What are some common bidding strategies in PPC advertising?
There are many different bidding strategies in PPC advertising, from Target CPA and ROAS to Cost per Click or Maximize Conversions strategies. But what are the best ones to use for different campaigns?
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Manual Bidding – Full Control.
With manual bidding, you set all bids manually and can make changes to them as needed. This strategy is great for agencies or in-house PPC teams who want complete control over their ad spend.
Smart Bidding – Partially Automated.
With smart bidding, Google Ads automatically sets your bids for keywords based on the likelihood that a user will convert from those searches. It can also change your maximum CPC if it feels your ads are too expensive or not as likely to convert as others.
ECPC (Enhanced Cost Per Click).
With ECPC, Google uses auction-time signals to optimize your bids for every user search. This is a great strategy for e-commerce or product-focused campaigns, as the price of each item can vary widely and it’s important to maximize your conversion value.
Target Outrank Share.
With this bidding strategy, you choose a percentage of your competition’s clicks that you want to outrank. This strategy is best for brands that want to increase brand awareness and visibility.
Target ROAS (Return On Ad Spend).
With the Target ROAS bidding strategy, you can specify a return on ad spend (ROAS). It is a good strategy for e-commerce and other campaigns that have a target ROI, but it doesn’t offer as much flexibility as other strategies like Target CPA or Target Outranking Share.
Target Outranking Share.
With target outranking share, you can select specific competitors or websites that you want to outrank for the top spots on the first page of search results. This strategy is effective for boosting your brand presence and visibility and can be used in conjunction with other bidding strategies.
Maximize Conversions.
With this bidding strategy, you can specify a target number of conversions you want to see per day. It is a good strategy for those who have enough conversion data to meet Google’s recommended conversion threshold of at least 15 conversions within 30 days.
You can also select a minimum bid cap for your target number of conversions. You can also choose to use a goal or a budget, which can help you manage your campaign goals effectively.
Unlike other automated bidding strategies, this one requires a lot of maintenance and monitoring for optimization updates. You should always evaluate your performance and adjust your bidding strategies in response to any trends.
If you are new to the world of pay-per-click advertising, it can be overwhelming to choose the right strategy for your needs. The best way to find out which one is right for you is to test it and see how it performs!
The goal of any PPC campaign is to reach the audience you are looking for and get them to take the desired action. So, whether it’s a conversion, a lead or a sale, your goal is to get them to do that!