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The 100 Most Expensive Keywords on Google

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The 100 Most Expensive Keywords on Google

The 100 Most Expensive Keywords on Google

What do lawyers do with all of those legal fees that they generate?

Apparently, they throw it at cost-per-click advertising on Google AdWords.

According to today’s infographic on the 100 most expensive keywords on Google by WebpageFX, search phrases related to legal services make up the vast majority of the rankings with 78 of 100 search phrases.

Why Lawyers?

The average cost across all industries for CPC advertising was $1.58 per click in 2015.

However, Google has has billions of available keywords, and the cost for specific keywords can range dramatically based on a number of factors. Some phrases are worth pennies, while others can cost hundreds of dollars. It all depends on the relevance and the potential revenue that can be generated off of a particular search phrase.

Many law firms are willing to pay in the higher end of that spectrum, particularly for business related to personal injury claims and car accidents. Phrases such as “top personal injury attorneys” or “Personal injury attorney Colorado” dominate the rankings, making them among the costliest search terms worldwide. The most expensive keyword of all is “San Antonio car wreck attorney”, which has an astronomical rate of $670.44 per click.

Keywords such as these are heavily location-based, while having strong regional competition. This drives up ad rates significantly.

That said, lawyers are still open to shelling out good money for these kinds of leads, as customers would be highly motivated while providing substantial revenue to their firms.

Location, Location

Of the 22 keywords that were not related directly to legal services, it was location-specific terms related to insurance and water damage that were among the most expensive.

Terms such as “Austin TX auto insurance” or “Flood restoration Chicago” commanded large bids, with $388.58 and $346.49 costs for each click respectively.

Ultimately, it turns out that 58 of 100 of the most expensive keywords on the list are related to location, with competition in California, Texas, Florida, and Colorado being the toughest.

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10 Types of Innovation: The Art of Discovering a Breakthrough Product

How do companies like Amazon and Apple consistently make game-changing products? Here are 10 types of innovation, and the tactics that lead to big breakthroughs.

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The Art of Discovering Breakthrough Products

As venture capitalist Peter Thiel once put it, “competition is for losers”.

It’s inevitable that every company out there must be out there battling for market share, but you don’t really want to be in a situation where the competition is so stiff that any potential upside is eroded away in the process—a scenario known as perfect competition in economics.

To avoid perfect competition, companies must strive to build an economic moat that gives them a sustainable competitive advantage over time. While these protective moats can arise from a number of different sources, in today’s information economy they most often arise from the power of innovation.

But where does innovation come from, and is there a universal framework that can be applied to help consistently make big breakthroughs?

The 10 Types of Innovation

In today’s infographic, we showcase the culmination of years of in-depth research from Doblin, an innovation-focused firm now owned by Deloitte.

After examining over 2,000 business innovations throughout history, Doblin uncovered that most breakthroughs don’t necessarily stem from engineering inventions or rare discoveries.

Instead, they observed that innovations can be categorized within a range of 10 distinct dimensions—and anyone can use the resulting strategic framework to analyze the competition, to stress test for product weaknesses, or to find new opportunities for their products.

Here are the 10 types of innovation:

#Innovation TypeDescription
1.Profit ModelHow you make money
2.NetworkConnections with others to create value
3.StructureAlignment of your talent and assets
4.ProcessSignature of superior methods for doing your work
5.Product PerformanceDistinguishing features and functionality
6.Product SystemComplementary products and services
7.ServiceSupport and enhancements that surround your offerings
8.ChannelHow your offerings are delivered to customers and users
9.BrandRepresentation of your offerings and business
10.Customer EngagementDistinctive interactions you foster

From Theory to Practice

What does innovation look like in practice?

Let’s see how well-known businesses have leveraged each of these 10 types of innovation in the past, while also diving into the tactics that modern businesses can use to consistently make new product breakthroughs:.

Innovation Types #1-4: “Configuration”

According to Doblin, the first four types of innovation center around the configuration of the company, and all the work that happens “behind the scenes”.

Although innovation types in this category are not directly customer-facing, as you can see in the examples below, they can still have an important impact on the customer experience. How your company and products are organized can have a crucial downstream effect, even enabling innovations in other categories.

Configuration innovation types

Two of the most interesting examples here are Google and McDonald’s. Both companies made internal innovations that empowered their people to make important advancements further on downstream.

In the case of McDonald’s, the franchisee insight that led to the introduction of the Egg McMuffin spearheaded the company’s entire breakfast offering, which now accounts for 25% of revenues. Breakfast is also now the company’s most profitable segment.

Innovation Types #5-6: “Offering”

When most people think of innovation, it’s likely the offering category that comes to mind.

Making improvements to product performance is an obvious but difficult type of innovation, and unless it’s accompanied by a deeply ingrained company culture towards technical innovation, such advancements may only create a temporary advantage against the competition.

This is the part of the reason that Doblin recommends that companies focus on combining multiple areas of innovation together—it creates a much more stable economic moat.

Offering innovation types

Apple has a reputation for innovation, but the product ecosystem highlighted above is an underappreciated piece of the company’s strategy. By putting thought into the ecosystem of products—and ensuring they work together flawlessly—additional utility is created, while also making it harder for customers to switch away from Apple products.

Innovation Types #7-10: “Experience”

These types of innovation are the most customer-facing, but this also makes them the most subject to interpretation.

