The month of May has come to a close with many new updates in digital advertising that business owners need to be aware of. Here is a summary of some of these updates for your reading pleasure. Check out the latest May 2024 digital marketing news:
Google’s AI Overviews set to feature ads
- Google launched a new generative AI to US users which provides summaries of queries in the search results.
- A week after the launch, they revealed that users would soon start seeing Search and Shopping ads above the AI overviews.
- Advertisers do not need to enable this feature.
Source: Google
TikTok launches AI TikTok Symphony
- TikTok is set to launch a set of AI advertising tools called TikTok Symphony to help advertisers with scripts and videos for their ads.
- The advertising suite features an Assistant that finetunes their scripts for campaigns.
- It also has a tool named Ads Manager Integration which helps brands optimise their existing videos on TikTok.
Source: Microsoft Start
Google introduces shopping ads
- Google introduces a new ads feature for brands to include short-form videos in their ads.
- The ads will include AI summary, 3D shoe spins and virtual try-ons to assist the audience with purchase decisions.
Source: Search Engine Land
Google Ads modifies disclosure policy
- Google Ads updates its disclosure policy for event ticket sales, effective from June 10, 2024.
- The disclosures would now be revealed in the top 20% of any destination when reached through an ad.
- It must also be presented in a font equal to or bigger than most of the text on the page.
Source: Google
Google restricts suspended ads account
- Google will restrict the functionality of suspended advertiser’s accounts, effective June 2024.
- These limitations will cut across billing options, account settings, appeals and verification, security settings, navigating the account and reading information.
Source: Google
Conversion rates for ads further decline in 2024
- According to reports by Word Stream, conversion rates for search advertising continue to decline in 2024.
- The report recorded an average conversion rate of 6.96% in 2024 compared to 7.04% in 2023 and 7.85% in 2022.
- The industries with the best average CTRs were Arts and Entertainment (13.04%), Sports and Recreation (9.66%), and Real Estate (9.20%).
- The industries that recorded the lowest average CTRs were Attorneys and Legal Services (5.30%), Home and Home Improvement (5.59%) and Dentists and Dental Services (5.38%).
Source: Word Stream
Google launches Performance Max for Marketplaces
- Google has launched a new Performance Max for Marketplaces to convert more sales on the platform.
- The new feature will direct shoppers to the sellers’ product seamlessly and automate ads across Google Ads channels.
- To unlock this feature, business owners need to connect their account to the marketplace.
Source: Google
Meta launches new AI advertising tools
- Meta has launched new generative AI to help advertisers automate campaigns.
- These tools will specifically help with image and text generation for ad campaigns.
- This update will cut across ads on Facebook and Instagram platforms.
Source: Search Engine Land
Google to automatically pause inactive keywords
- Google has notified advertisers that it well pause low activity keywords that have received no impressions for over 13 months.
- This move is to help advertisers focus on keywords that generate conversion.
- However, advertisers can unpause keywords they believe will drive results
Source: Search Engine Journal
Google introduces six Performance Max updates
- Google has added six new AI features to Performance Max.
- These features are Customer Value mode, customer retention goal, detailed demographics, budget pacing insights, account-level IP address exclusions and final URL expansion.
- They claim that advertisers who are testing these features are recording over 9% conversions with the same Return on Ad Spend.
Source: Search Engine Land
More updates from Google at annual marketing event
- Google rolled out more new updates for advertisers at the Google Marketing Live 2024 on May 21, 2024.
- Advertisers can now generate high-quality creative assets with up to five times more speed.
- They can also create targeted video ads on YouTube, Discover and Gmail.
Source: Search Engine Land
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