 20,000 searches in major metropolitan areas through out the US and found that people are searching for more recession proof restaurants. On the flip side a decline is occuring for seeking out traditional sit down restaurants. For example Pizza Hut and Dominoes have recently grown to the top of the search list by 380% where restaurants like Olive Garden and Applebee’s have fallen completely off the list.
As a way of managing the shifts in consumer behaviours leverage tools like Google Trends. Google trends allows you to find out what people are searching for, what consumers are thinking and will allow you to stay up with whats hot and whats not. Take that data and tweak your marketing communications, product development and market introductions. Most importantly - Fight back the recent economic gloom and doom armed with consumer data that is available, all free and fully at your disposal!
So, What are you going to do differently today?
