As a busy digital marketer, you probably feel like there’s never enough time to do all that you want to do each day. At Softline Solutions, we recognize that automation is one of the best solutions to the challenges of time constraints. Google Smart Bidding is a powerful tool that should be leveraged to help get closer to your performance goals by working smarter and faster.
Machine learning makes more and more automation possible. Many marketers feel uncomfortable about relying on automation, but machine learning has a powerful capability of capitalizing on user intent to optimize conversions based on factors such as demographics, browsing history, geographic location and more. Machine learning algorithms factor in many more parameters that affect results than can be computed by an individual or even a team.
Choosing a Bidding Strategy to Test
In Google Smart Bidding, there are several different bidding strategies to choose from. You can customize your settings to your unique business goals. Depending on your specific goals and budget, you may choose one of the following strategies or a combination of multiple strategies:
- Maximize conversions
- Target ROAS
- Target CPA
- Enhanced CPC
Consider the available bidding strategies along with your marketing goals. In most cases, it’s a good idea to implement a combination of these strategies and run a 50/50 split test for 30 days or longer. Your effort should be focused on increasing efficiencies, especially if you have a limited budget.
Determine Next Steps by Analyzing Performance
Tools available in Smart Bidding can give you clear insight into your bidding performance. Whenever you implement a new strategy, keep in mind that it takes about two weeks for algorithms to calibrate. As you transition into smart bidding, limit the number of changes you make so that you can get a clear picture of the effectiveness of your strategic changes.
At the end of at least 30 days, compare how much you’re spending on each strategy. Is one campaign costing less but resulting in similar conversions? Compare the efficiency of a strategy such as Maximize Conversions with Manual CPC. If the cost and conversions are similar, run another 50/50 split test for an additional 30 days. If you find that using a strategy such as Maximize Conversions results in less ad spend but significantly better conversions, you can end the split testing and focus just on Maximize Conversions.
Need Expert Help with Google Smart Bidding?
The world of digital marketing changes rapidly, and you need to be ready to change with it in order to stay competitive. Taking advantage of all that machine learning makes possible is a smart business strategy. It’s also a smart business strategy to recognize when you need expert guidance in order to leverage the tools that are available to you.
The experts at Softline Solutions can take the stress out of Google Smart Bidding and help you to leverage its power. Get in touch with us today so that we can help you create, manage and grow profitable campaigns using this important tool.
