Today’s topic is “Bidding Strategy”
Hope you all aware of the importance of having more visitors to your website! Yes… More visitors, more leads and more ROI! If you aren’t attracting visitors, your website is bound to get lost in the vastness of the internet and perhaps, never found. Every site needs traffic, and even if your site is made very well if you are not attracting visitors, you won’t be generating sales or achieving your end goal with your business.
Many people forget that it is people who view your website and do business with you online. In the end, your website and business will not survive without steady traffic flow from the right demographic.
There are many reasons why you need to consider the importance of website traffic, and here are three of them:
- You need to generate more targeted traffic to generate more revenue, ultimately.
- Traffic from targeted users, or people who are interested in what you are selling or promoting, are more likely to stay and refer your website to others.
- An increase in the amount of time a person spends on your page, increases the likelihood that they will sign up for your newsletter or to receive your promotional content, allowing you to market to them long-term.
How Do You Get More Website Traffic?
In order to increase your website traffic, there are several things you can do. Some of these include making sure you always have high-quality content, and also new content on a regular basis. Another important way to get more sales lead and more traffic to your website is – by having a well-planned bidding strategy!
What Bidding Strategy Should You Use To Maximize The Number Of Visitors To Your Website?
Bidding is one of the essential features within AdWords. It plays a key role in ad rank and therefore, the visibility level of your ad to users. Ironically, bidding is often an area in which advertisers fail to plan sufficiently. Bid amounts are often based on ‘gut feelings’ i.e. giving high bids to the supposedly most important words and lower bids to less important and long tail terms. Many bid amounts are made arbitrarily or simply to meet AdWords recommended first page bids.
- Cost-Per-View (CPV)
- Cost-Per-Click (CPC)
- Cost-Per-Thousand Viewable Impressions (Vcpm)
Cost Per Acquisition, or “CPA,” is an e-commerce marketing metric that measures the aggregate cost to acquire one paying customer on a campaign or channel level. CPA is a vital measurement of e-commerce marketing success, generally distinguished from Cost of Acquiring Customer (CAC) by its granular application.
Total Campaign Cost/ Conversions = CPA
Cost Per Acquisition is used in the following paid marketing mediums:
- Social Media
- Content Marketing
It can also be used for e-commerce SEO, email, and other platforms without direct advertising costs but that still require overhead (labor, indirect expenses such as content production, etc.).
Online businesses can track cost per acquisition through a variety of methods, including:
- Utilize UTM parameters to generate link codes for social or affiliate marketing
- Exporting PPC campaign data from AdWords
- Using promotional codes and building custom links for internal campaigns
- Implement a CRM system
- Include a form field on lead forms that asks customers how they found out about a campaign, which can help plug attribution gaps
Cost per action takes into account the number of ad clicks you need before someone converts – in order words, improving your conversion rate will lower your CPA. Along with CPC, your CPA will contribute to your overall AdWords costs.
Keeping your Quality Score high and your CPA low can add huge benefits to your PPC budget over time, giving you the opportunity to buy more exposure in the online advertising space and optimize the number of conversions that come from your ad spend.
What Is Cost Per Action Bidding?
CPA bidding is a method of paid advertising that allows you to tightly control your advertising spend. Rather than paying Google for every time someone clicks on one of your ads (as with CPC bidding), CPA bidding only requires you to pay for each conversion, a metric you define yourself when you set up each campaign. This action might be a sale, a lead, a download, or some other conversion you define. CPA advertising can help you avoid spending money on search terms that may not be directly driving business. If one of your ads displays in a SERP and does not match up with the searcher’s intent, you’ll only pay if the searcher engages with the ad and ultimately converts.
Cost-Per-Thousand Viewable Impressions (Vcpm)
Google AdWords Active View CPM measures and charges an account only when impressions are deemed “viewable”. Viewable impressions are recorded when at least 50% of your ad is visible on a user’s screen for at least one second or longer and two seconds or longer for video ads. This means advertisers will now actually know when their ads have been seen by an individual.
If display campaigns are a primary focus of your AdWords efforts, then stop paying for impressions that aren’t seen! Opt into Active View CPM today to boost your Google Display Network campaigns’ visibility and help generate more insightful data.
