Trends In Paid Search: Navigating The Digital Landscape In 2024
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The search marketing landscape is evolving rapidly with new technologies, and professionals, like you, rely on innovative paid search strategies to meet changing demands. It’s important that you’re ready to implement new strategies in 2024. Check this out and learn the top trends in paid search advertising that are expected to gain traction, so you can drive higher ROI more efficiently in 2024. You’ll learn: - The latest trends in AI and automation, and what this means for an evolving paid search ecosystem. - New developments in privacy and data regulation. - Emerging ad formats that are expected to make an impact next year. Watch Sreekant Lanka from iQuanti and Irina Klein from OneMain Financial as they dive into the future of paid search and explore the trends, strategies, and technologies that will shape the search marketing landscape. If you’re looking to assess your paid search strategy and design an industry-aligned plan for 2024, then this webinar is for you.
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Trends In Paid Search: Navigating The Digital Landscape In 2024
- 1. This document and the information in it are provided in confidence, and may not be disclosed to any third party. Trends in Paid Search: Navigating the Digital Landscape in 2024 October 2023
- 2. 2 SREEKANT LANKA • 20+ years of cross-functional leadership experience • Currently SVP Digital Solutions at iQuanti • Previously, headed Programmatic Account Strategy for Google • Guest faculty at multiple business schools • TEDx speaker
- 3. 3 About iQuanti iQuanti ignites powerful and predictable digital marketing performance for global brands with an approach rooted in data science and deep vertical knowledge. • iQuanti offers a unique blend of channel management services, strategic consulting expertise, and proprietary product offerings to empower brands to exceed their customer acquisition, engagement, and conversion goals. • Founded in 2008, iQuanti now has 600+ employees across New York, Chicago, Dallas, and San Francisco, as well as Bangalore, London, Singapore, Mexico City and Toronto. In 2022, iQuanti’s top performance marketing results were recognized on multiple global platforms including the Global Agency Awards, UK Search Awards, and International Performance Marketing Awards. iQuanti was named to the Inc.5000 list of fastest-growing private companies in the U.S. for the ninth time in 2023.
- 4. 4 We drive strong ROI across the spectrum of digital marketing solutions Digital Consulting Demand Generation Experience Optimization Data Science & Analytics Services Strategic roadmaps, benchmarking, targeting and cross-channel strategy to drive rapid revenue growth. Driving qualified traffic through the effective use of digital marketing channels and campaign optimization. Engaging visitors and converting them through website personalization and optimization, and mobile optimization. Providing a complete view into your marketing effectiveness through measurement solutions, and actionable audience insights. Proprietary Products & Solutions Digital Marketing Assessment & Benchmarking Data-driven performance and impact assessments for digital media investments SEO driven by Predictive Analytics Holistic Search Optimization Solutions Precision Targeting Solutions User Journey Analysis & Personalization CRO/Testing Design & Development Foundational Analytics and Measurement Advanced Analytics and Measurement Staff augmentation for banks
- 5. 5 IRINA KLEIN • 20+ years of experience in Marketing, Strategy and Partnerships • Currently Sr. Managing Director & Head, Digital Marketing at OneMain Financial • Previous held leadership roles at Ditech, Digitas Health, SAP, Unisys, etc. • Board Member, Customer Experience at Rutgers University-New Brunswick
- 6. 6 OMF Intro
- 7. 7 What are we covering today? 1 Changes in User Behavior and Search Landscape 2 Implications in Paid Search 3 Privacy Changes and Implications 4 Takeaways for 2024
- 8. 8 Changing User Behavior & Search Landscape
- 9. 9 Gen-Z: Most evolved Search users, likely to adapt the fastest to changing Search landscape • Gen-Z are evolved searchers, lead the pack in trying new, varied ways to search • Search for products across platforms: marketplaces, Social Media, Search engines • Highest Voice assistant penetration among the Gen-Z (60+%) (Insider Intelligence) • Use longer search terms (4.9) vs. rest of the groups (4.2) (Yardi Corporate Blog) • Gen-Z will most likely be the fastest adapters of the changing Search Landscape
- 10. 10 Multi-modal search likely to be more common as adoption of Voice & Visual search increase • Visual & Voice search are gradually seeing increased adoption. • With platforms making Voice & Visual search more intuitive & growing prominence of Social Media in product searches, multi-modal Search is likely to be more common in future
- 11. 11 Search queries are likely to be more conversational in nature as SGE becomes mainstream – almost like someone is asking a human, a question! Searches will become more conversational With the integration of LAMDA and ChatGPT, models will engage in a free-flowing way about a seemingly endless number of topics. Granular prompts will define use cases of AI AI will synthesize insights for questions where there’s no one right answer. AI-powered searches will distill complex information & multiple perspectives into easy- to-digest formats.
- 12. 12 Conversational, visual, AI-powered: The future of Google search Google’s new way of responding to search queries could change the way people get information
- 13. 13 Today’s Customer: New implications and concerns As younger consumers increasingly seek more interactivity, especially in search, financial services companies need to adapt to meet these expectations. There are some newish implications and considerations for financial services companies, but many of them have always been there... New Implications MobileFirst Approach Chatbots & Virtual Assistants Increased Social Media Engagement Ever Present Concerns Accurate Real-time Information Feedback Mechanisms Simplified Onboarding Process
- 14. 14 Implications on Paid Search
- 15. 15 Paid ads listings placement with the new SGE environment Possible Impact • Lower CTR on Brand Search Ads • Increased impression for PMAX campaigns with newer native formats • Incremental CTR with SGE • Limited information on Tracking
- 16. 16 Increased expansion on campaign and keyword types needed to ensure coverage for new search queries SGE: New ways of searching are likely to further increase the variations Google sees each day, A campaign structure with only Exact Match may not offer sufficient coverage; queries could be missed. Supplement with Performance Max and Broad Match to fill in the gaps Layer with Smart Bidding strategies to leverage AI to make the best bid decisions. Utilize Value Based Bidding to feed the best signals to the system.
