A bidding strategy could be a campaign with a particular focus, hooked in to a two primary criterias:
- Campaigns Network Targeting (Display or Search)
- Your focus: clicks, impressions, conversions or views
The idea behind these strategies is that they assist you to accomplish specific goals looking at what your target market is. You’ll use them to urge a better click rate, making a far better impression, or increasing your conversions.
There are a spread of various bidding strategies available for you to use, and it’s important that you just understand all of your options in order that you’ll choose the one that’s best for you.
Different types of bidding strategies:
1. Target CPA (Cost Per Acquisition)
If you would like to optimize your conversions, then this might be the answer for you. This sort of strategy will specialise in trying to make more conversions at a selected acquisition cost.
Google Ads will automatically set your bids to support your average CPA. If you don’t know your acquisition costs, then this might be a drag. Your CPA is the amount of cash that you simply can afford to spend on one customer.
2. Target ROAS (Return On Ad Spend)
Google Ads will set your bids to maximise conversion value based on the return that you simply are trying to find from your ad spend. It involves a touch of maths to figure out, but if you get there, then it is often quite helpful.
You calculate a Target ROAS like so:
(Sales ÷ ad spend) x 100
You can even use previous campaigns to assist you opt what your percentage should be if you aren’t sure.
3. Target Impression Share Bidding
Target Impression Share Bidding is one among the newer bidding strategies around. It was replaced by Target Search Page Location & Target Outranking Share in June 2019. Advertisers can set a goal impression share percentage, just like for a target CPA. You have 3 options for ad placements:
- Absolute top of the page
- Anywhere on the page
- Top of the page
Google will then adjust the bids according to this.
4. Maximize Clicks
Maximizing Clicks is an automatic strategy that sets your bids to induce as many clicks as it can within your specified budget. It’s arguably the best way to gain clicks, as Google Ads does most of the work. What’s more, you don’t have to be compelled to set bid amounts for your ad groups, keywords or placements.
5. Manual CPC Bidding
If you’d like better to do things manually, there’s Manual CPC Bidding. This strategy allows you to line your own maximum CPC.
If you use this sort of bidding, you get complete control over all of your bids, and you’ll set the utmost amount that you simply could pay money for each click on any of your ads. It gives you a level of control that you simply can’t get through automated systems.
6. Enhanced Cost Per Click (ECPC)
ECPC is a partially automated strategy that works by automatically adjusting the bids, as per google the bid can be raised by 200% if there are any chances of conversions.
The strategy relies on clicks and their probability of resulting in a purchase or conversion. ECPC tries to keep your average CPC below the max that you simply have set, and it works best when including conversion tracking.
7. CPM Bidding (Cost Per Thousand Impressions)
This Bidding Strategy is for Impressions. YouTube campaigns like TrueView and Display Network are the only things that this feature can help. You can’t use it on a search Network because it is a display only bid strategy.
8. vCPM Bidding (Cost Per Viewable Thousand Impressions)
This Bid strategy is a manual display-only bid strategy. It lets advertisers bid for impressions when your ad is shown. It is a good option if you’re trying for brand awareness and you would like people to see your ads message, this is a good option that supports viewability.
Google will aim to maximise the amount of viewable impressions your ad receives, which works best with a finite audience.
Viewable CPM (vCPM) means that you only pay for ads when they’re seen on the Google display network.
9. CPV Bidding (Cost Per View)
You will pay money for video views and other video interactions once you use this sort of bid. This will be the amount that you will pay for the views for your video ads. CPV bids will get you changed for all the clicks on the video that take the visitors to your business website.
To do this, you enter the maximum that you simply want to pay per view for your ad group in a video campaign. The max bid then applies to all ads within the group.
As you can see, there are so many bidding strategies that you can use to scale up your marketing with Google ads. Each strategy has its advantages and disadvantages, and it depends upon what you’re willing to achieve and which bidding strategy you should choose.
Take some time and look through all of the choices to offer yourself the best chance of success. These only work well once they are evaluated and chosen wisely.
Bidding strategies are not a one fit solution for all, so ensure that you’re optimizing them frequently to make sure they are still getting you the same results as they are giving in the beginning.