A good text for your ad is only one part of success when attracting new potential customers. The other is the implementation of adequate strategy for bidding, so that you get the maximal results on the minimal ad price. If you do not pay enough attention to bidding, you may end up paying much more.
In this article we will introduce to you bidding possibilities offered by Google and their characteristics, so in the end you will be able the most convenient one for your business.
Since each strategy performs differently, it is important first of all to set the goal you want to achieve – clicks, impressions, conversions or views.
Focus on Clicks
You can focus on gaining clicks and driving traffic to your website using cost per click (CPC) in two separate strategies:
Maximize Clicks: This automated strategy is based on your maximum daily budget. Google will attempt to acquire the most clicks possible with your daily budget and drive traffic on your webpage. This could be a good solution for when your budget is too tight.
Manual CPC bidding: This is one of the default and most time-consuming strategies, for it gives you total control over your bids. Because of its complexity, it is not recommended for Google Ads newbies. You will be setting bids for different groups or placements, adjusting it accordingly to the needs of specific campaigns. It can be combined with ECPC (analyzed later), which will allow you control budgets and allow Google to adjust bids based on the likelihood of converting at the same time.
Focus on Impressions
If you are seeking more impressions for your ad, here are several strategies to maximize your visibility.
Target Search Page Location (TSPL): Choosing this method, you will simply allow Google to automatically adjust the bids to always show your ads either on the top of first page of Google results or anywhere on the first page of Google.
Target Outranking Share: Optimal strategy for competitor targeting and brand awareness raising on Google Ads, allowing you to outrank a specific website or competitor. When there are both of the ads displaying, Google will increase your bids to outrank the others. The settings are simple. Firstly, set the domain to outrank. Then the percentage of times you want to bid to rank on top of them. Be careful. The higher the percentage, the more you may pay for click.
Focus on Conversions
If your goal is defined by conversions, consider running Google Smart Bidding. The system will automatically valorize your bids. Choose one of these strategies:
Target Cost per Acquisition (CPA): This option becomes easy as soon as you to define your acquisition costs. Acquisition is an amount of money you can afford to spend on acquiring one customer. Then you just enter your target CPA and this method is ready to start. It is ideal to optimize conversions. GoogleAds will focus on converting users at a specific acquisition cost. Bids will be set automatically on your campaigns based on your CPA. Some conversions may cost more than the others to even out and align with your acquisition costs.
Target Return on Ad Spend (ROAS): This one could be the most surprising one, because it is based on maths. GoogleAds will set your bids to maximize conversion value based on the return you want from your ad spend. When entering your goal into GoogleAds, you have to enter the target value. You have to calculate it. If you need a little hint, modify your columns for keywords on a recent campaign with Conv. value/cost metrics. Then use the number from your top performing campaign as your Target ROAS.
Maximize Conversions: This could be the easiest strategy offered. You only have to set the maximum daily budget, which will Google use for automatically running your bidding, getting you the most conversions for your money. At the end of the campaign, check the return on investments to see if the maximizing of conversions led to profitable sales.
Enhanced CPC: This method adds several automated features to your manual CPC settings, giving you greater flexibility. Google can increase or decrease your bid on the likelihood of driving the sale. Bids will try to be averaged out at your max cost per click settings. If the search in too competitive, Google will lower your bid to cost less due to decreased chances of converting.
Focus on Views
Cost per View (CPV): This strategy is enabled only for the videos. You are getting to pay for video views and other interactions. You just need to set the highest price you are willing to pay for the interaction and Google will take care of the rest.
It cannot be clearly told, which strategy is the most convenient. It is necessary to realize that each uses different principle to function, and therefore they can achieve the same results in different intervals of time. Hence, if you do not like the performance of some of them, try if some other will be better for your business.