What is a Bid Strategy?
A bid strategy sets bids for your advertising automatically depending on their likelihood of resulting in a click or conversion. Each form of automated bid strategy is designed to help you in achieving a certain business goal.
Types of Bids Strategies
01. Maximize conversions
By using the maximize conversions bidding method, you are effectively asking Google to generate as many leads or sales as possible for you within the parameters of your budget.
02. Maximize Conversion Value
The second bid technique, maximizing conversion value, is fairly similar to the prior one. Both strategies revolve around the idea of maximizing conversions while staying within the allocated budget.
03. Maximize Conversion with Target CPA
The typical price you want to spend for a convert is your goal CPA. By enabling this function, Google will make an effort to maximize conversions at the target CPA that you provide.
04. Maximize Clicks
By setting your bids to maximize clicks, you may optimize clicks while staying within your budget. Setting a maximum CPC bid limit gives you the option of limiting the maximum amount you want to apply per click.
05. Maximize Conversion Value with Target ROAS
Your desired average conversion value for each dollar spent on advertising is your target ROAS. If, for example, your goal is to generate $3 in revenue for every $1 spent on advertising, your target ROAS should be 300%.
Guidelines for Selecting a Bidding Strategy
- Instead of picking a strategy at random, base your choice on the volume and campaign goals.
- For a few weeks, test various bidding tactics (using A/B tests) to see how performance varies.
- Conversions, conversion rate, cost per conversion, conversion value, and other metrics are among the important performance indicators you should track.
- Go with the option that produces better outcomes!
Bidding Tips to drive more sales
01. Use a portfolio bid strategy to simultaneously optimize several campaigns
A strategy for portfolio bidding combines several ad groups, campaigns, and keywords.It’s only useful if you want to maximize your results across several campaigns and are employing an automated bidding technique.
02. Create Bidding Automation Rules that Ease Your Work
There are some strong automation features in Google Ads. You can set up notifications, halt campaigns, and change bids in Google Ads using rules without ever having to handle those things yourself.
03. Bid adjustments based on demographic success
You will target a variety of searches and demographics with each campaign you launch. But it seems that not everyone will find your stuff interesting.