Tag: Market
Google market pulse for search marketers
30-second summary:
- Google is always testing new spots on the page for SERP components
- In simple terms, the #1 position in organic or paid ads does not guarantee that your paid ad listing will be visible without scrolling
- Organic position #1 reported by Google Search Console is not the actual position 1 on page
- A lot of anomalies and assumptions impact your paid and organic clicks – is there a smart way to counter this problem?
- Leading advisor and performance marketing expert, Prasanna Dhungel unravels four key insights marketers to maximize performance marketing initiatives in 2023
Over the last two decades, Google’s search engine results page (SERP) has evolved a lot. The Google SERP, which once only had organic listings now features dynamic paid ads and other organic SERP components as well.
Currently, Google SERP has many organic features like –
- People also ask (PAA),
- Popular products,
- featured snippets,
- Google MAP,
- image packs,
- videos,
- Tweets, and many more that I believe we are just scratching the surface of
Paid features currently seen on Google SERP are –
- Shopping ads,
- text ads, and
- MAP local search ads
These are some paid features advertisers should not ignore if they want to build better advertising and content strategies for maximum search marketing ROI.
Google varies the composition of SERP by keyword, geography, time of day, and device. Google is testing new spots on the page for SERP components. What does all this mean, you may ask? In simple terms, the #1 position in organic or paid ads does not guarantee that your listing will be visible without scrolling. It means that an organic position #1 reported by Google Search Console is not actual position 1 on the page. So, you have a much lower CTR than you expect, and all these impact your paid and organic clicks.
With this dynamic nature of SERP, search marketers must understand the SERP landscape and their brand’s true rank on Google vs competition. This view will enable search marketers to deploy the right paid and SEO tactics to maximize visibility and clicks.
Based on my experience and understanding of the dynamic SERP, here are four key insights marketers should focus on to maximize their performance marketing initiatives.
1. Analyze the composition of SERP for your keywords
Marketers must understand SERP features visible for their keywords. The graph below suggests that along with organic, SERP features like PAA and popular products are taking significant real estate for “apparel” and “accessories” keywords. Search marketers that are not targeting these components will miss acquiring customers in different stages of their buying journey that are clicking on People Also Ask.
2. Monitor emerging and contracting SERP features
Marketers must understand new SERP features that have appeared and are getting popular for their keyword traffic. This helps develop a long-term advertising and content plan that targets popular SERP features.
In the last quarter, we identified Map Local Search Ads and App Install (in mobile devices) SERP features appearing in the “apparel” and “accessories” keywords. We saw growth in the popularity of PAA and popular products across many keyword groups.
3. Keep track of above-the-fold SERP features
Understanding the SERP features visible above-the-fold real estate is critical. These insights will help marketers understand the dynamics of rising and falling SERP click-through rates. You may wonder why the clicks are declining even though your average position reported on Google Reports is improving. Such questions can be answered with true ad position in SERP.
As shown in the below graph, the usual organic component in this keyword landscape has lower above-the-fold coverage compared to SERP features like PAA and popular products.
Insights like these help marketers understand the fastest gateway to the first page above the fold position. Marketers can build a holistic search strategy to correctly allocate their search marketing budget across organic and paid SERP features.
4. Monitor competitor’s through SERP features
Google is an ultra-competitive channel. You have many domains appear on Google SERP from aggregators to publishers to actual competitors of your business model. To build the right marketing tactics -it is imperative to understand the top domains by SERP features, their competitive tactics, and the SERP landscape changes.
From planning link building to acquiring secondary traffic to improving authority score to crafting advertising and content strategies – SERP-driven insights like these help you maximize search advertising performance.
Additionally, monitoring your top emerging competitors’ tactics across SERP formats allows you to timely optimize your advertising campaigns. As shown in the graph below, Amazon has tremendously improved its Google Shopping Ads Share of Voice from May to July 2022.
When brands like this are heavily advertising in a category, marketers will need to advertise products in categories Amazon is not aggressively pushing and come back when Amazon advertising slows down.
Conclusion
Google is increasingly sharing less data. Google ad data doesn’t show advertisers which low impressions may be appearing and creeping up on your CPCs. Google search console data doesn’t show true rank, and the organic rank shared isn’t representative of the actual location on the page.
