A new report recently released on digital marketing has shown the spend on paid search is set to increase at a rate of 10% year-on-year, with spend at its highest within the financial services and retail sector at a respective growth at 25% and 12% between them. This begs the question as to why more and more businesses appear to be investing in Pay Per Click than ever before.
The released report also detailed that, while paid search spend across a multitude of companies and industries increased significantly in 2018, the clicks seen to result from this have actually dropped in numbers. The average click through rate has dropped from around 3.46% down to 3.16%; average cost per click also saw a decrease of two pence from £0.69 to £0.67.
Paid social has also seen a rise in popularity alongside the increasing use of social platforms and their constant improvement as to effectively integrate business advertising to the feeds of their users. In 2018, it was seen that many advertisers began to spend the majority of their budget on Instagram Stories, either through product placement or paid advertisement with popular influencers on the social media app; however, Instagram still only achieved 18% of Facebook’s total ad spend for the course of the year. Despite this, advertisement spend specifically geared toward Instagram stories saw a rise of 36% and 34% of the total Instagram advertising spend from businesses allocated to story ads.
To conclude, as the capabilities that businesses can use to advertise to their potential customers evolve, the popularity of particular strategies is seen to shift also. With the popularity of social media growing rapidly and an ever-increasing customer now being found upon social platforms, many sites are adapting their algorithms as to allow for effective business marketing. With businesses now able to properly utilise advertisement strategies such as this, more and more businesses are investing in these strategies of pay per click.
To learn more about PPC and how an effective strategy could work to benefit your business and reach a wider range of your potential customers, visit our dedicated PPC page and learn what our ppc consultancy can do to help you.