Nowhere is the Google search engine’s power more evident — and potentially damaging to businesses — than in the market for “branded keywords.”
The gallows humor shows that people rarely look beyond the first few results of a search, but Lee Griffin isn’t laughing.
The clamor from companies has prompted the British competition watchdog to study online platforms and digital advertising, aiming to examine the market power of companies such as Google over online marketing. The European Union has been trying to rein in Google, fining the company $1.6 billion this year for thwarting advertising rivals.
Nowhere is Google’s power more evident — and potentially damaging to businesses — than in the market for “branded keywords.” This is where businesses buy ads based on their brand names. So GoCompare bids on the word “GoCompare” and when people search for that, Google runs an ad at the top of results usually linking to the company’s website.
The price GoCompare has to pay for search terms that use its brand has more than doubled since 2016, with a real surge in the last 12 to 18 months, said Matthew Crummack, chief executive of GoCompare parent company GoCo Group., and said he was quickly deluged with messages from other small businesses who also felt victimized.
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