7 months, 3 weeks ago AngelusParticipant
[PPC] Determine a Bid Strategy Based on Your Goals
Hi everyone this article is about PPC, paid per click advertising. In Marketing, besides SEO (Search Engine Optimisation) there is also PPC, which I will talk about in this article. It is very tricky to attempt on PPC as not only it cost money, but it can also bleed your bank if done wrong.
However the goal is that once we found the optimised campaign that produces ROI, then thats where we can scale up the website or business. In PPC the cost is determined by bidding, which comes from supply and demand. Below are some questions to consider the bidding strategy.
Which Factors Should a Marketer Consider When Deciding a Bid Strategy for Effective ROI?
It is a common and confusing question about what strategy is good and performs. It depends on the situation, and there is no specific answer. But choosing the right strategy at the right time makes your campaign profitable. Most advertisers are struggling to achieve 200% ROAS in the initial stage.
So what is the best campaign bid strategy for you?
One of the important factors to achieve a profitable ROAS is to choose the appropriate bidding strategy based on the campaign goal. If the campaign purpose is awareness and you are selecting conversion objectives, it’s not good for your campaigns.
First, you have to be clear about your campaign objectives what you want to achieve first. What type of bidding strategy you will use. Like, Manual vs. Automated bidding strategy. We have many bidding strategies, but that does not mean you have to choose one bidding strategy for all the campaigns.
How to choose the right bidding strategy?
Before choosing a bidding strategy, you have to be clear about goals, limitations, and constraints. Goals: defines what you want to achieve, like traffic, leads or sales, etc.
Your Target Audience:
Who is your target audience? Identifying your target audience makes your campaign super profitable.
What is your budget?
A budget can allow you to reach out to an audience.
Several bidding strategies exist in the Google ads account. Here is the list of manual and automatic bidding strategies. Like: manual, target CPA, Target ROAS, Maximize click, target impression share, and enhance CPC.
This bidding strategy is used when you want the most control in your hands, like, manually optimize your every keyword’s bids.
In an automatic bidding strategy, google sets your bid according to goals, budget, and other settings.
This bidding strategy is used when you want to achieve targeted conversion with a specific amount, like you need each conversion at $30.
This bidding strategy stands for Target Return on ad spend. This means the revenue you want to generate for each dollar you spend on ads. After this setup, Google will automatically optimize bids and try to achieve those goals.
With the help of this bidding strategy, Google tries to achieve more clicks according to your budget and bids.
Target Impression share:
This bidding strategy is set at your campaign level; this counts the percentage of times your ad is shown compared to the number of times your ad could be shown.
This Strategy is also used for brand awareness.
Enhance CPC bidding strategy that raises bids to maximize the likelihood of achieving the advertiser’s target CPA or ROAS. Like, if an advertiser wants to get 400 conversions at $30 each, they can calculate their maximum bid using enhanced cost-per-click bidding, and they would then use enhanced CPC as their primary bidding strategy.
Since this is a manual CPC bidding strategy, you can not set your bids automatically through automated bidding methods like target return on ad spend or Target impression share bidding.
Note: We have several bidding strategies; just using one bidding strategy for so long is not enough. Use the appropriate bidding strategy that supports your campaign goal based on the data. In this way, your account will be profitable if you use it in the right way.
An angel in wolves clothing..
7 months, 3 weeks ago Simple URL Shortener Team
Very nice write-up and useful indeed.
1 user thanked author for this post.
7 months, 3 weeks ago AngryWarrior
Really helpful information. Thank you Angelus
Paid per click advertising can be very effective if planned and executed the right way. But it is not always easy. I appreciate your contribution.
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