Adwords Bid Strategy – Why You Need One
Many people stumble into Google Adwords in the same way, they put an ad together and send it out into the world with no set goal or targets. So to avoid annoying your most bearish prospective customers, we thought it might be a good idea to give you a few tips on how to build a well-planned Adwords Bid Strategy including an overview of AdWords automated bidding features, and a few other bidding strategies that you may not have considered but first…
Determine Your AdWords Goals
Developing the best AdWords bid strategy begins by understanding the goals of your ad campaign. Do you want to show up on page one of the SERP, do you want visitors to your site to take action; do you simply want to promote your brand or do you want to promote a video? These are all examples of the four basic goal types:
- Direct Action – you want visitors to your site to perform an action, such as subscribe to a newsletter, purchase a product, or sign up for a service. This is a key strategy for lead generation and increasing sales.
- Generate Traffic – you want to increase traffic to your site
- Brand Awareness – you want to amplify visibility for your brand
- Increase Views – you are running video ads and want to increase views or interactions
As you can see, the goal of most ads is to gain clicks, impressions or conversions. Once you have determined the results you want from your ad, you can begin to build a more focused and cost-effective AdWords bidding strategy. So what is your goal?
Best Way to Get More Conversions
Do you want visitors to complete an action on your website? If you do, there are several automated bid strategies you could follow: Target Cost per Acquisition (CPA), Target Return on Ad Spend (ROAS), Maximize Conversions, and Enhanced Cost per Click (ECPC). However, while these automated bidding strategies are often used by people who are new to AdWords, the experts use advanced manual bidding strategies that yield better results at a lower cost.
Strategic Bidding Tactics and Tips
When you feel more confident in playing in the Google AdWords world, you might want to try experimenting with the following strategies.
Accelerated delivery will increase the delivery of your ads within a set time. If you take a look at your historical data and determine that your ads perform best on a Friday between 5 pm and 9 pm, you can use accelerated delivery to make sure your ads are shown throughout that entire time. Make sure to set your budget limit though, the accelerated viewing can result in accelerated clicking.
You could also consider integrating seasonal bidding into your overall strategy to take advantage of key holidays or to reduce bids when you know that no-one will be looking for your product or service on a particular day.
Dynamic Keyword Insertion (DKI)
DKI is, indeed, dynamic. This amazing little tool will match the keywords in your ad group to the searchers’ queries. So let’s say Goldi ran an ad with the keywords sweet porridge, salty porridge, cold porridge, hot porridge, if the Bear family searched for sweet porridge, the DKI would alter the ad to match the Bear family’s query. It works by placing a predefined code in your ad that will be replaced with the keyword in your ad group that the searcher uses.
Drill Down into Dimensions
In the dimensions tab, you have the ability to get data on how your ad performs on day of the week, time of day, and location. If your ad performs best on the weekend, you know that you will want to schedule your ad for the weekend. If your ad performs well in New York, but not in New Hampshire, you will know to eliminate New Hampshire from your location selection.
Is Your AdWords Goal to Get Clicks?
If the main focus of your AdWords bidding strategy is to drive traffic to your website, there are two strategies that will help increase traffic:
The Maximize Clicks strategy is a more simple strategy that focuses on getting the most amount of clicks possible within your daily set budget. You can set a maximum CPC bid amount, and to maximize the efficacy of this strategy, you can also determine certain days or times when your ads should be shown by setting up the custom ad scheduling.
Manual CPC Bidding
The Manual CPC Bidding strategy gives you full control of how much you bid for each ad. With a focused ad, manual CPC can target highly qualified visitors who are most likely to click your ad. AdWords will adjust the bid amount, up to your maximum set amount, to get the most clicks for your bucks.
How to Get More Impressions for Your Google AdWords Campaign?
If you want to promote a new company, product or service, or your target market is on the initial discovery stage of their buyer’s journey, getting the maximum amount of visual exposure for your ad is most likely your goal.
While there is no guarantee that people will take notice of your ad, there are a couple of ways to increase potential visibility.
Target Search Page Location:
This strategy automatically sets your bids to help increase the chance that your ads appear at the top of the page, or on the first page of search results where they are most likely to be noticed. This is the best strategy to use if being on the first page of the search results is your goal.
Target Outranking Share:
This is an automated strategy that lets you outrank your competitor’s domain by showing your ad above your competitor’s ads, or by showing your ads when your competitor’s ads are not being shown. You can set how often you want to outrank a specific domain, and your search bids will be automatically set to help meet that target.
By reading this article, you might come to know about the importance of bidding strategy and the importance of having the one! If you’re interested to know more about Google AdWords, stay tuned with Kranthi!
Is your AdWords bidding strategy focused on the right keywords? Stay updated with us!