Marketers and companies have many approaches to buying the right keywords and setting bid strategy. Some approaches are more useful than others. While some marketers like to play it dangerously by relying on their own intuition when creating a bidding strategy, this tactic isn't much better than gambling. These marketers might strike it rich on one roll of the dice, but the odds are still stacked against them.
Moreover, even blind guesses that hit the mark will typically still fall short of their full potential. Unless you are getting the maximum available impressions in a given day, there is always room for improvement. Businesses face a slim margin for error, and poor research or an overly ambitious bidding strategy can set your company up for failure. Your best shot at increasing daily impressions and getting the most from your ad spending budget is to carefully select each keyword and use a cost-effective bidding strategy. Here are a few tips to make this happen.
Invest in Keywords That Fit Today's Budget
Where bidding strategy is concerned, companies must remain solidly in the present. Set aside your long-term goals and strategy to focus on maximizing impression share today — not tomorrow.
You'll need to weigh the cost of various keywords against your daily budget and the impression results you are generating. If your impression share is low, you're missing out on valuable opportunities. Your bidding strategy is probably to blame - either your bids are set too low, or you're targeting a keyword that is too competitive for your current circumstances. Consider revising your strategy to focus on keyword areas where bidding is more economical — this could actually increase your impressions and your ROI.
Start Small, and Work Your Way Up
Those high-competition phrases will always be there, and one day you might have the budget to take on your major competitors. The impression volume for these phrases may be massive, but so is the body of companies vying for visibility. Unless your company is already well-established with a huge budget for ad revenue, spending for these keywords is usually a waste of money; you will struggle to gain visibility, and the costs will quickly drain your keyword budget.
If you're dealing with budgetary constraints, focus on a playing field where you know you can win.
Pay for Impressions
The keywords that you target are essential in terms of positioning yourself in front of your target audience. Remember that the real value of these keywords is in their impressions. You want the highest volume of impressions you can get. Monitor your impression share and use this metric to adjust your bidding strategy. You may find that you need to pay more, scale back or reconsider your current approach.
Often, this strategy pushes businesses to target much more obscure keyword phrases than they might prefer. Remember that a lower search volume isn't always bad. You might not bring in the traffic you hoped, but your search engine referrals will be more valuable. If you can successfully convert a good percentage of those referrals, you'll generate solid revenues off your spending.