TikTok is the New Google

🛡️ Google Guides Advertisers on Data Privacy Compliance

June 04, 2024

Hey there Scooper 🍨

TikTok wins yet again :) 

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CONSUMER BEHAVIOUR

📱 Is Social Media the New Google? Generational Shifts in Search Behavior
Insights from Forbes Advisor

In 2024, internet usage has transformed significantly, shifting from desktop to mobile devices and changing how people engage with content and commerce online. A Talker Research study reveals that social media platforms like TikTok and Facebook Marketplace are becoming primary search and shopping tools, especially among younger generations.

In Short:

  • Generational Shift: Generation Z uses Google 25% less than Generation X, preferring social media for searches. 46% of Gen Z primarily use social media for information, compared to 35% of Millennials.

  • Mobile-First Access: One-third of Americans now access the internet exclusively via smartphones. Among Millennials, 39% use only their phones, while 40% of Gen Z also rely primarily on mobile devices.

  • Brand Discovery: Social media is pivotal in brand discovery. 24% of users find new brands daily on these platforms, with 44% of Gen Z discovering new brands daily and 33% weekly.

  • Search Preferences: TikTok has overtaken Instagram for business searches, with 40% of Gen Z using it for “Hair and Makeup” and “Gift Ideas.” On Instagram, “Fashion Brands” is the top search category at 12%. On Facebook, “News and Current Affairs” and “Recipe and Meal Ideas” are the most searched topics. Google remains the go-to for “Restaurants and Bars” at 81%.

Implications:

Convenience and Engagement: 29% of people prefer social media for searches due to convenience. Social media platforms offer quick, engaging, and personalized results, often favored over traditional search engines.

Impact of Potential TikTok Ban: 35% of Gen Z and 26% of Millennials say a TikTok ban would significantly affect how they access information, highlighting the platform’s importance in their daily digital routines.

The evolving preferences in search behavior highlight a trend towards more interactive and dynamic digital experiences. Embracing these changes is crucial for maintaining relevance and effectively reaching diverse consumer bases.

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GOOGLE ADS

🛡️ Google Guides Advertisers on Data Privacy Compliance
Insights from Search Engine Journal

Google Ads has informed U.S. advertisers about upcoming changes in data privacy due to new state laws, effective this year. The changes emphasize user privacy and data handling, known as “Restricted Data Processing” (RDP), introduced by Google in 2019.

In Short

New State Laws: Florida, Texas, Oregon, Montana, and Colorado are implementing new privacy law provisions.

Colorado Privacy Act: Colorado will enforce its Universal Opt-Out Mechanism (UOOM), impacting data processing practices.

Google’s Compliance Measures:

Updated Terms: Google is updating data processing and protection terms for Google Ads and Analytics to align with new state laws. Advertisers who have already agreed to these terms need not take further action.

RDP Functionality: Google will act as a service provider, enabling RDP in relevant states and expanding as more states enact privacy laws.

Universal Opt-Out Mechanism (UOOM): In Colorado, Google will respond to Global Privacy Control (GPC) signals to opt users out of ad targeting, sales data, and data sharing.

Impact on Advertisers:

Less Personalized Ads: Increased opt-out options will reduce personalized ad targeting, affecting ad inventory and bidding strategies.

Customer Match Impact: Match rates for Customer Match and Remarketing lists will decline due to user consent requirements and the inability to track users who opt out or are not logged into their Google accounts.

Performance Reporting Fluctuations: Advertisers may see volatility in metrics like conversions, ROAS, and CPA, necessitating a shift from relying solely on hard numbers for strategic decisions.

Google’s updates aim to help advertisers navigate the evolving data privacy laws, emphasizing the importance of compliance. Advertisers must stay informed and adaptable to maintain effective campaign performance amidst changing regulations.

AI BUDGETS

💼 CFOs Anticipate Shifts in AI Budgets for the Coming Year
Insights from Superhuman

According to a PYMNTS report, CFOs are still determining the optimal annual investment in generative AI products. Nearly half of companies spending under $1 million annually on AI expect their budgets to increase in the next year. In contrast, almost 75% of firms with AI budgets over $5 million plan to reduce spending, though 22% intend to invest more.

Among companies with annual AI expenditures between $1 million and $5 million, 55% plan to maintain their current spending levels, indicating this range might be ideal for many. Despite differing views on AI investment, 60% of CFOs consider generative AI the “greatest innovation of our time.”

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🧷Advertising next to controversial news articles is as effective as next to "safe" topics. Stagwell's "Future of News Study" shows purchase intent for ads near controversial topics ranges from 65% to 72%, similar to safe topics.

📔Facebook is evolving to focus on young adults and advanced AI capabilities. With over 40 million young adult users in the US and Canada, the platform aims to facilitate social discovery, improve video experiences, and support creators.


That’s all for today! While we curate another Viral Scoop for tomorrow, let us know how you felt about today! And share this with someone who’d love it.🥰