Paid search is a keystone of marketing today and an essential element of a marketing strategy: Due to its customer-driven nature, it is incredibly effective at connecting the right audiences at targeted touch points throughout a consumer’s shopping journey. As paid search strategies get more complex and more brands enter the marketplace, it’s imperative to understand the landscape.
Market Forecast
The role of paid search is evolving quickly and precisely within the marketing funnel, serving as an invaluable resource throughout consumers’ purchase decision.
As consumers have become more digitally native, paid search has evolved to serve as an invaluable touchpoint throughout all stages of the purchase funnel as potential customers turn to search engines to discover new products and services that meet their individual needs, gain trusted product/service reviews, or for brand insurance to complement awareness campaigns. This evolution continues, as:
- Spending on awareness-based keywords by notable FSI brands has increased by 12% Y/Y in Q3 2022.
- Overall spending on paid search marketing strategy went up 60% Y/Y in Q3 2022.
- Consideration-based keywords received boosted spend in Q3 2022 with an increase of 7%.
- Major FSI brands also boosted conversion-based keyword efforts Y/Y by 291% in Q3 2022.
Why Do You Need Paid Search?
Online search has become a place of consumer discovery, and brands should incorporate SEM strategies that capture initial interest, making it possible for brands to connect with consumers during the discovery phase. In addition, they must retain an active presence during the consideration and evaluation stage to reinforce their cross-channel marketing claims by positioning product attributes and offers ahead of potential competitors.
Finally, online shopping and service have become a norm, therefore brands should have a notable online presence to drive action and convert intent. To achieve this, brands can invest in “brand insurance” to pair brand awareness efforts with their paid search marketing strategy to ensure paid investments don’t go to competitors.
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