Knowing how to optimize bids is one of the key elements that make advertising campaigns successful. So whether you’re using Google Ads, Amazon Advertising, or Yandex Advertising, you need to know how to optimize bids. The process might not be identical for all of these platforms, but it is pretty similar, seeing that all of them are using PPC.
To make things easier to understand, we’re going to concentrate on just one platform; Google. After you master bid optimization on Google, you can go ahead and try these techniques on the other platforms.
1- Define your Goal
The first thing that you need to do is to learn how bids work.
So, what is a bid? A bid represents the amount of money a person is willing to spend for each click on an ad.
But how exactly does the process unfold on Google? There is a Google Ads auction every time there is an ad space available. The winner of the auction will take that ad space. Google decides the winner based on bids and the quality score. These two components make up your ad rank.
On Google, there are several things that you can bid on, but the most important ones are clicks, conversions, impressions, and views. You can place your bids on the things that are most important for you and your business. This essentially means that your bids and, ultimately, your bid strategy depend on your goal.
For example, if you have an online shop, then, of course, you’d like to increase traffic to your website. That means that you should concentrate on clicks. But instead, if you want people to make a purchase, then that means that you should focus on conversions.
Here are the most common goals and the bidding strategy that you should look into:
- Direct action on your website: Smart Bidding
- Increase traffic on the website: CPC Bidding
- Increase brand awareness: vCPM Bidding
- For video ads, increasing views, interactions, or brand consideration: CPV Bidding
2- Use Both Automated And Manual Bidding
CPC Bidding is definitely one of the most popular bidding methods, so we’re going to concentrate on that. With CPC (cost-per-click) bidding, you have two options. You can either go for the automated bidding strategy, or you can choose the manual bidding strategy. Both have their pros and cons, but we believe that the ultimate strategy involves both of them.
Let’s see how they work first. Automated bidding is the easiest way to bid. You need to select your daily average budget and let Google Ads do the work from thereon. Google will lower or raise your bids, depending on the fluctuation of the market. This kind of strategy is great to maximize clicks.
Automated bids are perfect for people who:
- Want to constantly reach their daily budgets
- Don’t have time to monitor and adjust the bids manually
- Are new to Google Ads and don’t know how it works
- Don’t know how much to bid on keywords
Then we have manual CPC bids. Here you have total liberty, and you can manage your bids however you like. You can control the cost and volume of clicks on your ad campaigns.
Manual bids are perfect for people who:
- Want maximum CPC bids for ad groups, keywords, or placements
- Want to increase traffic on their webpage
- Don’t need to reach a target budget
With manual bidding, you’ll have to set a maximum CPC. Keep in mind that things always fluctuate on the internet, so you might want to check it occasionally and change it up. You will also have to set the bid amounts, and you can do that by using a Bid Simulator or your Keywords Planner.
The best technique is to combine the two. If you’re new to Google ads, try out the automated strategy first, and after you collect some data, you can start experimenting with manual bids. But of course, this ultimately depends on your goals as well.
3- Automate Your Advertising Campaigns
Of course, you can try all of these techniques, but do you really have that much time to invest in your advertising campaigns? Sure, having campaigned on one platform is manageable, but things can become difficult if you want to advertise on multiple platforms.
And after all, time is a precious resource and should be invested wisely.
So on the one hand, you want to have successful advertising campaigns, because they bring in customers and sales. But on the other hand, there is a lot of work to be done, which takes time and many other resources. Good thing that Adspert has the perfect solution for all of your problems!
Saving you time and money, Adspert will optimize all of your advertising campaigns. And the best thing is that it’s so easy to use, it’s going to seem like child’s play. So whether your business’ goal is to improve ROI, maximize profits, or improve your ads’ quality, make sure you reach it with Adspert.