While other innovations tend to occur upstream, innovations in experience all get trialed in the hands of customers. For this reason, intense care is needed in rolling out these ideas.

Experience innovation types

In the early days of the internet, online shipping was precarious at best—but Amazon’s introduction of Amazon Prime and free expedited shipping for all members has been a game-changer for e-commerce.

Executing on such a promise was no small task, but today there are 150 million users of Prime worldwide, including some in metro areas who can get items in as little as two hours.

Making Innovations Happen in Your Organization

How can organizations approach the 10 types of innovation from a more tactical perspective?

One useful resource is Doblin’s free public list of over 100 tactics that correspond with the aforementioned framework.

The one-pager PDF provides a range of typical dimensions for approaching each type of innovation. In essence, these are all different ways you could consider when trying to differentiate your product or service—and at the very least, it provides a useful thought experiment for managers and marketers.

For those interested in learning more on this topic, Doblin also has a highly-rated book as well as other accessories that leverage the above framework.

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Visualizing the Rise of Digital Payment Adoption

By 2023, digital transaction values could reach $6.7T globally—catalyzed by digital commerce and mobile payments. COVID-19 is only accelerating this trend.

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Digital Payments: The Evolution of Currency

Over the last decade, the digital payments landscape has undergone a structural shift.

Consumer behaviors are changing—moving towards contactless and cashless transactions. Meanwhile, as the magnitude of COVID-19 grows, these trends have only accelerated.

Today’s infographic navigates the digital payments ecosystem, exploring its history and innovative technologies, and how it continues to grow as a solution of choice for trillions of dollars of transactions each year.

Digital Payments Timeline

The origins of digital payments began over 25 years ago with then 21 year-old entrepreneur Dan Kohn in Nashua, New Hampshire, who sold a CD over the internet via credit card payment.

  • 1994: First online purchase is made
    A CD of Sting’s Ten Summoner’s Tales is sold for $12.48 on NetMarket.
  • 1997: First mobile payments and first contactless payments
    Coca-Cola installs two vending machines in Helsinki that accept payment by text message.
  • 1999: Paypal launches electronic money transfer service
    Early on, PayPal’s user base grew nearly 10% daily. Tesla CEO Elon Musk and venture capitalist Peter Thiel were among its co-founders.
  • 2003: Alibaba launches Alipay in China
    Today, the mobile payment platform has witnessed stunning growth — leveraging digital wallets accepted by merchants in over 50 countries and regions.
  • 2007: M-PESA creates the first payments system for mobile phones
    Kenya-based M-PESA launched its mobile banking and microfinancing service. Today, it has over 37 million active users on its platform across Africa.
  • 2009: Bitcoin enables secure, untraceable payments
    Satoshi Nakamoto develops the first decentralized payment network in the world.
  • 2013: WeChat Pay is rolled into the popular messaging platform
    By 2018, it surpasses 800 million monthly active users.
  • 2014: Apple Pay launches
    By 2023, over $2 trillion of mobile payment transactions could be authenticated by biometric technology.

As technological advances continue to unfold, advances in digital payment technologies are creating ripple effects globally.

Geographical Differences in Adoption

Unsurprisingly, the sheer volume of digital payments has continued to grow at a double-digit pace, now surpassing the $4.1 trillion mark.

How do cashless payments break down across different countries?

CountryDaily Average Volume of Cashless Payments Average Annual Cashless Payments Per Person
Singapore 13M831
South Korea 77M547
Sweden15M529
Netherlands24M505
U.S.444M495
UK82M448
Canada40M393
Belgium12M372
France64M363
Switzerland7M299
Germany61M269
Russia95M237
Spain24M185
Brazil95M166
China543M142
Italy18M111
Turkey17M77
Indonesia30M42
Mexico14M40
India67M18

Source: BIS

Singapore has the highest number of cashless payments per individual, averaging 831 cashless payments annually. The country’s robust e-commerce market is supported by high-speed, reliable internet and a young, tech-savvy population.

With e-commerce spending accounting for about 6% of South Korea’s national GDP, it is another leading purveyor of a cashless society. Meanwhile, Sweden is projected to become a cashless nation as early as 2023.

Pivotal factors—including core infrastructure, consumer behavior and rising revenues—provide a glimpse into the rapidly changing payment horizon.

The Future of Digital Payments

As transactions rise, a number of other technological innovations could be instrumental to shaping the evolution of the digital payments industry:

  1. Messaging-app payments
    Facebook Messenger, WhatsApp, and WeChat can leverage the reach of billions of users.
  2. Voice-activated commands
    Paying for gas, groceries, or retail via voice could soar.
  3. Peer-to-peer (P2P) payments
    Bank of America and Visa are investing heavily into P2P partnerships.
  4. Cryptocurrencies
    Over one million transactions take place daily on average.
  5. Biometric payments
    Smartphone biometric security features could spur traction across digital payments.
  6. Facial recognition
    May soon replace QR codes across retail, transit, and airports in China.
  7. Crypto wallet adoption
    Blockchain wallet users are predicted to soar to 200 million by 2030.
  8. Hardware & in-store interfaces
    Square, Stripe, and Clover are driving new mobile processing integrations.
  9. The $4.1T digital payments ecosystem is facing a notable transition, catalyzed by a wave of global advancements and disruption. As the industry continues to widen its reach, consumers and investors alike can benefit from the shift towards a cashless economy.

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