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Display advertising’s competitive spillovers to consumer search

• Published: 30 April 2015
• Volume 13 , pages 93–115, ( 2015 )

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• Randall Lewis 1 &
• Dan Nguyen 2  

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We find display advertising influences customer search for both the advertised brand and its competitors. We exploit a natural experiment that randomizes ad delivery on 500 million visits to the Yahoo! homepage and compare visitors’ subsequent activities on Yahoo! Search. In three advertisers’ campaigns, display ads increase searches for advertised brands by 30–45 % and for competitors’ brands by up to 23 %. Strikingly, the total number of incremental searches for competitors is 2–8 times the increase for advertisers’ brands. We discuss how these spillovers create strategic complementarities for search advertisers and reduce firms’ investments in advertising.

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Marketing Models for Internet Advertising

Interrelations of Advertising Channels—An Empirical Study on Online Purchase Behavior

Competing for Consumers Online: The Advertising Strategies of Vertically Differentiated Firms

Lewis ( 2010 ) uses this variation to study the effect of frequency on clicks and new account sign-ups.

This is a burgeoning research area—since we released this work in 2011, others have begun to work on similar research.

Blake et al. ( 2013 ) found little short-term value of brand keyword advertising for eBay because those who clicked on eBay’s search ads and later made a purchase would have clicked on the organic links to the company’s website on the search result page anyway. Hence, customers use brand keywords to find brands’ websites.

Lewis ( 2010 ) discusses this natural experiment and its virtues and failings in depth.

Only 18 % of impressions were followed by another impression from the study within ten minutes.

This method incorrectly attributes some searches to the brand’s product such as queries for the advertiser’s financial statements or stock price. Additionally, ambiguous search terms such as ‘apple,’ ‘galaxy,’ and ‘progressive’ complicates the analysis of queries. After reviewing some of the categorized searches, we believe that most of the categorized searches are for the brands’ products. See Table 4 for examples of affected brand-related queries.

We do not analyze the Best Buy campaign for competitive spillovers because by 2011 Best Buy was the only nationwide electronics retailer remaining after the demise of Circuit City and many other stores.

We present this simple analysis rather than a linear regression with control variables because the exogenous variation of the natural experiment removes the need for control variables to identify the effect of the display ad and reduces the linear regression to a comparison of means between the test and control group. Our analysis is equivalent to estimating the following (saturated) linear probability model

where S e a r c h i j t is an indicator variable equal to one if user i searched for brand j during period t and zero otherwise; A D i t is another indicator variable equal to one if the target ad was delivered to user i during period t ; 𝜖 i j t is the error term.

Robustness checks examining the effects of the number of prior target exposures during the control periods showed no statistically significant effect, with the point estimates generally negative, suggesting no misattribution. These results are available in the Online Appendix .

Any diminishing returns to additional impressions (i.e., wearing out) of the effects, which could complicate this simplified counterfactual computation, are found to be of modest importance in the Online Appendix . Similar to the findings in Lewis ( 2010 ) for clicks and new account sign-ups and in Johnson et al. ( 2015 ) for combined online and in-store sales, our model shows no significant effects of decreasing marginal returns, but the confidence intervals grow wider in the number of impressions.

Nearly all users who searched for either the advertiser or at least one of its competitors did not search for both.

The search queries were already “canonized” in the Yahoo! Search raw data: user-entered queries are transformed via many grammatical and data-driven rules such as correcting common misspellings, trimming pluralized words ending in ‘s’s, and removing articles and common words such as ‘the’ and ‘out.’ As a result, a query such as ‘FX Lights Out’ becomes ‘fx light’ in the data.

For example, for the Acura ad, we analyze 48,656 subdomains that received at least 40 clicks in our sample; only 2 of the top 25 subdomains, ranked by p -value, are not obviously car-related and were considered false positives. This observation, combined with the fact that car-related searches account for a small share of all online search behavior, leads us to expect car-related false positives to have no meaningful effect on our findings.

All statistically significant relevant outcomes show positive effects—we include potentially negatively affected outcomes under the control ads’ significant terms in Table 4 because, by design, any negative effects of the target ad are observationally equivalent to positive effects of the control ad.

An unpublished study by one of the authors in 2010 found that showing display ads on both mobile and desktop platforms to the same individual was very difficult due to the endogeneity of individuals’ platform usage.

