Search engines are making more money than ever and they can thank the pandemic for its rapid success. Companies that were worth billions of dollars have become worth well over one trillion dollars, such as: Amazon, Apple, Google, and Microsoft.
Businesses are leaning to internet advertising and it shows as big tech companies are generating record profits in their advertising departments. Businesses now have to compete even more to secure keywords and phrases on search engines like Google.
The internet did see a huge increase in activity since the pandemic kicked into full gear. People were focused on the internet and thus companies knew they had to spend more money on internet based advertising to secure attention for their brands.
Bid prices for keywords and phrases have increased as a result of more businesses trying to secure advertising space on the internet. You want to make sure your business gets exposure through search engines, websites, apps, etc. This can cost a business a lot of money and is a negative for small and micro businesses that compete with big businesses.
A small business that wants to secure a piece of market share by advertising will have to spend more money now to compete with bigger brands. Companies like Google are the real winners in this situation since they are following supply and demand.
Though the prices of internet based services might have become cheaper like website hosting and certain skills like SEO marketing but to compete in this market these days, it’s not about saving money but being able to spend a lot on advertising. You want to be able to advertise in the same places as bigger companies without having to bid large amounts of money on certain keywords or phrases.
Hopefully, the pandemic will disappear in due time because the bid prices will go down for keywords and phrases. This will help micro and small businesses regain market share since bigger companies like to diversify their advertising in multiple media avenues.
The competition might be steep right now if you’re a smaller business but do endure because hopefully, the prices will drop for those seeking to advertise in the most lucrative parts of the internet like search engines, websites, and applications.
My name is Greg and I have 15 years of experience in creating and managing websites. I have 6+ million views collectively on social media platforms like Quora, Facebook, LinkedIn, and Instagram. Contact me to get your website optimized for search engines.