Advertising in the digital universe requires the expertise of smart marketing pilots. Do you know what goes on in a pilot’s mind before every ad takes-off to make an impact out there? The answer is Returns and Great Experiences.
Bidding Strategy is the power-booster, which will help smart marketing pilots to achieve this. Presenting four important pointers to help you in your bidding strategy, and maximize your returns and deliver great experiences.
1. Volume-based Optimization To Get Incremental Value
Keywords have levels of efficiency. So how do you optimize the ROI of a particular keyword, without taking away all the attention off from another keyword? Enter opportunity costs.
Volume-based optimization helps account for these opportunity costs by ensuring that all the keywords in a particular set are optimized in agreement with each other. The volume-based optimization approach is particularly geared toward driving gross profit. When there is an extra dollar to spend, volume-based optimization will determine which keyword(s) will provide the highest revenue in return.
Additionally, volume-based optimization is most effective when applied to the head terms of a given set of keywords. The large amount of historical data associated with head terms means that volume-based optimization can more accurately assess how much to invest in each keyword.
2. Budgeting Tools For A Robust Budget Plan
Budget constraints are real business issues. But the smart marketing pilot will do whatever it takes to thrive despite this constraint.
Success is defined within a particular constraint and accordingly, budget management and optimization is a critical component of success. In addition to planned activities, the smart marketing pilot is ready to deal with the unexpected, sudden budget cuts, product snafus, or new competitive activities that change the game.
One tool in the pilot’s arsenal is the Budget Planning Tool. This can be extremely helpful in looking beyond current spend and gaining insight into forecasted performance metrics including clicks, conversions, and revenue. In Marin, advertisers can leverage “What-If” analysis to determine where extra budget would deliver the greatest returns. This enables the smart marketing pilot to determine the best way to shift budget around to maximize performance.
Innovations in the search advertising industry are making it easier than ever to make more informed bid decisions that are backed by a wealth of data.
3. Zoom In On Your Audience
Is getting many eyeballs on the ad the main objective of ad campaigns? Well, smart marketing pilots know that people are different in their interests and intents; the same message that resonates with Harry Styles is not going to resonate the same way with Betty White. These pilots create experiences that meet an audience’s specific needs and thus capture the attention and business of those consumers.
Want to know how to target your audience? One simple way to leverage audience data is by using Remarketing Lists for Search Ads (RLSA). RLSAs use basic website behavioral data that any marketer has access to. There’s really no reason to not use it to enhance your targeting and optimization efforts.
4. Don’t Forget The Mobile
It has become the first screen! And smart marketing pilots are well aware of this, and also of the fact that different keywords perform differently depending on device type.
Which is why they use Mobile Bid Adjustment Recommendations (MBARs) to boost visibility for the keywords that perform best on mobile devices. For example, they may choose to boost keywords related to locations or phone numbers to drive more mobile engagement. Conversely, they use a negative mobile bid boost to decrease bidding for keywords that don’t perform well on mobile.
To highlight the difference that enabling bid boosts in campaigns can make, Marin found that clients who adjusted their bids for mobile had 10% higher CTR and a 2.5% lower CPC than those who did not.
We are sure that these recommendations will help smart marketing pilots like you to get a better handle on optimizing your bidding strategies. Remember, you can do more than what you ever imagined.
For details, you can always write into us at [email protected].