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Acknowledgments

This research was performed during the summer of 2011 while at Yahoo! Research. We thank Yahoo!, Inc. for facilitating this research through financial support, data access, and academic independence. We thank Iwan Sakran for helping with data extraction. We would also like to express our thanks to David Reiley, Justin Rao, Preston McAfee, Patrick Bajari, and Catherine Tucker for their constructive feedback and many other participants at the Berkeley Marketing Seminar, 2012 NBER SI of IT & Digitization Workshop, and FTC Microeconomics Conference for their questions, comments, and critiques.

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Lewis, R., Nguyen, D. Display advertising’s competitive spillovers to consumer search. Quant Mark Econ 13 , 93–115 (2015). https://doi.org/10.1007/s11129-015-9155-0

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Received : 20 January 2014

Accepted : 12 March 2015

Published : 30 April 2015

Issue Date : June 2015

DOI : https://doi.org/10.1007/s11129-015-9155-0

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• DOI: 10.2139/ssrn.3070706
• Corpus ID: 170005755

Online Display Advertising Markets: A Literature Review and Future Directions

• Hana Choi , Carl F. Mela , +1 author Adam Leary
• Published in Information systems research 26 September 2019
• Business, Computer Science, Economics

139 Citations

The attention economy of online advertising, advertiser learning in direct advertising markets, display advertising pricing in exchange markets, inferno: a guide to field experiments in online display advertising, context information can increase revenue in online display advertising auctions: evidence from a policy change, from mad men to maths men: concentration and buyer power in online advertising, inefficiencies in digital advertising markets, overwhelming targeting options:selecting audience segments for online advertising, targeted advertising in social media platforms with heterogeneous participants, optimal bidding strategies for digital advertising, 247 references, adverse selection and auction design for internet display advertising, display advertising’s competitive spillovers to consumer search.

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Please note you do not have access to teaching notes, display advertising: the role of context and advertising appeals from a resistance perspective.

Journal of Research in Interactive Marketing

ISSN : 2040-7122

Article publication date: 4 April 2023

Issue publication date: 7 March 2024

This research aims to investigate the role of consumer resistance (CR), display advertising context, appeal and type of exposure for the successful launch of a brand into a new market.

Design/methodology/approach

To accomplish this goal, two experiments manipulated the digital context of advertising (congruent vs. incongruent), the advertising appeal (emotional vs. informative) and the type of exposure (incidental vs. forced) using an energy drink brand. In Study 1, data were collected from 80 participants using eye-tracking and an online questionnaire. In Study 2, a total of 138 participants visited a website with the targeted display ad and responded to an online questionnaire.

Overall, the results of two studies show that the relationship between CR and display advertising effectiveness is moderated by the advertising context and advertising appeal in incidental exposure, whereas only the advertising context moderates this relationship in forced exposure when launching a brand into a new market. Moreover, the study illustrates the importance of collecting subjective and objective data in advancing the knowledge and understanding of interactive marketing communications such as display advertising.

Originality/value

The study is a novel attempt within the well-established realm of interactive marketing and, specifically, of digital advertising to examine the persuasive effects of display ad features such as the context, appeal and exposure on display ad effectiveness, considering consumers' predispositions such as resistance to change.

• Brand launch
• Consumer resistance
• Display advertising
• Advertising context
• Advertising appeal
• Eye-tracking
• Energy drink
• Forced exposure

Tsiotsou, R.H. , Hatzithomas, L. and Wetzels, M. (2024), "Display advertising: the role of context and advertising appeals from a resistance perspective", Journal of Research in Interactive Marketing , Vol. 18 No. 2, pp. 198-219. https://doi.org/10.1108/JRIM-09-2022-0302

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• News Release
• Three Products Obtained the Largest Share of the Global Market

Three Products Obtained the Largest Share of the Global Market for Five Successive Years: Anisotropic Conductive Film, Anti-reflection Film Produced Using Sputtering Technology, and Optical Elastic Resin

Dexerials Corporation (Headquarters: Shimotsuke-shi, Tochigi; Representative Director and President: Yoshihisa Shinya; hereinafter, Dexerials) announces that three of its products have obtained the largest shares of their global markets. According to the “Current Status and Future Outlook for Display-related Markets 2024” market research report issued by Fuji Chimera Research Institute, Inc. (Headquarters: Chuo-ku, Tokyo; Representative Director and President: Kazushi Tanaka) in July 2024, three products manufactured and sold by Dexerials—Anisotropic Conductive Film (ACF), Anti-reflection film produced using sputtering technology *1 , and Optical elastic resin (SVR) *2 —have obtained the largest shares in their respective global markets *3 for the fifth consecutive year since 2019.

