Why Is Google Maps Important For Business?
Google has used various ways and methods to monetize what it does. The internet giant started with search advertising, but it has now found something else to mint cash. You won’t be able to guess what web services it is this time. Since we have no time for suspense, let us tell you the big news. Google has increased the ways through which advertisers can reach Maps. We are going to walk you through the entire news. Google Maps created 14 years ago, is free from ads since the start. The service was by and large free of all, except for some businesses.
Now the word by the Google executives and the customers is that it is changing. First, it was raising the prices for some businesses for the use of Google Maps, and then it was highlighting sponsored locations. Now, it has turned into paid listings for relevant businesses when something similar is searched. If the experts are to be believed, Google has a big shot toward monetization and increasing it to make Google Maps a profitable business.
In a recent interview with Brian Nowak, an analyst at Morgan Stanley, the Google Business Chief Philipp Schindler hinted that he believes Google Maps is the top under-monetized asset. He further said that it is a utility that should be flipped on to reap benefits in the long run. He highlighted four different areas the opportunity. The first one being utility. Second, the requests for finding things around. Third, a broader perspective of personal recommendations. Finally, searching business listings around your neighborhood. To quote it in his own words;
“If you think about Maps monetization from those four different angles — a little bit more caution obviously on the first one, not disrupting the utility aspect and all the other three — I think it’s a really, really interesting playground going forward.”
Google is already surrounded by the violation of competition law controversies. If the internet giant, ventures in frequent monetization with Google Maps, it is prone to more scrutiny for the personal information security. Addressing the growing concern regarding the breach of privacy, Schindler emphasized that the Maps recommendations would be done in a way that is extremely privacy-sensitive.
Google has tested ads and sponsored locations in Maps for quite some time now. We can’t say that the step is sudden or something we didn’t expect. It has its own app Waze, which is a navigation app that runs ads. However, the internet company is vigilant towards aggressive monetization and does not have plans as such for the future too. Rajas Moonka, who is the director of product management Google Maps, does not want users to feel overwhelmed with the paid content. He feels that introducing advertising will be beneficial for small businesses, who look for alternate ways to market themselves. He sees an untapped opportunity that can be tailored for use in the long run.
Well, with everything good that Google expects, we believe it is treading along a very fine line. What’s to come? We will have to wait to see!