After some initial volatility in highly-trafficked keywords, Panama started to learn and re-rank advertisers based on brand relevancy and better ad creatives, showing that the system is working.
In the aggregate, firm believes advertiser spend should increase modestly from pre-to-post Panama levels. Ad spend increases for advertisers with high ROI-focus is more pronounced, as daily limits and budgets are flexible. Spend increases at brand-oriented advertisers may lag by about one quarter, as these marketers typical have to go through longer approval processes for additional budget. Firm reminds investors that it is still early, that some advertisers have temporarily increased max-bids to influence CTRs, and that budget adjustments happen slowly for many advertisers.
It is too early to definitively say, but firm has heard anecdotally of some advertisers with limited budget flexibility (brand-oriented) shifting some dollars from Google and MSN."
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