Dexerials began operations in 2012 *4 . Since then, it has supported the evolution of technology by developing products that anticipate social and technological changes. Dexerials develops, manufactures, and sells electronic parts, adhesive material, and functional materials, including optical materials, conducting its business at eight domestic (including subsidiaries) and 12 overseas manufacturing and sales bases. A management strategy was announced in the new five-year mid-term management plan *5 in May 2024.

Anisotropic Conductive Film (ACF) is one of our main products, used in many products, such as laptop computers, smartphones, and automotive displays. In particular, smartphone displays are undergoing an accelerating shift from LCD to flexible OLED. Particle-arrayed Anisotropic Conductive Film (ACF), in which conductive particles are arranged in arrays in intended positions using a proprietary technology, realizes high connective reliability and has become the de facto standard for flexible OLED displays that require even finer connections. To meet the increasing demand, the expansion of the second plant at Kanuma Plant will be completed in 2026, which is expected to increase its production capacity to 2.5 times the current level.

With regard to Anti-reflection film, automotive displays are becoming larger in size and demand is increasing even more. In March 2023, the dedicated AS Lab., where automative products can be trialed and designed, was created at Tochigi Technology Center to accommodate various customer requests and product development. Moreover, a new dedicated automotive Anti-reflection film manufacturing line began operating in April 2024 to respond to the expansion of market demand.

Dexerials’ Optical elastic resin (SVR), which is a liquid adhesive for lamination within displays, is highly visible and a product for easy use in customer work as well. The Optical Solution Center for the latest in in-vehicle displays was established jointly with German SemsoTec Group in 2023 *6 . At this center, customers can now design, prototype, and consider the latest automotive displays using our optical elastic resin (SVR) without having to make any capital investments in their own facilities.

Going forward, Dexerials aims to contribute to the realization of a sustainable society, achieve sustainable growth, and increase corporate value by providing high-value-added products, technologies, and solutions that are essential for the evolution of digital technologies that support the resolution of social issues, while adhering to its corporate philosophy of “Integrity,” even in a changing society and environment.

• *1 A membrane formation technology. The technology squirts argon gas onto a sputtering target in a vacuum so the propelled atoms and molecules adhere to the base material for lamination. It is also used in the manufacturing of semiconductors, etc.
• *2 Optical Clear Resin. A collective name for transparent liquid adhesives used to laminate the insides of displays.
• *3 Market value share in 2023
• *4 In 2012, Sony Chemical & Information Device Corporation changed its company name to Dexerials Corporation and started operating under the new name.
• *5 Formulation of Mid-Term Management Plan 2028 “Achieving Evolution” and the Purpose
• *6 SemsoTec Establishment of an Optical Solution Center for Next-generation In-Vehicle HMIs with SemsoTec Group in Cham, Germany

Market Overview Including Market Shares

The sales revenue-based market shares of the Anisotropic Conductive Film (ACF), Anti-reflection film produced using sputtering technology, and Optical elastic resin (SVR) in 2023 are as follows:

1. About Anisotropic Conductive Film (ACF)

Market category in the survey report: ACF Our share of the global market: 73.9％ (Total ACFs for larger, medium and smaller sizes.)

Anisotropic Conductive Film (ACF)

Anisotropic Conductive Film (ACF):

Film type adhesive material that is essential for bonding IC chips and other electronic parts on circuit boards to form a circuit. It has conductive particles dispersed in a thermosetting resin, fulfills the three functions of adhesion, connection, and insulation when applied using heat and pressure, and is capable of being a connector for the opposed terminal while insulating adjacent terminals from one another. Dexerials’ Anisotropic Conductive Film (ACF) is commonly used in mounting IC chips for displays and camera or sensor modules.

2. About Anti-reflection Film Produced Using Sputtering Technology

Market category in the survey report: Surface treatment film (dry coat) Our share of the global market: 93.5％

Anti-reflection film

Anti-reflection film produced using sputtering technology:

When attached to the top surface of a display, the film reduces the reflectance of light to realize a beautiful, high visibility display. Using sputtering technology, the film forms an anti-reflection layer of metal oxide film to achieve high durability and superior anti-reflection performance. Dexerials has established a system for efficiently producing rolls of film-type products while ensuring product quality, by adopting a proprietary roll-to-roll puttering system. Our Anti-reflection film is widely used for automotive displays, laptops, etc.

