Defining goals, makes planning your campaign easier. Other supporting elements help achieve your goals. One of such active elements is the bidding strategy you adopt. We will discuss some of that today!
In Google Ads you can choose bidding options, that best aligns with your marketing goals. So, if your goal is to increase visits then you could choose ‘Manual CPC or Maximize Clicks’, if you goal is to increase visibility over competitor sites, you could choose ‘Target Outrank Share’ or Target ROAS if your goal is to achieve as much conversion value at a target ROAS defined by you. And that is not all, there are many more bidding strategy options that you could opt for
Such vast range of bidding options is missing out in Amazon Ads and the ones that are available for advertisers are:
- Dynamic Bids (Down Only) – If a click is less likely to result in a conversion then Amazon will reduce the bids in real time
- Dynamic Bids ( Up & Down) – With this bidding option, Amazon will increase your bids if a click is more likely to result in a sale, whereas it will reduce the bids if the click is not likely to result in a sale
- Fixed Bids – Here Amazon Ads, will not alter the bids set by you and will use it for all opportunities
In addition to choosing the bidding the bidding strategy you can also adjust bids by placement groups, which are ; Top of search, Rest of search, Product pages
But, before choosing a bid strategy, ensure that it is aligned with the goal for the campaign.
Here are some of the goals that you might want to meet with your campaign and the metrics that you need to keep an eye on:
Maximize Impressions
The more often your ad appears, the higher the probability of it receiving a click from the customer. So if your campaign goal is to generate brand awareness then impression is that one metric that you would want to focus on.
Maximize Sales Volume
If your campaign goal is to drive more purchase then the sales metric is what you would wish to track. In case you are falling short of reaching your goal, then altering the bids can help boost up the performance.
Maximize Revenue
ROAS is the revenue you receive from the advertising spend. Thus, this metric needs to be tracked to direct your campaign towards achieving a profitable revenue.
For any of the above campaign goals, ensure that the bidding is updated in such a way that it works towards achieving the desired goal. There might be some 3rd party tools available that could help achieve your goal along with these derived bidding strategies. Nevertheless, a bit of manual tweaking of bids will be needed to push your campaign towards your goal.
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