Going into 2023, it is imperative for search marketers to use SERP-driven insights to gain an edge in their performance marketing campaigns.
Prasanna Dhungel co-founded and runs GrowByData, which powers performance marketing for leading brands such as Crocs and top agencies like Merkle. GrowByData offers marketing intelligence for search, marketplace, and product management to win new revenue, boost marketing performance and manage brand compliance.
Prasanna also advises executives, board & investors on data strategy, growth, and product. He has advised leading firms such as Melinda & Bill Gates Foundation, Athena Health, and Apellis Pharma.
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ZoomInfo drops $575M on Chorus.ai as AI shakes up the sales market
ZoomInfo announced this morning it intends to acquire conversational sales intelligence tool Chorus.AI for $ 575 million. Shares of ZoomInfo are unchanged in pre-market trading following the news, per Yahoo Finance data.
Sales intelligence, Chorus’s market, is a hot space that uses AI to “listen” to sales conversations to help improve interactions between salespeople and customers. ZoomInfo is mostly known for providing information about customers, so the acquisition expands the acquiring company’s platform in a significant way.
The company sees an opportunity to bring together different parts of the sales process in a single platform by “combining ZoomInfo’s historic top-of-the-funnel strength with insights driven from the middle of the funnel in the customer conversations that Chorus captures,” it said in a release.
“With Chorus, the entire organization can make better decisions by surfacing insights and analytics that you would only get if you sat in on every sales or customer success call,” ZoomInfo CEO and founder Henry Schuck said in a blog post announcing the deal.
Ahead of the transaction, ZoomInfo was valued at just under $ 21 billion.
Chorus looks for what it calls “smart themes” in sales calls, which help managers steer sales teams towards the types of conversation and tone that is likely to drive more revenue. In fact, Chorus holds the largest patent portfolio related to conversational intelligence, according to the company.
Chorus was founded in 2015 and raised over $ 100 million along the way, according to Pitchbook data. The most recent round was a $ 45 million Series C last year.
Crunchbase News reports that at the time of its Series C round of funding, Chorus had “doubled its headcount to more than 100 employees and tripled its revenue over the past year.” That’s the sort of growth that venture capitalists covet, making the company’s 2020 funding round a non-surprise.
Notably PitchBook data indicates that the company’s final private valuation was around the $ 150 million mark; if accurate, it would imply that the company’s last private round was expensive in dilution terms. And that its investors did well in the exit, quickly more than trebling the capital that was last invested, with investors who put capital in earlier doing even better.
But we’re slightly skeptical of the company’s available valuation history given the growth that it claimed at the time of its Series C; it feels low. If that’s the case, the company’s exit multiple would decrease, making its final sale price slightly less impressive.
Of course a half-billion dollar exit is always material, even if venture capitalists in today’s red-hot, and expensive market are more interested in $ 1 billion exits and larger.
Chorus.ai will likely not be the final exit in the conversational intelligence space. Its rival Gong (often known by its URL, Gong.io) is one of the hotter startups in this space, having raised over $ 500 million. Its most recent raise was $ 250 million on a $ 7.25 billion valuation last month.
The implication of the Chrous.ai exit and Gong’s enormous private valuation is that the application of AI to audio data in a sales environment is incredibly useful, given the number of customers the two companies’ aggregate valuation implies.
The air taxi market prepares to take flight
Twelve years ago, Joby Aviation consisted of a team of seven engineers working out of founder JoeBen Bevirt’s ranch in the Santa Cruz mountains. Today, the startup has swelled to 800 people and a $ 6.6 billion valuation, ranking itself as the highest-valued electric vertical take-off and landing (eVTOL) company in the industry.
As in any disruptive industry, the forecast may be cloudier than the rosy picture painted by passionate founders and investors.
It’s not the only air taxi company to reach unicorn status. The field is now dotted with new or soon-to-be publicly traded companies courtesy of mergers and special purpose acquisition companies. Partnerships with major automakers and airlines are on the rise, and CEOs have promised commercialization as early as 2024.
As in any disruptive industry, the forecast may be cloudier than the rosy picture painted by passionate founders and investors. A quick peek at comments and posts on LinkedIn reveals squabbles among industry insiders and analysts about when this emerging technology will truly take off and which companies will come out ahead.
