While there are many factors that go into running a successful Google Ads account for search, to achieve your business goals at the lowest bid price, you’ll need to consider your bid strategy, which means understanding the PPC bid types.
Without a solid bid strategy, it’s going to hurt your advertising budget fast.
But don’t stress – deciding the right bid strategy for your campaigns isn’t as daunting or difficult as it may seem. With a little bit of planning around your business goals, we’re confident you’ll find the right strategy for you – and remember, you can always change your bid strategy in the future if you’re not seeing the results you were hoping for.
Another reason why we’re so confident you’ll find the right search bid strategy for you is because of the number of strategies Google Ads has available. There’s seven of them – and we’re going to go through each.
Here are the 7 different bid types:
Keeping on conversion-based goals, if you’re highly driven to maximise ROI from ads, the target return on ad spend (ROAS) bid strategy is ideal.
With target ROAS, Google will set your maximum conversion value based on the return you want to achieve from your ad spend, expressed as a percentage.
For example, if you want to generate $10 from every $2 dollars spent on advertising the maths will be:
Sales / ad spend X 100% = Target ROAS
So $10 in sales / $2 ad spend X 100% = 500% ROAS
To get set up, in the bidding strategies screen, choose ‘target ROAS’ and enter the percentage you want to target.
If you’ve set up conversions with transaction-specific values, maximize conversion value is a good automated bid strategy to consider.
Using historical data and machine learning, maximize conversion value bidding automatically finds the best CPC bid for your ad each time it’s eligible to appear. Google sets these bids to help get conversions that are the most valuable for your campaign while spending your budget.
Before switching to maximize conversion value bidding, Google recommends the following:
To set up this bid strategy, select ‘maximize conversion value’ from the bid strategy options.
We’ve hit the high points above of areas that we see go wrong most frequently for the agencies and managers we work with here at PPC Samurai.
And if you’re not currently an adpulse.io user, you can jump right into a free 7-day trial to automate budget management and find optimization opportunities in your accounts.
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