Is your account tracking conversion data, and enough of it? Maximise conversion value, with target ROAS Here’s an overview of the 3 goals and Google Ads bid strategies that are best suited to hitting your goal: Your ultimate goal for running Google Ads campaigns can be broken down into three categories, which will narrow down your choice and make it easier to select the best Google Ads bid strategy for you. How to Choose the right Google Ads bid strategy in 2023 Here is a great overview by WordStream of all 11 Google Ads bid strategies, broken down by non-automated (or manual), semi-automated, and fully automated. It is important to learn about all of them in order to make the best selection. Automated strategies are likely to be your best bet when it comes to driving conversions and revenue, especially when managing multiple campaigns and wanting to increase ROAS. There are 11 Google Ads bid strategies in total. For the latter, 2 out of 5 retailers are using custom labels to increase ROAS from their Shopping campaigns when running sales and promotions (Feed Marketing Report, 2022).įeed Marketing Report 2022 | DataFeedWatch anonymised data This includes the use of audiences, demographics data, and the use of custom labels (for Google Shopping campaigns). Remember to read up on all of the numerous tactics to further optimise bids, even after setting your bid strategy. However, if the budget is limited, you want to tightly manage bids and you have plenty of time on your hands, then, there is a place for manual bidding. This is why it is advantageous to use automated bidding in retail since you will benefit from the use of machine learning to optimise for conversions or conversion value. Manual bidding becomes even more challenging in retail when there are so many products and variations to manage. So managing each bid for 1,000 keywords is going to take a lot more effort, and will arguably be less effective, than using an automated bid strategy. This is time-consuming and also not as effective compared to the machine learning technology that powers automated bid strategies.įor example, if you’re advertising one hundred products with a search campaign, and each product has 10 keywords, that already amounts to 1,000 keywords. In comparison, manual bid strategies require the advertiser to manually change bids on an ongoing basis. In fact, the new Google Ads campaign type - Performance Max runs exclusively on automated bidding. Looking into the future though, marketers should expect Google to switch to automation more and more. It’s just a more optimal way to manage bids. This is because automated bidding takes the heavy lifting and guesswork out of setting bids, with Google Ads automatically setting bids for your ads based on that ad’s likelihood to result in a click or conversion.Īutomated bidding does not replace the wealth of experience and knowledge that’s required to effectively set up and manage Google Ads campaigns. As well as being the most popular, automated bidding is also what Google recommends when setting up campaigns. There are 11 bid strategies in total and they can be grouped into two categories: automated and manual.Īutomated bid strategies are the most popular strategy and what most advertisers opt for. Google Ads bid strategies are the foundation of a campaign and determine how the campaign optimises your bids. This highlights why choosing the right bid strategy is vital for retailers and eCommerce businesses, especially in optimising bids for revenue whilst advertising a high number of products. So, getting it right goes a long way.Īccording to The Feed Marketing Report 2022 by DataFeedWatch by, retailers in select eCommerce sectors deal with higher complexity of data feed management due to the high amount of products and variations. It’s one of the first steps when creating a campaign and if you get this wrong, you could end up wasting your budget. There are lots of different factors that contribute to efficiency, but one of the most important is selecting the right Google Ads bid strategy. Whatever your Google Ads objectives are, all advertisers are on a mission to drive the best possible results, maximize revenue and increase return on ad spend (ROAS). ![]() The Best Google Ads Bid Strategies to Increase Revenue in 2023
0 Comments
Leave a Reply. |