Other disagreements have higher stakes. Wisk Aero filed a lawsuit against Archer Aviation alleging trade secret misappropriation. Meanwhile, valuations for companies that have no revenue yet to speak of — and may not for the foreseeable future — are skyrocketing.
Electric air mobility is gaining elevation. But there’s going to be some turbulence ahead.
Big goals and bigger expenses
Taking an eVTOL from design through to manufacturing and certification will likely cost about $ 1 billion, Mark Moore, then-head of Uber Elevate, estimated in April 2020 during a conference held by the Air Force’s Agility Prime program.
That means in some sense, the companies that will come out on top will likely be the ones that have managed to raise enough money to pay for all the expenses associated with engineering, certification, manufacturing and infrastructure.
“The startups that have successfully raised or that will be able to raise significant amounts of capital to get them through the certification process … that’s the number one thing that’s going to separate the strong from the weak,” Asad Hussain, a senior analyst in mobility technology at PitchBook, told TechCrunch. “There’s over 100 startups in the space. Not all of them are going to be able to do that.”
Just consider some of the expenses accrued by the biggest eVTOLs last year: Joby Aviation spent a whopping $ 108 million on research and development, a $ 30 million increase from 2019. Archer spent $ 21 million in R&D in 2020, according to regulatory filings. Meanwhile, Joby’s net loss last year was $ 114.2 million and Archer’s was $ 24.8 million, though, of course, neither company has brought a product to market yet. Operating expenses will likely only continue to grow into the future as companies enter into manufacturing and deployment phases.
What that means for the future of the industry is likely two things: more SPAC deals and more acquisitions.
Mobility companies, including those working on electrified transport, are often pre-revenue and have capitally intensive business models — a combination that can make it difficult to find buyers in a traditional IPO. SPACs have become increasingly popular as a shorter, less expensive path to becoming a public company. SPACs have also historically received less scrutiny than IPOs. Should the U.S. Securities Exchange Commission start to take a closer look at SPAC mergers in the future, it may impair the ability of other air taxi companies to go public this way, Hussain said.
That means market consolidation is nearly guaranteed, as smaller companies may find it more advantageous to sell than continue to raise more capital. It’s already begun: At the end of April, eVTOL developer Astro Aerospace announced the acquisition of Horizon Aircraft.
Horizon cited “greater access to capital” as one of the many benefits of the transaction, and other companies will likely find the buy or sell route to be the most beneficial on the road to commercialization. And just last week, British eVTOL Vertical Aerospace, which has an order for 150 aircraft from Virgin Atlantic, said it would go public via a merger with Broadstone Acquisition Corp. at an equity value of around $ 2.2 billion.
RPA market surges as investors, vendors capitalize on pandemic-driven tech shift
When UIPath filed its S-1 last week, it was a watershed moment for the robotic process automation (RPA) market. The company, which first appeared on our radar for a $ 30 million Series A in 2017, has so far raised an astonishing $ 2 billion while still private. In February, it was valued at $ 35 billion when it raised $ 750 million in its latest round.
RPA and process automation came to the fore during the pandemic as companies took steps to digitally transform. When employees couldn’t be in the same office together, it became crucial to cobble together more automated workflows that required fewer people in the loop.
RPA has enabled executives to provide a level of workflow automation that essentially buys them time to update systems to more modern approaches while reducing the large number of mundane manual tasks that are part of every industry’s workflow.
When UIPath raised money in 2017, RPA was not well known in enterprise software circles even though it had already been around for several years. The category was gaining in popularity by that point because it addressed automation in a legacy context. That meant companies with deep legacy technology — practically everyone not born in the cloud — could automate across older platforms without ripping and replacing, an expensive and risky undertaking that most CEOs would rather not take.
RPA has enabled executives to provide a level of workflow automation, a taste of the modern. It essentially buys them time to update systems to more modern approaches while reducing the large number of mundane manual tasks that are part of just about every industry’s workflow.
While some people point to RPA as job-elimination software, it also provides a way to liberate people from some of the most mind-numbing and mundane chores in the organization. The argument goes that this frees up employees for higher level tasks.
As an example, RPA could take advantage of older workflow technologies like OCR (optical character recognition) to read a number from a form, enter the data in a spreadsheet, generate an invoice, send it for printing and mailing, and generate a Slack message to the accounting department that the task has been completed.
