It is tough to compete on Google if you are a small lender like True Blue Loans
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Author: Internal Marketing Department
Google has been at the forefront of information dissemination for the past decade and half. It is not only ranked as the top search engine but is also seen as an empowering force within the general society. It allows quick access to information on any topic with good accuracy. The entire Google search engine is built on PageRank algorithm which gives higher ranking and visibility to pages which have higher authority on web. However one of the adverse impacts of this approach has been on smaller scale businesses.
By using the above algorithm Google allows big to get bigger without adequate options for smaller scale businesses. To take a simple example: If a person wishes to purchase a musical instrument then Google will show higher results for Amazon or other big firms which are selling the instrument instead of a small independent business owner who might have greater knowledge about the instrument and is selling it at a more competitive price. This approach of showing results has been criticized by many sections however Google has found it to work efficiently on a macro level.
Faced with such a situation it is ideal for a business owner to look at alternative approaches to increase their search result. One of the widely used techniques is called localization. Every business has its unique selling point whether in terms of geographical access or expertise within a niche market. Huge dividends can be earned by putting all efforts on differentiating the business on this unique selling point in Google search. A local flower seller can differentiate his entire business on Google by pointing the ease of access within a given area. This is usually done by giving extra information about the seller to the online audience through the web portal. This information is picked up by Google which gives it a higher ranking when people search about flowers in that geographical area.
True Blue Loans provides which it believes to be affordable loan to its borrowers. However it has faced huge competition from other bigger rivals like Wonga who are significantly bigger in size. Their deep pockets and higher market share prevents other valuable results from coming on the top. This again leads to the same problem mentioned above where the big firms end up getting bigger not because of their offerings to the customers but only due to their size. Any and every fight against this leads to a David versus Goliath contest.
In the past Google made several changes in its algorithm to ensure that other results also get a chance to come at the top. One of the primary methods of doing this was to have the search results give a greater priority to newer pages. This would allow the older pages to slowly go down in the ranking and newer pages and newer firms to rise up. This was applauded across the technological world. The ‘newness’ of a page also makes sure that the final user gets latest data.
These tech companies have been at the receiving end of public opinion in recent times. One of the primary reasons has been the collection of private information by them to build a more comprehensive and customized product. Although it is extremely important to respect the privacy of the final users, this aggregation of information from different sources can be a boon for both Google and smaller firms if done judiciously. Google has been a significant leap forward in how we access information. If minor portions of our browsing history are allowed to be mined by Google it would make the results more efficient and useful. It would also lower the barrier in getting to the top of the search results for smaller firms. This would not only lead to a more vibrant economic climate but also bring several new approaches of solving various problems in the forefront.
Google and other major search engines have become the de facto source of information in this digital world and impact the overall business to a great extent. Hence they should build other parameters which can help the final users get better options. As the new rules of FCA come into force the firms engaged in short term lending will also need change their business accordingly. The cornerstone of FCA regulations has been affordability for borrowers. Google can build a major search parameter where the payday lenders are ranked according to how affordable they are for the end borrowers. This would help increase competition within this field and also provide the users a better option.
Although it is very tough to compete with major players on Google, True Blue Loans has worked hard on differentiating itself through its offerings to the borrowers. It has also provided wide information on the current trends in payday lending. With greater effort on providing more valuable offerings and better information to the end user True Blue Loans hopes to get a higher ranking with Google soon.