New report confirms that search advertising is still thriving in times of economic uncertainty.
You’ll have to wait a while if you expect search ad spending slowing down in the near future. A new report shows CTV, linear TV, video are the most vulnerable to cuts in ad budgets.
Google is the dominant search ad market in the US. It holds steady at 56.1% of total ad revenue share, which is the same as Amazon, Microsoft, Yelp, and Microsoft. Despite the fact that the market is shifting to other platforms, Google’s growth has outpaced all other traditional formats. Microsoft is the #2 competitor in general search.
Moving beyond Google. While Google is the leader in search, other platforms such as Amazon and Apple are slowly catching up. Apple Search Ads are expected to generate $5 billion in revenue by 2022. New inventory makes it possible for developers to expand their ad inventory and for advertisers to advertise to promote their apps and business in a less competitive, underutilized space.
Amazon is the most popular search engine for consumers who are closer to purchasing a product. This seems to be the reason behind Amazon’s growth in search ad spend in 2022. TikTok is also gaining momentum in the search market. According to reports, ecommerce brands spent 60% more on TikTok ads during Q2.
TikTok could even be a direct competitor to Google. According to reports, 40% of US 18-24-year-olds prefer TikTok or Instagram to search for their queries.
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Managing multiple networks. Managing multiple retail media platforms can be a real pain for advertisers. Analysts predict that this could be what is keeping many retailers from gaining market share. “If every retailer had its own platform, it would be difficult for advertisers to learn how to use and optimize. That’s why the consolidation of a few large players would be a real competition to Google rather than fragmenting in these small, narrow areas,” Prerna Talreja (managing director of digital activation at Crossmedia).
We have compiled a list with 28 top PPC management tools to help ecommerce brands. This is by no means an exhaustive list. However, these tools can help you save time, increase efficiency, and manage multiple platforms from one central dashboard.
Mobile trends versus desktop trends In 2016, more than half of the US population used smartphones to search online. It is expected that this number will rise to 70% by next year. Analysts predict that this gap will continue to grow over the next few decades.
Privacy first. Privacy-centric platforms such as DuckDuckGo encourage consumers to take control of their data. According to a June report, DuckDuckGo’s daily searches have dropped below 100 million.
Many smaller search networks, such as DuckDuckGo and Neeva, get their results directly from Microsoft.
Dig deeper. Get the full report from Insider Intelligence. Learn how large TikTok’s influence is, why Google wants attention to its competitors and which channels are most likely to suffer budget cuts. The report is not free, but it is charged. The value you get far outweighs any cost.
Why we care. Advertisers who work with search ads need to be aware of emerging platforms and industry trends. Knowing where the majority of ad spending is going can help you plan, budget, and leverage changes and market volatility.
Search Engine Land’s first article, Search advertising is thriving in economic uncertainty, confirms new report, appeared first on Search Engine Land.