Bid management is one of the most complicated aspects of PPC Internet marketing. As a result, many advertisers have decided to automate the process with bidding software in Google Adwords or through a third-party source. Both options have their pros and cons between financial and control.
Bid Management Strategies
There are many effective strategies for pay per click advertising bid management.
Do Not Bid for the Top Spot
First, it is important not to bid for the top spot. Although search engines recommend this as an effective bid, it is a foolish move because of the high cost and number of queries input by a potential customer prior to landing on one page. With most keywords, companies with the largest budgets spend the money to bid for the top sport. Unless you have a next-to unlimited budget, do not bother.
Exploit Bid Gaps
Also, when large advertisers blindly set a Cost Per Click (CPC) amongst a variety of keywords, they cause bid gaps. By identifying these gaps and filling them with a reasonable bid, you can jump several spots in the rankings for a low CPC.
Identify the CPC
Additionally, it is critical to identify the max CPC to determine the maximum amount you are willing to pay for a keyword. If you are unfamiliar with this value, take an educated guess. The max CPC will certainly change over time and can vary between search engines. For a more accurate approach, base the max CPC on your profit margin or revenue with a set percentage in mind.
Structure Plans to Different Search Engines
Another effective Internet marketing bid management strategy is to structure different plans for different search engines. Although there are many similarities to each platform, there are also many differences that must be accounted for. By adjusting the strategy for each engine, you can better cater to the platform’s requirements.
Prior to embarking on the journey through PPC advertising, follow the aforementioned tips to assist with your bid management strategies. This will help improve your CTR by lowering costs and ensuring you target specific online consumers with relevant keywords and associated bids.