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DMR Q2-4 2019_V2.pdf 1 7/17/19 9:19 PM 03 Executive Summary 05 Paid Search 17 Organic Search & Social 21 Display & Paid Social 24 Amazon AdsMERKLE digital.MARKETING.REPORT Q2 2019 3 EXECUTIVE SUMMARY T otal spending on US paid search ads grew 14% Y/Y in Q2 2019, as Google spend growth continued to decelerate, while spending on Microsoft Advertising benefitted from Verizon Medias late Q1 transition to using Microsoft search ads exclusively for its properties, which include Y ahoo. Google had served its Shopping ads on Y ahoo since early 2016, and while the Y ahoo volume was small compared to the Shopping traffic Google produces on its own properties, losing it depressed Googles Shopping and overall search ad growth rates. On the flip side, Microsofts Bing Product Ad format, which picked up the Y ahoo inventory, delivered its strongest desktop spending growth in over three years. Microsoft also gained search ad traffic that Y ahoo was serving through its Gemini platform and was able to reverse a Y/Y spend decline in Q1 to deliver 16% overall growth in Q2. Between Microsoft and Y ahoo combined, spend was 8% higher Y/Y. Despite slightly weaker results in Q2, Google Shopping remained a key driver of overall Google growth, though, as advertiser spending on Shopping grew 38% Y/Y. With Google announcing new image-focused Discovery and Gallery ads in May, Shopping and its variants like Showcase Shopping ads, have shown the potential for Google to show more visually compelling ads for a broader range of user queries and activities. One headwind Google will continue to face in the months ahead is the impact of Apples Intelligent Tracking Prevention (ITP) on advertisers ability to use remarketing lists for search ads (RLSAs). Google search ad click share for RLSAs hit a nearly two-year low in Q2 2019, as the launches of ITP iterations 2.1 and 2.2 in March and May, respectively, appeared to further diminish RLSAs on Apple devices compared to other browsers. Google advertisers have been turning to alternative audience targeting tools like Similar Audiences, which reached a new click share high of 8% at the end of the quarter. In the UK market, Google trends were more positive in Q2 2019, as spending grew 18% Y/Y on accelerating click growth. Shopping was again an important driver, as it grew to account for 72% of retailers Google search ad clicks in the UK, compared to 63% in the US market. Looking at organic search trends, DuckDuckGo was the only major US search engine to deliver site visit growth in Q2 2019, as organic search visits fell 6% overall. Phone organic search produced its weakest rate of growth since mid-2016 overall, but DuckDuckGo saw visits grow 64% on mobile devices. Amazon ads sales revenue growth continues to far outpace spend growth, up 102% and 53% for Sponsored Products and Sponsored Brands, respectively. Brand keywords play a crucial role on Amazon, accounting for 43% of Sponsored Products sales and 62% of Sponsored Brands sales. Spend growth for Facebook proper excluding Instagram grew 8% Y/Y for the quarter, as impressions were up 25%. Instagram continues to grow far faster than Facebook itself, and Instagram now accounts for 35% as much ad spend as Facebook for advertisers active on both platforms. While Y ouTube has experienced several spats of bad publicity over the past couple of years, advertisers continue to invest in the platform, increasing spend 43% Y/Y for the quarter.MERKLE digital.MARKETING.REPORT Q2 2019 4 EXECUTIVE SUMMARY paid search Spending on Google search ads grew 15% Y/Y in Q2 2019, down from 16% in Q1 2019. Click growth was slightly weaker at 10% in Q2 2019, while