We’re going to take a deep dive into RPA and the larger process automation space — explore the market size and dynamics, look at the key players and the biggest investors, and finally, try to chart out where this market might go in the future.
Meet the vendors
UIPath is clearly an RPA star with a significant market share lead of 27.1%, according to IDC. Automation Anywhere is in second place with 19.4%, and Blue Prism is third with 10.3%, based on data from IDC’s July 2020 report, the last time the firm reported on the market.
Two other players with significant market share worth mentioning are WorkFusion with 6.8%, and NTT with 5%.
Lawmatics raises $2.5M to help lawyers market themselves
Lawmatics, a San Diego startup that’s building marketing and CRM software for lawyers, is announcing that it has raised $ 2.5 million in seed funding.
CEO Matt Spiegel used to practice law himself, and he told me that even though tech companies have a wide range of marketing tools to choose from, “lawyers have not been able to adopt them,” because they need a product that’s tailored to their specific needs.
That’s why Spiegel founded Lawmatics with CTO Roey Chasman. He said that a law firm’s relationship with its clients can be divided into three phases — intake (when a client is deciding whether to hire a firm); the active legal case; and after the case has been resolved. Apparently most legal software is designed to handle phase two, while Lawmatics focuses on phases one and three.
The platform includes a CRM system to manage the initial client intake process, as well as tools that can automate a lot of what Spiegel called the “blocking and tackling” of marketing, like sending birthday messages to former clients — which might sound like a minor task, but Spiegel said it’s crucial for law firms to “nurture” those relationships, because most of their business comes from referrals.
Lawmatics’ early adopters, Spiegel added, have consisted of the firms in areas where “if you need a lawyer, you go to Google and start searching ‘personal injury,’ ‘bankruptcy,’ ‘estate planning,’ all these consumer-driven law firms.” And the pandemic led to accelerated the startup’s growth, because “lawyers are at home now, their business is virtual and they need more tools.”
Spiegel’s had success selling technology to lawyers in the past, with his practice management software startup MyCase acquired by AppFolio in 2012 (AppFolio recently sold MyCase to a variety of funds for $ 193 million). He said that the strategies for growing both companies are “almost identical” — the products are different, but “it’s really the same segment, running the same playbook, only with additional go-to-market strategies.”
The funding was led by Eniac Ventures and Forefront Venture Partners, with participation from Revel Ventures and Bridge Venture Partners.
“In my 10 years investing I have witnessed few teams more passionate, determined, and capable of revolutionizing an industry,” said Eniac’s Tim Young in a statement. “They have not only created the best software product the legal market has seen, they have created a movement.”
Oracle’s TikTok and Zoom deals won’t move cloud market share needle significantly
While the overall cloud infrastructure market is booming having reached $ 30 billion last quarter worldwide, Oracle is struggling with market share in the low single digits. It is hoping that the Zoom and TikTok deals can jump start those numbers, but trying to catch the market leaders Amazon, Microsoft and Google, never mind several other companies ahead of it, is going to take a lot more than a couple of brand name customers.
By now, you know Oracle and TikTok were joined together in unholy acquisition matrimony last month in the acquisition equivalent of a shotgun wedding. In spite of that, Oracle founder and chief technology officer Larry Ellison gushed in a September 19 press release about how TikTok had “chosen” his company’s cloud infrastructure service. The statement also indicated that this “choice” was influenced by Zoom’s decision to move some percentage of its workloads to Oracle’s infrastructure cloud earlier this year.
The mechanics of the TikTok deal aside, the question is how big an effect will these two customers have on the company’s overall cloud infrastructure market share. We asked a couple of firms who closely watch all things cloud.
John Dinsdale, chief analyst at Synergy Research Group, wasn’t terribly optimistic that they would have much material impact on moving the market share needle for the database giant. “Oracle’s cloud infrastructure services growth has been consistently below overall IaaS and PaaS market growth rates so its market share has [actually] been nudging downward. Zoom may be a good win but it is unlikely to move the needle too much — and remember Zoom also buys cloud services from AWS,” Dinsdale told TechCrunch.
