Brought to my attention by Paul Knag Google recently launched Google Merchant Search via Google.co.uk. Not yet available in the U.S. and some what interesting why not, but the comparison shopping service, that takes Google Base to another level, brings another industry rattling development to the forefront.
The BankRate style rate comparison interface allows consumers to choose who they would like to be contacted by based on the most attractive rates. View a demo here. How will these rates be monitored and will there be a significant chances for bait and switch?
According to the FAQ’s:
- How does Google connect me to the provider?
- You submit your contact details and request a time to speak to the provider. A Google operator will call you at the appointed time, then connect you with the provider. Because we do not share your contact information with the provider, they won’t be able to contact you again about your request unless you decide to give then your contact details.
- Does the provider have access to my contact details?
- No. Google will not give your email address or phone number to the provider.
- How will Google use my email address and phone number?
- Google will only use your contact details to connect you to the providers from which you’ve requested quotes and to confirm your request. We will not share any of your details with a third party.
According to these statements it seems that Google is taking serious consideration to the consumer experience.
This is going to be very interesting to watch and see how this accepted in the UK.
Paul has more on the topic here with examples.
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I just wrote about the need to change how consumer data is handled here: http://tinyurl.com/4zvsvk . I suggest the use of throw away or disposable phone numbers that are usable by the lender for “x” amount of days …. if the borrower wants to give their real phone number they can if they choose…. this helps prevent the very real issue of consumers being called weeks months and years after their initial rate request…… interesting that google takes this a step further and implements a “google operator” which acts as a third party….. I think that this method will be extremely inefficient as who wants to set an appointment to get a rate quote… although I doubt this is a serious play for google right now, if they do make a real move at some point in the future, I HIGHLY doubt, this operator based system will be used…. I think it will lean more towards my earlier suggestion of disposable numbers or the like….
At the end of the day, I think google is too busy scaling internationally and building in other areas to make a real move here, but if they do it’s a game changer… in any case, it will improve the existing dire environment that the industry has create for consumers that want to get a rate quote.
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Trace,
Nice post and I agree disposable phone numbers and giving the consumer the choice of how many lenders call are good options that have been discussed for the last year, but yet to be implemented, however I don’t think it will be much longer.
Google has the ability to try thing on the fly if they choose but time will tell if they take this serious or not. If they bring this to the U.S. there will be an uproar amongst advertisers and competitors. Google needs to be investigated for being a monopoly today
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The obvious here is that Google would be going into direct competition with the folks buying their advertising and keywords. They would need to tread lightly unless they think that shutting off that revenue stream would be supplanted by this new one. I am curious to see how this goes. As a buyer I am interested in good leads not how I get them for the most part (Google or some other company). Google has proven the ability to take industries that others have founded and do things better and differently…so maybe they can advance the lead gen space too.
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I am not sure if this is a small test by Google U.K., or if this signals a step in Google testing how to make Lead Generation work within their CPC and CPA networks.
I personally like the concept of disposable phone numbers to provide consumers greater privacy and control and perhaps a solution is Jaxtr. Jaxtr is doing a solid job of penetrating social networks. I am unclear if consumers older than 27 (i.e. outside of the core social networking space) have the time or energy to go through the process of establishing a disposable phone number vs – just not answering the phone when you don’t recognize the caller’s I.D.
In either case, I am encouraged to see experimentation in Lead Generation. It is time that Lead Generation evolves. If you add Google’s experimentation with the work that Zillow previously announced with it’s mortgage marketplace (what I call “reverse LendingTree”), it appears mortgage lead generation is poised for more experimentation once the market recovers.
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I agree Brian…the solution to disposable numbers is assigning a unique number on every lead in real time…the consumer would never even know the number.
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Google is doing exactly what companies like LeadToRealty (www.LeadToRealty.com) currently do. They might as well just evaluate the market and then go out and do some shopping.
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Mortgage traffic is (even in this market) still a big money maker for Google, and for this reason they’ll tread lightly at first.
But Google is a numbers-driven company and if and when they have enough data that suggests they can make more money this way, they’ll do it and they won’t care if it pisses off their advertisers or not.
Advertisers won’t like it, they’ll bitch (rightly so) about it being unfair… and most of them will keep buying keywords anyway.
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Alex,
Really?? lol
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