Auction insights report from Commercial Insurance Campaign. As you can see, the impression share and position is higher then companies spending a greater amount on search ads. Having an average position of 3 puts the ads in the top 4 above the organic search results. Clicks result in more conversions because searchers are making an informed decision on the ad to click, looking at the top two before clicking the 3rd. This often results in conversions of greater then 35% without having to pay a premium to be in position one.
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