The article discusses the findings of the Google Ads Benchmarks 2024 report. The report analyzed over 17,000 campaigns from April 2023 to March 2024, and provides insights on how various industries are performing on Google Ads and Microsoft Ads. The report also offers expert advice and actionable tips to optimize campaigns for better results.
The key trends in 2024 include:
- Most industries saw an improvement in click-through rate (CTR), with 70% seeing an increase year over year. The overall average increase was 5% since 2023.
- For 86% of industries, the cost per click (CPC) increased, with an average overall increase of 10%.
- The conversion rate decreased for 12 out of 23 industries, with an average decrease of only 1%.
- The cost per lead increased for 19 out of 23 industries, with an average increase of about 25%.
The report suggests that the increase in CTR indicates that the Search Engine Results Page (SERP) is becoming more ad-friendly. However, Google's decision to make broad match the default mode for match types could lead to an increase in clicks that don't necessarily turn into sales. The report also notes that the economy continues to influence Google Ads costs, with inflation likely contributing to the increase in CPC.
Furthermore, WordStream provides industry-specific benchmarks for metrics such as average CTR, CPC, conversion rate, and cost per lead. It offers tips on how to improve these metrics, such as aligning landing pages with keyword intent to increase Quality Score and lower CPC, and tailoring ads to how customers search for businesses to improve CTR.
Finally, the report concludes by emphasizing the importance of a holistic approach to search ad strategy, the use of AI and automation, data-driven conversion tracking, regular PPC audits, and adapting to changes in the search journey. It also highlights the impact of economic shifts on search ad metrics in certain industries.
