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The world’s largest social networking site look set to take on Google at their own game. Google’s business model of targeted keyword Pay Per Click advertising helped them accrue $23 billion in total advertising revenue back in 2009, and now Facebook are vying for a larger slice of the online advertising pie.
Facebook are using a very similar business model to Google with a focus on small to medium sized companies using their self-serve ad system. In a recent AdAge article, they reported on new estimates from eMarketer which show Facebook taking $1.86 billion in worldwide advertising revenue. What AdAge reveal is how 60% of this revenue was accrued from small to medium companies who use self-serve tools rather than utilising agencies.
$1.21 billion of the $1.86 billion worldwide advertising revenue came from the U.S, giving Facebook a 4.7% share of the total US online advertising spend. eMarketer reveal how this trend is set to continue with year on year growth, suggesting that by 2012 Facebook could have a total share of 8.8% in the US online advertising spend. With the majority of this revenue coming from small to medium businesses, could this see Google giving up a percentage of its advertising share?
Well, what these figures don’t tell you is that Myspace are predicted to lose a serious amount of ground in terms of advertising revenue, declining from $470 million in 2009 to $156 million in 2012. Therefore, whilst Facebook are starting to compete more with Google, it is unlikely to have the impact that the predicted figures might first suggest. The emergence of an advertising duopoly between Facebook and Google may be evident in the future as Facebook set to utilise Google’s business model, but there are still voices of disagreement with Facebook’s advertising platform.
It can’t be overlooked that whilst Facebook’s advertising platform targets large audiences, it is not as specific as Google’s keyword advertising. This will not affect large companies that buy advertising in bulk, because large audiences will recognise these brands. However the small to medium companies that Facebook are trying to target, at the expense of Google, may not reap the rewards of this advertising platform as they would with Google. Facebook are therefore heading in the right direction but unfortunately they have a long way to go yet.
In today’s multichannel world, there are mountains of data which provide insights into how users have interacted with your business and their path to conversion (or non-conversion). It is important to understand performance with multichannel marketing, which can be achieved through attribution modelling. Attribution refers to assigning credit to something (a channel, touchpoint, etc.) for the role it played in the final conversion. An attribution model is a rule, or set of rules, that assigns this credit correctly to the right channel or touchpoint.
For a long time, Bing, the UK’s second-largest search engine, has been underappreciated and, in some instances, even ignored. Often regarded as the inferior search engine to market leader Google, Bing has historically struggled to appeal to many in the digital world. Most PPC analysts would give justified reasons for neglecting Bing for so long; these include the volume of traffic and the user experience just not matching up to Google. However, the validity of these assessments is now diminishing. Bing has grown and improved rapidly in the last couple of years; if you are not integrating it into your comprehensive digital marketing plan, you run the risk of missing out on a large portion of your chosen market and significant revenue.