CPC growth was steadier at 4.5%. Google Shopping ad spending grew 38% in Q2 2019, down from 41% growth in Q1 2019. With Y ahoo dropping Googles ads in favor of Bing Product Ads, Shoppings share of all Google search ad clicks fell two points between Q1 and Q2 2019. Spending on desktop Google search ads grew 6% Y/Y in Q2 2019, up from 2% in Q1. Mobile spend grew 34% in Q2 2019, down from 46% a quarter earlier, as spending growth for mobile Google Shopping ads cooled to a three-quarter low. Spending on Microsoft Advertising (formerly Bing Ads) search ads grew 8% Y/Y in Q2 2019, compared to the combined results of Microsoft and the Y ahoo Gemini platform from a year earlier. Android and iOS devices produced 68% of Google search ad clicks, but just 35% of Microsoft search ad clicks. Between mobile and desktop Safari, Apple browsers produced 49% of Google clicks. Organic search produced 23% of all site visits and 21% of mobile site visits in Q2 2019. Phones and tablets produced 59% of organic search visits, compared to 65% of paid search visits. DuckDuckGo organic search visits were up 49% Y/Y across all devices as the search engine saw its share of total US organic search rise from 0.4% in Q2 2018 to 0.6% in Q2 2019. Site visits produced by Facebook were up 29% Y/Y, while Instagram visits rose 56%, and YouTube visits improved 22%. organic search & social amazon ads Amazon Sponsored Products spend grew 12% Y/Y, with sales up 102%. The format now accounts for 86% of all non-display Amazon ads spend. T op-of-search ad placements accounted for 45% of Sponsored Products spend and 88% of Sponsored Brands spend. Brand keywords accounted for 62% of sales revenue attributed to Sponsored Brands and 43% for Sponsored Products, far eclipsing the 32% and 30% click shares these keywords generate for each format, respectively. display & paid social Facebook spend increased 8% Y/Y, as impression growth surged to 25% Y/Y the strongest figure observed over the past two years. Instagram spend grew 85% Y/Y, with a 208% increase in impressions. For advertisers active on both Instagram and Facebook, Instagram accounted for 35% as much ad spend as Facebook proper for the quarter. Advertisers remain active on Y ouTube, and in Q2 2019 increased ad spend 43% with a 16% increase in impressions and 24% increase in CPM.MERKLE digital.MARKETING.REPORT Q2 2019 5 PAID SEARCH ORGANIC SEARCH & SOCIAL DISPLAY & PAID SOCIAL AMAZON ADS Spending on Google search ads grew 15% Y/Y in Q2 2019, down from 16% in Q1 2019. Click growth was slightly weaker at 10% in Q2 2019, while CPC growth was steadier at 4.5%. Google Shopping ad spending grew 38% in Q2 2019, down from 41% growth in Q1 2019. With Yahoo dropping Googles ads in favor of Bing Product Ads, Shoppings share of all Google search ad clicks fell two points between Q1 and Q2 2019. Spending on desktop Google search ads grew 6% Y/Y in Q2 2019, up from 2% in Q1. Mobile spend grew 34% in Q2 2019, down from 46% a quarter earlier, as spending growth for mobile Google Shopping ads cooled to a three-quarter low. Spending on Microsoft Advertising (formerly Bing Ads) search ads grew 8% Y/Y in Q2 2019, compared to the combined results of Microsoft and the Yahoo Gemini platform from a year earlier. Android and iOS devices produced 68% of Google search ad clicks, but just 35% of Microsoft search ad clicks. Between mobile and desktop Safari, Apple browsers produced 49% of Google clicks. paid searchMERKLE digital.MARKETING.REPORT Q2 2019 6 PAID SEARCH ORGANIC SEARCH & SOCIAL DISPLAY & PAID SOCIAL AMAZON ADS +10% +20% US Search Ad Spending Growth Remains at 14% Y/Y Total advertiser investment in paid search grew 14% Y/Y in the US market in Q2 