Changing the bids on keywords can really optimise your PPC account and give you great results. Often in PPC there is a lot of emphasis on ad performance and overal budgets on campaigns, so the bids on individual keywords can sometimes get neglected. Bid management can generate great results and it can be really easy and quick to do.
I’ll admit I’ve never used bid management software before as I am able to do everything I need to on Excel. On a basic level you can quickly adjust your bids on converting or non-converting keywords by a certain percentage on Excel and upload this to Editor quickly and easily. Bid management software can be useful for when you want to delve further into your conversion data and work out ROAS (Return on Ad Spend).
Using Excel for bid management reduces the amount of errors that can happen as you are more in control. Plus, it doesn’t cost you a penny so that’s always a bonus! You can export your keyword data straight from Adwords. Using filters on Adwords can give you the data you need for the bids you want to amend. What I find to be useful is to set up a filter to show all the keywords which have spent xx and not converted or spent xx and have converted. This will save you time as the data is already filtered.
Using the data from Adwords you can see the keywords that are performing and the ones that aren’t. You’ll need to determine what you deem as a performing or non-performing keywords first based on your overall PPC goals, for example – do you need to lower your cost per lead (CPL) or are you targeted on conversions so need to ensure the leads you get are quality? You can then adjust the bids by a certain percentage in Excel using a simple formula (if you want to reduce by 10%, take the CPC and multiple by 0.9)
The results? You can decrease your cost per click, lower the cost per lead and send traffic that is more likely to convert by reducing the bids on keywords that don’t convert well. Obviously, sometimes it’s not always a good idea to just lower your bids on a under performing keyword. This is when you need to look into historical data on a keyword performance to determine whether to switch off the keyword or not.
On the other hand you can also increase the bids on performing keywords to give you more visibility on keywords which are more likely to convert.
There is a lot further you can delve into bid changes for example:
- Increase/decrease your bids to achieve a higher/lower ad position
- Reduce your cost per lead/order by analysing the number of leads/orders and costs per keyword
These will be covered in one of my next blogs… that’s all for now! Feel free to leave a comment below 🙂