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Cutting Edge PPC Bidding Strategies You Should Be Using

When you boil paid search down to its basic elements, there are three things that rise above all else: Bids, Ads and Keywords. While setting a bid is fairly easy to do, developing and utilizing an effective bid strategy for your account is more difficult. Maybe you’ve figured out a strategy that seems to be working well, but still aren’t meeting your goals. Or you need to start pushing the envelope on what you’ve been currently doing. In this webinar, we’ll discuss out-of-the-box bidding strategies and look at different angles on what you can implement to improve the effectiveness of your PPC campaigns.

In the presentation, Fred Vallaeys from Optmyzr and Jeff Baum from Hanapin Marketing talk about bidding strategies that are not only on the cutting edge, but for the more advanced marketer.

You’ll get expert-level PPC tips like:

*Implementing a weekend bidding strategy to keep CPA at goal
*Bidding towards your profit, instead of being restricted by CPA or CPL
*Utilizing automated bid rules to adjust your cost per click
*Working more efficiently with advanced AdWords scripts tricks

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Cutting Edge PPC Bidding Strategies You Should Be Using

  1. 1. #thinkppc &HOSTED BY: Cutting Edge PPC Bidding Strategies You Should Be Using
  2. 2. #thinkppc Presenters • Frederick Vallaeys – Founder of Optmyzr – Hero Conf London Speaker – PPC Hero Blogger – @siliconvallaeys • Jeff Baum – Associate Director of Paid Search at Hanapin Marketing – Hero Conf London Speaker – PPC Hero Blogger – @jeffbaum71
  3. 3. #thinkppc Join the conversation • Include the hashtag #thinkppc in your Twitter tweets. Or use the webinar question box to send us questions.
  4. 4. #thinkppc Live Poll Question #1 How long have you been in PPC? #thinkppc A. Less than 1 year B. 1-3 years C. 3-5 years D. 5+ years
  5. 5. #thinkppc Live Poll Question #2 How do you manage your account(s)? #thinkppc a) I’m part of an in-house PPC team. b) I do all the marketing myself. c) I work for an agency. d) I’m a consultant.
  6. 6. #thinkppc Bidding for Profit
  7. 7. #thinkppc Bidding for Profit
  8. 8. #thinkppc Bidding for Profit
  9. 9. #thinkppc Bidding for Profit-Calculating Profit ● Understand the full value of your ppc customers including lifetime value. ● Make reasonable assumptions about each value factor so revenue can be estimated. ● Factor out gross margins and advertising costs.
  10. 10. #thinkppc Bidding for Profit-Approach To Testing ● Test areas of account that’ll provide enough conversion data. ● Common practice to increase bids 25%-30%. ● Understand your sales cycle to determine appropriate length of test. ● Don’t set and forget. These are big bid modifications!
  11. 11. #thinkppc Bidding for Profit-Scenario A ● Increasing bids led to higher avg position and more conversions. ● CPA increased 20% BUT profit increased 143.75!%
  12. 12. #thinkppc Bidding for Profit-Scenario B ● Granularity. ● Performance Variance by Product.
  13. 13. #thinkppc Bidding for Profit-Practical Considerations ● Account Structure is Key. Group Most Profitable Products and Services Together. ● Bids Need to Make Sense for Your Business. ● Test in Aggregate to Prove Concept Then Get Granular.
  14. 14. #thinkppc Bidding for Profit Profit Is The Rocket Fuel That Propels Businesses. Don’t Let Bid Strategy Be a Limiting Factor to Your PPC Success!
  15. 15. #thinkppc Bidding for Profit- Convincing Stakeholders ● Innovation: Thinking About your PPC differently. ● Growth: Removes Growth Limitations CPA and other efficiency metrics Cause. ● Bidding is Strategic: Align & Support Business Goals. Not Just a Tactic. ● Making Total Profit the KPI: Scales your PPC more quickly.
  16. 16. #thinkppc Weekend Bidding
  17. 17. #thinkppc Weekend Bidding
  18. 18. #thinkppc Weekend Bidding ● Cost per Lead Appreciably Higher on Weekend. ● Account-Wide CPL Fluctuated As a Result. ● Monthly Cost per Lead Goal Not Being Met.
  19. 19. #thinkppc Weekend Bidding ● Identified Source of Weekend Cost per Lead Spike (Google Adwords Search Account). ● Built Automated Rule to Reduce Bids 15% Account Wide. ● Rule Went into Effect 12:01am Saturday and reverted back to normal 12:01 Monday.
  20. 20. #thinkppc Weekend Bidding-Results ● Total Weekend CPL Decreased 22%. ● Despite Bid Decrease, Lead Volume & Conv Rate Improved. ● Reducing Account Wide Performance Fluctuation.
  21. 21. #thinkppc Weekend Bidding-Lessons Learned
  22. 22. #thinkppc Weekend Bidding-Performance Tracking ● Have a Method in Place to Track Performance. ● Identify Deviations from the Norm. ● Use Your Performance Tracker as Guide to Deeper Analysis.
  23. 23. #thinkppc Weekend Bidding-Lessons Learned ● Understand Your Market’s User Behavior. ● When Are The Most Likely to Convert? ● Predict & Adjust Accordingly (Using Your Analyzed Data).
