Are you ready to start driving business to your website and increase your revenue without having to think too much about the fickleness of SEO (Search Engine Optimization)? You need Pay-per-click (PPC) advertising.
Launching a great ad campaign that gets results is about more than eye-catching graphic design and compelling copy. One of the critical factors in the success of a great PPC campaign boils down to the bid strategy that you use. Put simply, a bid strategy is a set of rules that determine how much you will pay per click on your ads.
In this blog, we’re going to dive into the different bid strategies available and help you decide which one is right for your building products business.
We’re kicking things off with the most straightforward of all the bidding strategies. Manual bidding allows you to set the maximum amount you will pay for a click on your ad. The wonderful thing about it is that you can control your bid amount and adjust it as needed.
Manual bidding is a great option for businesses with a smaller budget like small dealers or family businesses. With this style of bidding, you can get the exposure you need but reign in your spending.
Target CPA bidding
Target CPA, or cost-per-acquisition bidding is a strategy that allows you to set a target price for every web conversion that you get from your ad campaign. In a nutshell, think of this as the average amount that you are willing to pay for each conversion on your website. With target CPA bidding, Google’s algorithm automatically adjusts your bids to achieve your target CPA, making this strategy relatively hands-off.
Target CPA bidding is best for businesses that clearly understand their conversion rates and want to maximize their return on investment (ROI).
Target ROAS bidding
ROAS, or return on ad spend, is a bid strategy that allows you to set a target ROI for your campaign. Google’s algorithm automatically adjusts your bids to achieve your target ROI. Like target CPA bidding, this is best for businesses that clearly understand their conversion rates and want to maximize their profits.
Enhanced CPC bidding
Enhanced CPC (cost-per-click) bidding is a bid strategy that automatically adjusts your bids for the clicks that are more likely to result in a conversion. With enhanced CPC bidding, Google's algorithm will increase or decrease your bid amount based on the user's location, device, and time of day.
This bid strategy is ideal for small and medium-sized businesses that may want to improve their conversion rates while keeping control over their spending.
Maximize clicks bidding
This is a bid strategy that automatically adjusts your bids to get as many clicks as possible, within your budget. This means that Google’s algorithm will increase or decrease your bid amount to get the most clicks possible. This bid strategy is ideal for businesses wanting to drive more traffic and increase brand awareness without going over budget. Because Google does the adjusting for you, it also saves quite a bit of time.
The right strategy for you
In the end, choosing the right bid strategy for PPC advertising depends entirely on your business, budget, and overall goals. All the bidding strategies listed above are effective strategies that can help you achieve your desired results, but to amplify your ROI, you need to do your homework.
Understanding the different bid strategies available allows you to choose the best option for your business and maximize your ROI.