Great article on keyword targeting vs audience targeting in search. Affirms my belief I’ve had for awhile that although audience data makes banner ads better, it still lacks the magical “intent” ingredient. Just because you can identify your type of customer, it doesn’t mean they have a need for your service or product right now. Now, if the cost of these banner ads is way lower than keyword targeted search, then yeah, maybe it could be better, but for now it’s not. Cost is close to the same. Therefore, keyword targeting is still the lowest hanging fruit.
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https://moz.com/blog/paid-search-audiences-wont-replace-keywords