- 17. 17 Exact Match has utilized AI to expand its matching ability In some accounts, exact match keywords have matched with over 350 different search queries. • Unlike its original form, exact match keywords are now triggering multiple queries. • This expanded matching helps Google ensure the wide variations of search terms generated by SGE are targeted with ads. • However, multiple matches can present an issue when different themes are matched, displaying less relevant ad copy as a result. • Using negatives to guide the matching to the correct ad groups, or expanding RSA ad copy to include these themes will help improve performance.
- 18. 18 Google has been leveraging AI to help advertisers meet their goals with Smart bidding Smart Bidding evaluates billions of combinations of signals and uses AI to set the right bid for every search query 1 Broad Match - Google using AI to extend its reach beyond exact and phrase match by identifying related queries to reach more customers and drive better performance with broad match Responsive Search ads: Google uses AI to mix and match creative assets to provide the best experience for user 2
- 19. 19 Value based bidding showing promising results when configured with correct signals for consumer banking products Value Based Vs. Volume Based Value Based Bidding: Quality over Quantity • Target High Value Prospects • Better ROI • Require less data Up to 279% ROAS lift Observed for BFS accounts’ Non-Brand Search campaigns on tROAS vs. simultaneously running tCPA campaigns. Both were operating at similar CPA levels
- 20. 20 Google launched Performance Max in Nov 2021; A fully AI-powered campaign type to tap into incremental conversion opportunities Combine your marketing expertise with the power of Google AI to maximize profitability AI enables businesses to respond to dynamic shifts in consumer demand in real time, and to present valuable customers with the most relevant ads possible as they toggle among channels
- 21. 21 OneMain Financial is driving incremental reach beyond Google search via Performance Max Before PMAX in the Mix Source: Google With PMAX reach has been expanded on Google properties targeting high intent users across Google networks (including search) IMPACT • Incremental Reach • AI-optimized Ad Delivery • Comparable acquisition cost with Generic Search
- 22. 22 Google introduced "automatically created assets for responsive search ads" to combat creative fatigue and improve ad performance PROS • Improved User Experience • Higher Conversion Rate • Automated Asset Creation CONS • Limited Control • Requires Oversight Keywords Relevant Web pages Existing Headlines & Descriptions Landing Pages Google creates new headlines and descriptions
- 23. 23 Bing launched Prometheus AI model, bringing the best of Search & Chat together to deliver an elevated search experience Bing Search Bing Index Ranking Answers Source: Search Engine Land Open AI’s Most Advanced GPT Models • Query broken down into simpler bite-sized searches • Use Bing search index to get up to the minute latest information • Ranking algorithm used to decide what information/ documents to be used by GPT in the answer • Show answers & results like weather, sports scores, even Bing search ads directly in Bing chat answers • Also includes citations & links to the content (unlike ChatGPT)
- 24. 24 Privacy Changes & It’s Implications
- 25. 25 Enable effective measurement & enrich inputs to ML by setting up privacy safe practices Ineffective conversion tracking, will make Paid Search less effective. Challenge Advertisers face a drop in attributed conversions and overall performance due to the implementation of consent banners, impacting smart bidding, attribution, ROAS, and revenue. How does it work? Google Consent Mode helps advertisers maintain measurement accuracy after implementing consent banners, ensuring no loss in data while upholding user privacy. Consent Mode introduces two new tag settings for managing cookies for advertising and analytics, customizing Google tags’ behavior based on user consent, and measuring conversions effectively. Solution • Aids effective measurement by recovering data gaps through conversion modeling. • Safeguards privacy by enabling Google tags to operate in a consent-aware manner. Key Benefits
- 26. 26 Effectively leverage 1st party data for improved Paid Search performance Google Ads Data Manager Activate RLSAs by effectively using first party data Bolster smart-bidding by passing right signals, suppressing poor signals for high value acquisitions Optimize campaign assets, such as ad copy Optimize keywords
- 27. 27 Takeaways
- 28. 28 Key Takeaways SEO + SEM • Leveraging SEO + SEM to look at search holistically – especially in the age of integrated SGE. • User are looking for the right information and opportunity to look at search from not just acquisition but full funnel. Leverage Automation • Feeding ML with adequate right signals towards higher value acquisitions. • Leveraging automation with guardrails to prevent media wastage. • Maximize 1PD usage to drive Paid Search efficacy. Keywords • Monitor the shift in keywords and their intent. Long-tail, question-based and conversational keywords may become more important. • Address intent with relevant content topics. Topics with no search volume but informationally relevant might start getting visibility. Monitor KPIs • As SERP is evolving, we need to monitor the key metrics and how they are evolving. • Keywords, CTR, snippets visibility will continue to change and will need monitoring.
- 29. 29 Key takeaways for companies stitching digital and offline data Unified Customer Journey Offline Conversion Tracking Customer Feedback & Surveys Staff Training Testing & Optimization
- 30. 30
- 31. 31 Bangalore Singapore London Toronto New York Chicago San Francisco Mexico City Sreekant.L@iquanti.com Connect on LinkedIn iQuanti.com Thank You!