As for TikTok, Dinsdale, like the rest of us, wasn’t clear how that deal would ultimately play out, but he says even with both companies in the fold, it wasn’t going to shift market share as much as Oracle might hope. “Hypothetically, even if Zoom/TikTok helped Oracle increase its cloud infrastructure service revenues 50% over 12 months, which would be a real stretch, its market share would still be nearer to 2% than 3%. This compares with Google at 9%, Microsoft 18% and AWS 33%,” Dinsdale said.
He did point out that the company’s SaaS business is much stronger. “Broadening the scope a little to other cloud services, Oracle’s SaaS growth is running roughly in line with overall market SaaS market growth so market share is steady. Oracle’s share of the total enterprise SaaS market is running at around 6%, though if you drill down to the ERP segment it is obviously doing much better than that,” he said.
Canalys, another firm that follows the cloud infrastructure market says their numbers tell a similar story for Oracle. While it’s doing well in Saas with 7.8% market share, it’s struggling in IaaS/PaaS.
“For IaaS/PaaS, Oracle Cloud is at 1.9% for Q2 2020 and that isn’t moving much. The top three providers are AWS, Azure and Google Cloud, who have 30.8%, 20.2% and 6.2% respectively,” Blake Murray from Canalys told TechCrunch.
It’s worth keeping in mind that Google hired Diane Greene five years ago with the hope of accelerating its cloud infrastructure business. Former Oracle exec Thomas Kurian replaced her two years ago and the company’s market share still hasn’t reached double digits in spite of a period of big overall market growth, showing how much of a challenge it is to move the needle in a significant way.
Another big company, IBM bought Red Hat two years ago for $ 34 billion with an eye toward improving its cloud business, and while Red Hat has continued to do well, it does not seem to have much impact on the company’s overall cloud infrastructure market share, which has been superseded by Alibaba in fourth place, according to Synergy’s numbers. Both companies are in the single digits.
Image Credits: Synergy Research
All that means, even with these two clients, the company still has a long way to go to be relevant in the cloud infrastructure arena in the near term. What’s unknown is if this new business will help act as lures for other new business over time, but for now it’s going to take a lot more than a couple of good deals to be relevant — and as Google and IBM have demonstrated, it’s extremely challenging to gain chunks of market share.
A turbulent stock market is a boon to investing-focused fintech startups
Hello and welcome back to our regular morning look at private companies, public markets and the gray space in between.
A few weeks back we dug into the boom that savings and investing apps and services were enjoying. Companies like Acorns, M1 Finance, Robinhood and others were seeing rapid growth in their assets under management (AUM) and downloads. New data out today underscores how well finance apps are faring in the new, chaotic COVID-19 era.
You can run a simple test on yourself in this case. Since, say, January of this year, have you paid more or less attention to your banking and investing related apps and, more broadly, your financial life? Perhaps you are trying to put a bit more away? Or make sure your 401k isn’t invested in something silly?
If so, you are far from alone. To detail just how much more activity this slice of the startup world is enjoying, this morning we’re taking another look at the growth that this slice of the fintech world is undergoing. We’ll lean on some new data from a mobile app analytics provider (AppAnnie) and a report from a brokerage-infra startup (DriveWealth) to get a clearer picture of where investing and savings apps are growing and just how well they are performing.
Investing in a downturn
Bessemer’s Tess Hatch on the evolving aerospace market and COVID-19 adjustments
The aerospace market is evolving quickly and merging with other segments of tech, making it an exciting space for both startups and investors — but the complications of the global pandemic are being felt by both.
Bessemer Venture Partners investor Tess Hatch has been helping guide companies in their portfolio through these strange times, and has been rolling with the punches herself.
Hatch recently spoke to us about the advice she’s been offering startups, which companies are being hit hardest and where opportunity still lies in the frontier tech world. (This interview has been edited for length and clarity.)
Austerity measures and hard-hit hardware
TechCrunch: I’m interested in how the virus is affecting things in the investment world. Have you made any official accommodations, like a change of strategy, or putting off key investments, things like that?
Tess Hatch: Of course, we’re advising startups on things to do, like their employee safety, and implementing working from home, and tools and tips and tricks that can help that. Especially when it comes to hardware companies — it’s kind of hard to work from home when you’re manufacturing.
We’re advising them to really watch their burn, because their top line is not going to hit where they expected it to hit, like a double or triple revenue, it’ll maybe stay the same. If it increases even a little bit, they’re winning. We’re having these individual company-to-company conversations, just advising them on getting through, hopefully just these next couple of quarters, but it could be next year plus.