3. About Optical elastic resin (SVR)

Market category in the survey report: OCR *7 Our share of the global market: 48.6％

• *7 Optical Clear Resin. A collective name for transparent liquid adhesives used to laminate the insides of displays.

Optical elastic resin (SVR)

Optical elastic resin (SVR):

A liquid adhesive to fill air gap with display panel indication area and a top plate. Since it has optical characteristics similar to glass, it can minimize the reflectance of outside lights on the boundary face of the top plate and the dispersion of internal light to improve the visibility of the display. Our optical elastic resin (SVR) is widely used in the displays of smartphones, tablet PCs, and automobiles.

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August Mortgage Rates Could Continue Long Decline

Economists remain hopeful slowing inflation will continue to drive down mortgage rates. Falling rates also mean it might be a good time to refinance.

NEW YORK – Mortgage rates are likely to keep falling in August because inflation is slowing down.

The pleasing news is that mortgage rates have been trending downward since they crested for the year in April, when the 30-year fixed-rate mortgage averaged 7.04% in NerdWallet's daily survey. The average rate slipped slightly lower in May, then dropped again in June and yet again in July, when it averaged 6.74%. August could mark four months in a row of falling rates.

Mortgages respond to inflation. When prices rise uncomfortably fast, mortgage rates go up, too. That's what happened from early 2022 to late 2023. Now inflation is easing, and mortgage rates are slowly falling.

The Federal Reserve's favored inflation gauge, the core personal consumption expenditures price index, dropped from 4.3% in June 2023 to 2.6% in June 2024, according to the latest data available. The Fed's goal is to achieve an inflation rate of 2%, and inflation seems to be on its way there.

Fed officials say they'll cut the short-term federal funds rate when they're convinced that "inflation is moving sustainably toward 2%," in the words of Fed Chair Jerome Powell to a Senate committee in early July.

The Fed keeps an eye on inflation

Financial markets believe the Federal Reserve's first rate cut will happen at its next meeting, which concludes Sept. 18. As of late July, prices in the federal funds rate futures market imply that a September rate cut is a virtual certainty, according to the CME FedWatch Tool.

Between the beginning of August and the next Fed meeting, the central bank will get a look at three important inflation measurements: the consumer price index for July and August, and the PCE price index for July. The case for Fed rate cuts will be strengthened if the inflation reports move in the desired direction.

A decline in inflation would also press downward on mortgage rates, which tend to move in anticipation of the Fed's rate moves. This is the most likely course for mortgage rates in August. They probably won't fall much, but mortgage borrowers will take any relief they can get.

How this month's mortgage interest rates forecast could go wrong

The July CPI is scheduled to be released Aug. 14. If it delivers a nasty surprise of unexpectedly higher inflation, then investors will become less sure of a Fed rate cut in September, and mortgage rates could rise. As of late July, the Federal Reserve Bank of Cleveland was forecasting a core CPI of 3.33% for July. If it ends up at 3.5% or higher, mortgage rates could go up.

Shocking geopolitical events, or surprising political developments in the United States, could affect mortgage rates in either direction.

What other forecasters predict

Fannie Mae, the Mortgage Bankers Association and the National Association of Realtors issue quarterly, not monthly, rate forecasts. All three organizations expect mortgage rates to fall less than a quarter of a percentage point in the third quarter.

A few people might want to refinance

Believe it or not, a few people might consider refinancing their mortgages. The reason: Rates have fallen more than one percentage point since last October to mid-November, when they were mostly above 7.5%.

Not a ton of people got mortgages with rates that high last fall. But for those who did, two questions arise: Can they refinance less than a year later? And should they?

The answer to the first question is yes. Most people who got mortgages last fall can refinance, whether they got a conventional loan or a home loan backed by the Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA).

As for deciding whether this is a good time to refinance, the answer is complex. It depends on a number of factors: how much lower today's rate is compared to the rate on the current loan, the amount of the closing costs, and how long one expects to own the home.

A mortgage refinance calculator can aid in the decision.

What happened in July

The average 30-year mortgage rate averaged 6.74% in July, down from 6.82% in June, according to NerdWallet's daily mortgage rate survey. Rates fell in reaction to favorable inflation data.

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