AdManager is set up to keep publishers in the Google ecosystem as a site's publishing program evolves, and as a tool for sites to use before they want to take on the cost of DoubleClick: - AdSense (Free)- starts publishers with a basic, automated advertising tool - AdManager (Free) - is a stepping stone to get direct deals and demographic/placement targeting programs started up while still using AdSense (note: Google is starting to push their AdPlanner with Google Analytics tool, which makes advertisers more aware of publishers that they can do direct deals with) - DoubleClick - graduates publishers to a costly platform, once they are too big to optimize their publisher program through AdManager's basic and less granular reporting and management tool. For small-midsize sites, AdManager is great for starting up direct deals and syncing it with an already-in-place AdSense program. You can break up your site into categorized, targeted sections with demo targeting, through AdManager placements, and get visibility on each of these placements in the AdWords placement tool.
A very frustrating feature that AdManager doesn't provide is conversion pixel tracking, as well as click pixel tracking, since their click-tracking with rich media ads can sometimes have +10% discrepancy. The other feature that AdManager doesn't have is the ability to manage ad network revenue accurately, because it doesn't sync with the varying ecpm of ad networks. AdSense recently released a feature where it partnered with Ad Networks to run ad networks on your site through AdSense, and subsequently AdManager, if you've synced up the two accounts.
However, AdManager users aren't able to manage these ad networks or see any reporting on them yet - and Google currently recommends graduating to DoubleClick for better management and visibility of ad networks. AdManager has released ad serving through iframes, so the pageload time isn't affected, as robbrown was mentioning. Overall, AdManager is basically the jumping off point for a highly sophisticated publishing program, which you end up paying for with DoubleClick.
Google has actually done a good job with allocating support to larger sites that use AdManager.
The quick answer: Doubleclick is more complicated. The long answer: Doubleclick offers an API that can be integrated into high volume sites and consulting services to help businesses out. Doubleclick is generally preferred by large businesses.
Google Admanager is simple by design. It is generally preferred by small and medium businesses looking for an easy to use, self managed solution. Technically, when using Google Admanager, one must place code in the header of the site to pull ads.
This often slows down load / transaction time and while not a problem for small sites, can have an impact on large sites. DFP (doubleclick for publishers) on the other hand can reference an API directly and is built for speed. It could be argued that beyond contacts, Google acquired Doubleclick for this functionality.
Generally, Adsense has excelled for small and light text ads while Doubleclick has excelled in banner and video advertising. By purchasing Doubleclick, Google now has the contacts and ability to serve both high volume graphic ads and text ads. As margins and profit continue to erode in online advertising, more websites and entire businesses are choosing to serve ads themselves.
With a good strategy, sales abilities and importantly good quality traffic, it often makes financial sense to sell and serve ads independently.
It seems AdManager is used for small sales teams who do not have as much access to technical knowhow (read: MIS Department) as larger coporations.
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