2019, a slight deceleration compared to the previous quarter. Search ad clicks grew 9% in Q2, compared to 10% in Q1, while average CPC growth remained roughly even at just over 4% Y/Y. Q2 2019 marked the sixth quarter in a row where search ad spending growth has decelerated, following relatively strong results in late 2017. Google Shopping Spend Growth Decelerates, but Far Outpaces Text Ads Spending on Google Shopping ads grew 38% in Q2 2019, down from 41% growth in Q1 2019. Shopping click growth slowed from 33% in Q1 to 25% in Q2. Text ad spending declines stabilized at 12% in Q2 2019, in part due to a recovery in spending on advertiser brand keywords. Shopping ads continue to cannibalize text ad volume, but their growth slowed a bit as Google generated a smaller share of Shopping traffic from partners like Y ahoo in Q2. Slower Shopping Click Growth Hurts Overall Google Search Spend Spending growth for Google search ads slipped a point between Q1 and Q2 2019, coming in at 15% Y/Y. Click growth was slightly weaker at 10% in Q2 2019, while CPC growth was more steady at 4.5%. Google Shopping ad click volume took a hit to start the quarter as Yahoo stopped running Google Shopping ads in favor of Bing Product Ads. Mobile Google Shopping growth was also a bit weaker generally, following two particularly strong quarters in a row. +30% Overall US Paid Search Y/Y Growth Google Overall US Paid Search Y/Y Growth +15% +4% +10% Clicks Ad Spend CPC Google Shopping (PLAs) Text Ads Google Spending by Ad Format Y/Y Growth Clicks Ad Spend CPC +10% +20% +30% Q4 Q3 Q2 Q2 Q1 2018 Q1 Q4 2019 +45% +15% 15% +30% +14% +9% +4% Q4 Q3 Q2 Q2 Q1 2018 Q1 Q4 2019 Q4 Q3 Q2 Q2 Q1 2018 Q1 Q4 2019 +38% 12%MERKLE digital.MARKETING.REPORT Q2 2019 7 PAID SEARCH ORGANIC SEARCH & SOCIAL DISPLAY & PAID SOCIAL AMAZON ADS Mobile Google Search Spend Returns to Early 2018 Growth Rates Spending on desktop Google search ads grew 6% Y/Y in Q2 2019, up from 2% in Q1. Mobile spend grew 34% in Q2 2019, down from 46% a quarter earlier, as spending growth for mobile Google Shopping ads cooled to a three-quarter low. Tablet spending fell 6% in Q2 2019, following three quarters of minimal growth. Google Non-Brand Spend Growth Slows to 14% Y/Y on Weaker Click Growth The non-brand keyword and Shopping ad segment on Google has seen less dramatic trending in CPC growth than the brand segment over the past two years and, generally, CPC growth has trended lower as traffic has shifted to mobile. In Q2 2019, non-brand CPCs rose 4%, a slight acceleration from Q1, while click growth slowed from 13% in Q1 to 10% in Q2. As a result, spending growth slipped to 14% Y/Y in Q2, from 16% a quarter earlier. Google Brand Keyword CPCs Rebound, Click Growth Improves After hitting a six-quarter low of 6% in Q1 2019, CPC growth for advertiser brand keywords rebounded in Q2 2019, hitting 11% Y/Y. That is still well below levels advertisers saw following a spike in brand CPCs in Q4 2017, but it helped drive spending growth for brand keywords back up to 21%. Brand keyword click growth also accelerated, hitting a nearly two-year high of 9%. +25% 25% +50% Google Search Spending by Device Type Y/Y Growth +34% +6% +40% +20% +10% +9% Google Brand US Paid Search Text Ads Y/Y Growth +21% +11% Clicks Ad Spend CPC Google Non-Brand US Paid Search Y/Y Growth +25% +15% +5% +20% +10% Clicks Ad Spend CPC Q4 Q3 Q2 Q2 Q1 2018 Q1 Q4 2019 Q4 Q3 Q2 Q2 Q1 2018 Q1 Q4 2019 Phone Tablet Desktop Q4 Q3 Q2 Q2 Q1 2018 Q1 Q4 2019 6% +30% +14% +10% +4%MERKLE digital.MARKETING.REPORT Q2 2019 8 PAID SEARCH ORGANIC SEARCH & SOCIAL DISPLAY & PAID SOCIAL AMAZON ADS +5% +10% Desktop T ext Ads Mobile T ext Ads Mobile Google Shopping Desktop Google Shopping +15% 40% 60% 100% 20% Non-Brand Overall 80% Google Shopping Share of Google Paid Search Clicks Aggregate Results - US Retail +30% +10% Google Shopping vs. Non-Brand Text Ads Revenue Per Click Phone Desktop 10% +20% +14% +5% +7% +1% +14% +4% +3% +11% 2017 2015 2016 2018 Q2 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q4 Q1 Q2 Q3 Q2 2019 Q1 2014 Q3 Q2 Q1 Q2 2018 Q4 Q2 2019 +12% Q4 2018 Q3 2018 Q 1 +12% +6% 1% +0.5% Q1 Q3 Q1 6% Q4 Q2 2019 2019 +13% +0% +0.1% +6% Google Shopping Click Share Falls After Yahoo Switch to Bing Product Ads Google Shoppings share of total Google search ad clicks fell nearly two points between Q1 and Q2 2019, the largest quarter-to-quarter decline Merkle has observed in the history of this report. Shopping click share was still up four points compared to a year earlier, but Yahoo dropping Googles ads in favor of Bing Product Ads at the end of Q1 appears to have had a meaningful impact. Revenue-Per-Click Growth Trends Mixed Across Google Ad Formats Average revenue-per-click growth trends were mixed across ad formats and device types in Q2 2019. Mobile non-brand text ad revenue per click grew 13% Y/Y in Q2, up from 7% growth a quarter earlier, but desktop text ad revenue-per-click growth was flat in Q2 after increasing 3% in Q1. For Google Shopping ads, mobile revenue- per-click growth slowed from 12% in Q1 to zero growth in Q2, while desktop growth improved to 6% in Q2 from being flat in Q1. Shopping Ad Performance Weakens Slightly Compared to Text Ads Desktop Google Shopping ads produced a 12% higher average revenue per click than comparable non-brand text ads in Q2 2019, while Shopping ads performed about 6% worse on mobile than non-brand text ads by the same measure. Shoppings relative performance was down across both device types compared to Q1, but it remained within the typical range advertisers have seen over the past two years. Generally, the performance of Shopping ads has held up well, even as the format has expanded to a broader range of queries. Non-Brand Y/Y Revenue-Per-Click Growth Google Shopping & Text Ads by Device 63% 88%MERKLE digital.MARKETING.REPORT Q2 2019 9 PAID SEARCH ORGANIC SEARCH & SOCIAL DISPLAY & PAID SOCIAL AMAZON ADS 20% Amazon Pushes the Gas on Its Google Shopping Ads Program Amazon, which only began running Google Shopping ads at the tail end of 2016, appeared to push the gas on the format in the weeks ahead of its two-day 2019 Prime Day. Within the home goods product category, where Amazons presence in Shopping auctions was the strongest out of the gate, Amazons impression share jumped about 20 points between early and mid-June 2019. Amazon also appears to be ramping up its Shopping ad investment in other major product categories, such as apparel. Showcase Shopping Ads See Small Share Gains as New Inventory Rolls Out With Google announcing new image- focused Discovery and Gallery ads in May, trends for Showcase Shopping ads may be helpful in assessing their potential. Among participating brands, Showcase Shopping ads have grown to account for 8.5% of all Google Shopping clicks in about two years. Google also announced in May that Showcase Shopping ads were rolling out to new inventory, including Google Images and the Discover feed, but Showcase share gains from Q1 to Q2 were fairly small. Local Inventory Ads Nearly a Quarter of Participants Google Shopping Clicks Among brands participating in Googles Local Inventory Ads (LIAs) program, LIAs produced 23% of all Google Shopping ad clicks in Q2 2019. LIA click share jumped 10 points from Q1 2019, but the number of participating brands remains relatively low compared to the number r
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