Google's antitrust case is highlighting Google Search and paid search advertising. The future of search is expected to be more fragmented, requiring brands to adapt to changing consumer search trends. Advertisers will need to become proficient in platforms beyond Google, as younger consumers increasingly use platforms like TikTok, Reddit, and Snapchat for search.
Marketers are paying more attention to their paid search efforts this year, with increased spending and consideration of test budgets across various non-Google platforms. Some are investing more in paid advertising due to a decline in organic search traffic, while others are investing more in paid search to drive e-commerce efforts and direct consumers to their own sites.
Agency executives recommend elevated test budgets for search to diversify ad spending. Some suggest trying out platforms that may have underperformed in the past but have shown improvements, such as Microsoft's Bing. Others believe search should be seen less as a platform-specific media channel and more as a consumer behavior function that brands need to follow and adapt to across platforms.
TikTok has been a primary interest for marketers testing newer channels for search, but its uncertain future may change that. Steven Frey, director of integrated media planning at Media by Mother, believes the fate of TikTok will significantly impact the future of search.
The marketing landscape has changed significantly this year. Candii Woodson-Witchard, director of media strategy at Cricket Wireless, discusses the need for a balance between brand and performance marketing. She also mentions the impact of Google's third-party cookie deprecation on targeting and measurement of campaigns and the need to adapt display strategies to the consumer's journey.
The role of the CMO has evolved, with CMOs taking on broader responsibilities and facing higher expectations. A new study from Spencer Stuart consulting firm reveals that 43% of externally recruited Fortune 500 CMOs in 2023 came from a different business sector, up from 37% in 2022. Women achieved parity with men in 2023, representing half of all Fortune 500 CMOs, up from 47% in 2022. However, the representation of CMOs from historically underrepresented racial and ethnic groups dropped from 14% in 2022 to 12% in 2023.