  24. 24. #thinkppc Weekend Bidding-Lessons Learned ● Don’t Leave Any Stone Unturned ● Consider All the Possibilities. ● Answers & Solutions are There if You Dig Deep Enough to Find Them.
  25. 25. #thinkppc Bid Automation
  26. 26. #thinkppc Automation To The Rescue • People get distracted • Some are bad at math • Want to work on fun projects
  27. 27. #thinkppc Smart Automation Leverages Your Team’s Knowledge “Adding human judgment to statistical methods makes results roughly 15 percent more accurate. And it’s even true in chess: While the best computers can now easily beat the best humans, they can in turn be beaten by humans aided by computers.” – Wired Magazine, January 2014
  28. 28. #thinkppc Tools
  29. 29. #thinkppc There’s Always Money In The Banana Stand Source: RKG Blog
  30. 30. #thinkppc Incremental Cost Per Conversion Source: RKG Blog Goal Action Maximum Profit Stop buying clicks when ICC > value of click Growth with no profit Stop buying clicks when avg CPC > value of click
  31. 31. #thinkppc Hour-of-Week Reports • Analyze a double segmented report using day of week and hour of day
  32. 32. #thinkppc 2 Types of Bid Management Methods • Rule Based Bidding • Portfolio Bidding Find similar entities and manage these to a common average goal
  33. 33. #thinkppc Rules Based
  34. 34. #thinkppc The SalesX Bucket Bid Method™ High Converters In last 30 days… Conversions: - At least 5 Known Converters In last 30 days… Conversions: - Less than 5 - More than 1 Unknown In last 30 days… Conversions: - None Impressions: - Less than 10 Top of page bid First Page + 50% First Page Bid Filter All Keywords Apply Bid Strategy
  35. 35. #thinkppc Problem #1: Creating Good Buckets
  36. 36. #thinkppc Problem #2: Choosing Lookback Windows
  37. 37. #thinkppc Problem #3: Data Density
  38. 38. #thinkppc Hybrid Approach To Get More Data • Alternate between duration and account level
  39. 39. #thinkppc Automated Rule: Bid To Average Position < 3If Position Then Bid +10% > 2If Position Then Bid -10%
  40. 40. #thinkppc Portfolio Based
  41. 41. #thinkppc Google’s Automated Bid Strategies Bid Strategy Goal Level Maximize Clicks More Site Visits C, AG, KW Target Search Page Location More Ad Visibility C, AG, KW Target CPA More Conversions at Target CPA C, AG Enhanced CPC More Conversions C, AG Target ROAS More Return on Ad Spend C, AG, KW Target Outrank Outrank another domain’s ads C, AG, KW Maximize Revenue Get as much conversion value as possible Announced in 2014 Maximize Conversions Get as many conversions as possible Announced in 2014
  42. 42. #thinkppc First Page Bid Freshness ~70% of keywords with a change in QS have no reported change in FPB
  43. 43. #thinkppc Real Time Bidding • Only Google can set bids at the time of the query • Enables them to consider more factors than advertisers can to determine the best bid
  44. 44. #thinkppc An Example Of What Google Knows • Google can set different bids based on search funnel data like this
  45. 45. #thinkppc New: Test Different Bids • Bid Simulator support for Bid Strategies
  46. 46. #thinkppc New: Bid Strategy Dashboard • Get more insights into how bid strategies are working
  47. 47. #thinkppc How Conversion Data Is Used By Google • Tell Google how to attribute conversions when managing your bids
  48. 48. #thinkppc A Word Of Caution About Bid Automation “As long as the humans […] understand what it is they are controlling, we’re fine. It’s when they become slaves to the numbers that trouble breaks out.” – Wired Magazine, January 2014
  49. 49. #thinkppc Advanced AdWords Automation AdWords Scripts
  50. 50. #thinkppc What Are AdWords Scripts? AW Scripts are pieces of JavaScript code that are put into an AdWords account where they can be scheduled to run automatically on a predefined schedule.
  51. 51. #thinkppc What Can AdWords Scripts Do? Scripts can create reports and make account changes. Supported entities: • Shopping Product Groups • Ad extensions • Budgets • Bid Strategies • Advanced APIs • Labels • Keywords • Bids • Ads • Ad Groups • Campaigns • Targeting • Bid modifiers
  52. 52. #thinkppc Prediction API + Scripts 1. Use algorithms to find similarities and build portfolio groups 2. Use AdWords Scripts to calculate and set the bids for the portfolios
  53. 53. #thinkppc Scripts + Google Calendar
  54. 54. #thinkppc Scripts For Bid Rules Build complex rules that run as often as every hour
  55. 55. #thinkppc Quicker Reporting With Scripts • What is the Description Line 1 with the best CPA?
  56. 56. #thinkppc PPC Retainers Need some assistance for your PPC? We offer on-going and one-time retainers. Learn More: http://www.hanapinmarketing.com/ppc-retainers/
  57. 57. #thinkppc Live Q&A Time!
  58. 58. #thinkppc Thank you for attending our webinar! #thinkppc • Contact us Directly: » Hanapin Feedback: marketing@hanapinmarketing.com Optmyzr Feedback: support@optmyzr.com