“We’re advising them to really watch their burn, because their top line is not going to hit where they expected it to. If it increases even a little bit, they’re winning.”
There is the question of new deals that we were looking at and this is a time where entrepreneurs will find amazing opportunities to solve the most pressing/immediate societal challenges and we are here to invest in them. We’re still taking new pitch meetings, new deals, we’re still busy, just doing it in the comfort of our pajamas rather than at the office.
So would you say that it has affected the frequency or the cadence of your investments, on a larger scale?
There’s really been like three partnership meetings since craziness happened. And the number of deals that we’ve talked about in the presentations we’ve had, those have remained the same, but ask that question in three more weeks, and I’m sure it I’ll have a better answer.
One of the funny things we’re talking about is that investors, one of their favorite things is to be able to predict how the future, at least the next year or two, is going to go. But this is one of the greatest times of uncertainty we’ve all lived through. So how are you approaching that when there’s so much that’s uncertain, but there’s so much that you need to know in order to effectively manage your portfolio, give advice and make sound investments?
Right now, it is shaking everything that we’ve believed in so strongly. However, we still are looking out, let’s say two to five-plus years. The real question is if this is going to be, with quarantining and lowering the curve, a little bit more under control by let’s say the summertime, or if this is going to be more than a couple of quarters, say a couple of years.
“It’s like you said, the uncertainty of just not knowing how long or how drastically this is affecting everything.”
One of the many things we are advising is for our companies that are able, raise a bit of extra capital now while the water is shut off, but there’s still a little bit trickling from the showerhead… I have not seen anything like this in my short career, but there are partners at the firm who have been here 20-plus years and while they have never seen this particular situation, I’ve been amazed by their ability to deal with these unique challenges and advise our companies on how to get through this. It’s like you said, the uncertainty of just not knowing how long or how drastically this is affecting everything.
I think that the hardware companies that you mentioned, those may have it the hardest because they involve so much travel, so much mailing back and forth of prototypes for testing. Is there any specific advice that you have for hardware companies that are trying to build a product right now?
Unfortunately, most of them have stopped all travel. We’re trying to do as much as we can virtually. The majority of them are smaller teams that are actually making, let’s say, a drone, or an autonomous robot, and they’re just staying six feet apart and taking all of the necessary precautions, doing every-other shifts. So if, say it’s a six-person team, three of them are working in the morning and three of them are working in the afternoon to increase the distance between all of them. The offices — especially where we’re building drones — are huge, so there’s tons of space for everyone.
The real issue though, is our customers aren’t showing up to work, you know? One of our companies, Impossible Aerospace, sells drones to police and fire departments. This is one of the best times to use drones to deliver emergency medical supplies, or even toilet paper and hand sanitizer to people in need. The ones that do have the drones are happy and they’re using them, but the ones that don’t, they’re so overwhelmed with everything else that’s going on.
There are always leads to follow up on, contracts to hammer out and negotiate, improvements you can make to your sales process. Is this something that there actually is a lot of, that even hardware companies can focus on in these downtimes?
At a high level, I’m sure there are people in the organization that can turn and do that. But think about a sales person or business development, there are certain ones that, their entire job is shaking hands or going to these events. I mean, think of marketing spend with no conferences this year, and all that upsets.
Aerospace between air and space
You wrote an article last week for us about a sort of neglected area of the new space industry, the stratosphere. I feel like people have been chasing this for a long time, but that the drawbacks of being in atmosphere are too much, especially when LEO [low Earth orbit] is getting so cheap. Do you really think that things like balloons and blimps are in the cards?
I agree with you that LEO is definitely becoming more accessible and cheaper and this market is shifting from price per kilogram to time to orbit, with launch vehicles like Rocket Lab’s coming to fruition.
However, there are still so many things one needs to do to modify their sensor for LEO. And with LEO, you’re only over the same area of interest for let’s say 15 minutes of a 90-minute orbit. And even then, the revisit rate over the same spot of Earth, it depends on the orbit, but it’s daily, weekly, sometimes more than weekly. The only way to stay over a single point in space is GEO [geosynchronous orbit], and that’s 36,000 kilometers versus 500 to 1,200 [for LEO].