If you’re waiting for your search ad spend to slow down soon, you’ll be waiting a while. A new report shows that CTV, linear TV and video are the most vulnerable when it comes to reducing advertising budgets.
In the US, Google dominates the search advertising market, maintaining approximately 56.1% of total advertising revenue share among platforms such as Amazon, Microsoft and Yelp. But even as the market moves to other platforms, Google’s growth outpaces all other traditional formats. However, if we’re talking about general search, Microsoft holds the number two spot as Google’s biggest competitor.
Beyond Google. Google leads the way in search, but other platforms such as Apple and Amazon are slowly picking up speed. Apple Search Ads is growing to reach his $5 billion in expected revenue in 2022. New ad inventory allows developers and advertisers to secure additional space for advertisers to promote their apps and businesses in less competitive and relatively underutilized space.
As consumers get closer to making a purchase, they tend to go to Amazon, which is likely to be the engine of overall search ad spend growth in 2022. Even TikTok is gaining momentum in the search game, with reports showing spending by e-commerce brands. His TikTok ads in Q2 he increased by 60%.
TikTok may be on the verge of becoming a direct competitor to Google. Reportedly, 40% of US 18-24 year olds search on TikTok and Instagram more than they do on Google.
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Management of various networks. Managing various retail media platforms is a big problem for advertisers. For this reason, analysts predict that this may have prevented many companies from gaining market share. Learning to use and optimize is a big deal, and the integration of a few large players, as opposed to fragmentation in these small, tiny areas, will be Google’s true competitors. said Prerna Talreja, Managing Director of Digital Activation at agency Crossmedia.
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Mobile and desktop trends. Search ad spend on mobile is nearly two-thirds higher than search spend on desktop. Also note that in 2016, more than half of the US population used smartphones for online searches. By next year, that number is projected to reach about 70%. Analysts predict that this gap will continue to widen over the next few years.
Privacy first. Privacy-centric platforms like DuckDuckGo advocate giving consumers control over their information. But a report in June revealed that the search engine may be losing momentum, with daily searches falling below his 100 million.
For better or worse, many smaller search networks like Neeva and DuckDuckGo get their results directly from Microsoft.
Dig deeper. Download the full report from Insider Intelligence to learn about the real impact of TikTok, why Google wants to pay attention to its competitors, the most vulnerable channels for brand cuts, and more. Please note that the report is paid, not free. But the value you get far exceeds the cost.
why you care. Search advertisers should be aware of industry trends, new platforms and channel expansion. Additionally, knowing where the majority of your advertising dollars are spent allows you to respond, plan and budget in response to changes and market fluctuations.
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