Are you aware that some traffic from SEM promotion comes from searches of keywords such as "how much" and "how to charge"? Do these keywords contribute to our conversion rate? Using the education industry as an example, we will analyze these often overlooked "price" keywords from four perspectives.
Question 1: What are price terms?
Through data analysis, we found that the price terms in the education industry generally have the following situations:
No. | Keywords | Example of education industry |
1 | Price | What is the price for an MBA? |
2 | Cost | MBA cost |
3 | Charge | How much does an MBA charge? |
4 | Tuition fee | Tuition fee of MBA |
5 | Charging standard | Charging standard of MBA |
6 | How much | How much for an MBA? |
7 | Payment method | Payment method for an MBA course |
8 | How to charge | How an MBA course charge? |
9 | Tuition price | Well-known MBA school prices |
10 | Normally charge | How much does it cost to study an MBA |
11 | Price list | MBA Tuition Price List |
Understanding the price terms better will allow you to analyze users' decision-making processes and have a deeper understanding of them.
Question 2: What is the impact of price terms on users?
The consumer decision-making process is divided into four stages. We can understand how price terms affect users by analyzing keywords, psychological processes, and behavioral decision-making in each stage.
Stages | Problem recognition | Information search | Evaluation of alternative | Purchase decision | Post-purchase behaviour |
Problem stage | Something happened and a pain point occurred. | Driving force of problem solving. | Finding the best solution. | Cost of the solution. | Problem solved. |
Psychological processes | It is difficult for professionals to get promoted, and they do not know what to do. | How to get promoted? | Take some Management courses to increase personal value. | How much does it cost to apply for an MBA? | Thank you letter |
Behavior analysis | Find a way to get promoted. | Search online for ways to get promoted. | Research for MBA course. | Consult relevant schools | |
Keywords | What if I want to get promoted? | How to apply for MBA? | MBA program fees |
The analysis showed that the price term is in the fourth stage of the purchase decision-making process. If the price term is related to the user, it can lead to conversion.
Question 3: How to target the potential user through price terms?
Since price terms affect users' decision-making, advertisers should understand the core needs of users to choose a suitable price term. Before analysis, we choose some representative price terms with a certain amount of advertising consumption, high search frequency, and high relevance.
Search terms | Characteristic of users | Core needs | Essential needs |
How much is for an MBA? | ● Rookie ● Have not consulted peers | ● Know the price as a decision | ● Problem-solving needs ● How much to pay |
What is the price for an MBA? | ● Evaluate the cost | ||
An MBA is normally priced at? | ● Know of the course ● Consulted the peers | ● Know the floor price in the market | ● Worried that there is pricing trap |
MBA course price List |
Analyzing the users and demand for keywords indicated that users who search for price terms are in the last stage of the decision-making process. These needs include the cost of solving the problem, whether paying the cost is cost-effective, and worrying about pricing.
Question 4: How do we increase sales conversion through price keywords?
Search terms | Essential needs | Solution (Ad creative and landing page) | CTA |
How much is for an MBA? | ● Problem-solving needs ● How much to pay | ● Free trial ● Less than 4.5W for 1 year ● Grab 10 lessons for as low as X yuan | ● Free trial ● Provide exam prep package |
What is the price for an MBA? | ● Evaluate the cost | ● The first 300 receive a 1,000-yuan bursary ● No need to go to school ● No entrance examination ● dual-certificate master's degree | ● Inquiry about school fees ● Application conditions and tests |
An MBA is normally priced at? | ● Worried that there is pricing trap
| ● List of MBA tuition fees in {region} | ●Tuition Price List ● Tuition Standard ● Ministry of Education approval number |
MBA course price List |
In the above table, the pain points are identified based on the essential needs of users. And by establishing a formal and reliable brand image, users are encouraged to generate conversion actions. Regarding ad creative and landing pages, we had to pay attention to three factors:
1. Cost: Solve it through CTA free trial listening.
2. Cost-effective: It can be solved through endorsement by famous schools, directly telling users whether they meet the conditions.
3. Worries of pricing trap: Open and transparent college fees and other solutions.
To conclude, different keywords represent different intentions of users. Suppose you want to increase the conversion rates. In that case, you should analyze customer behavior and psychological activities from the customers' perspective, summarize essential needs, and then combine products to increase sales conversion.
If you want to know more about search engine marketing in China, don’t hesitate to contact our marketing consultant at: enquiry@so360.hk.
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