- Google Pledges $340 Million to Support SMBs Through COVID-19 Crisis - March 31, 2020
- Understanding Your Customer Lifetime Value and Acquisition Cost - February 1, 2019
Google’s CEO, Sundar Pichai, announced that Google will pitch in to help small businesses through the COVID-19 crisis and its dramatic impact on the economy. Pichai stated in a recent article; “as the Coronavirus outbreak continues to worsen around the world, it’s taking a devastating toll on lives and communities”, not to mention the world economy. To help address some of these challenges, Google announced an $800+ Million commitment to support small to medium sized businesses (SMBs), health organizations and governments, and health workers on the frontline of this global epidemic.
Their commitment, that is specific to Google Ads and SMBs:
- A $200 million investment fund that will support NGOs and financial institutions around the world to help provide small businesses with access to capital. As one example, we’re working with the Opportunity Finance Network in the U.S. to help fill gaps in financing for people and communities underserved by mainstream financial institutions. This is in addition to the $15 million in cash grants Google.org is already providing to nonprofits to help bridge these gaps for SMBs.
- $340 million in Google Ads credits available to all SMBs with active accounts over the past year. Credit notifications will appear in their Google Ads accounts and can be used at any point until the end of 2020 across our advertising platforms. We hope it will help to alleviate some of the cost of staying in touch with their customers.
There are still several unknowns for advertisers and digital marketing agencies with many clients that actively advertise through the different Google channels. Here are some of frequently asked questions regarding Google’s economic relief:
Who Is Eligible for The Credits?
How and When Will Eligible Customers Receive The Ad Credits?
Small and medium businesses worldwide that have been active advertisers since the beginning of 2019 will be informed in the coming months through notifications within their Google Ads account.
How Long Are The Ad Credits Valid for?
This Google Ads credit can be used at any point throughout the year and will expire on 31st Dec 2020. Any unused portion will be removed from Google Ads accounts.
How Can I Find Out if i’m Receiving Ad Credits?
Advertisers receiving ad credits will be notified in the coming months. We are in the process of building these specialized credits into Google Ads accounts, therefore notifications will not show immediately. We appreciate your patience.
Will The Ad Credit Work Across All of Google’s Channels (Google Search, Display, YouTube, etc.)?
Yes. These ad credits will be applicable across the Google Ads platform including Search, Display, and YouTube as well as all campaign types.
The amount of the credit is unknown, as is how they’ll determine which accounts will receive credits. There’s no need to apply, they will simply notify the advertiser by email. The bad news: advertisers will be notified in “the coming months”, so it sounds like there’s going to be a bit of a wait.
This is potentially great news for you and your business as it may save you several thousands in advertising costs. We will keep track of this development for our clients and notify them if we hear about or see the credit applied to their Google Ads account.