Supercharge your bid management
According to a recent survey (Hochman Consultants, 2017), the average cost of pay-per-click (PPC) advertising is increasing — with the average cost-per-click in 2016 being nearly double that of 2013.
When you consider the fact that Google processes over 2.3 million searches per minute (Business Insider, 2016), this is hardly surprising.
But what can marketers do to ensure that these burgeoning costs are bringing in results?
As with most questions in today’s digital world, the answer lies in marketers navigating a shift towards automation and machine learning.
At its heart, automation refers to all of the ways that technology is replacing or augmenting human behaviour. So, in the context of pay-per-click and bid management, this would mean that marketers put their faith in a computer’s ability to tell them what keywords they should be bidding on, and how their PPC campaigns should be run in order to maximise profit, revenue, conversions and traffic.
Practically speaking, the capabilities of an automated bid management platform include, but most definitely aren’t limited to:
- Setting bids and budgets in the context of one another.
- Carrying out autonomous tasks e.g. pausing keywords that are below a certain Quality score.
- Working within set targets and maximum budgets.
- Forecasting what changes to bids and budgets will do to your campaign results.
- Bidding on the basis of a variety of rules — be it model, portfolio or rules-based.
- Setting bids based on a variety of goals.
So we know what bid automation can do, but is it really of any benefit to today’s marketers?
Surely those employed to manage PPC campaigns should be able to do all the above without the help of technology?
The simple truth is that automating bid campaigns is not intended to replace marketers, but to enhance what they are able to achieve.
For instance, harnessing the power of automation and machine learning can help with:
1. Time saving:
There are only so many hours in a day, and not nearly enough for marketer’s to spend hours looking through PPC campaigns and tweaking hundreds and thousands of keywords. Automating bid management removes the need for these tedious and time consuming tasks, and leaves marketers free to look at the bigger picture.
2. Campaign Optimisation:
Changes to PPC campaigns are often done on gut instinct, or laborious A/B testing. In both instances, marketers can’t be definitively sure that they are changing the right bids, at the right time. By harnessing the power of artificial intelligence, bid automation takes care of those necessary bid changes, and ensures they are set exactly where they should be to generate clicks, save money and generate conversions — in a much more accurate manner than the average marketer.
By harnessing the power of artificial intelligence, bid automation platforms aggregate and analyse data in a unique perspective that may be missed by individual marketers. The result? An innovative approach to a bidding strategy, or a new keyword, that may not have materialised with plain old manual bidding.
In summary, almost every marketer will tell you that PPC is a key part of any marketing campaign. But just because you implement this strategy doesn’t mean you’re doing it right, and automated bid management is rapidly becoming a serious contender in helping marketers stay on track.