It is very essential to manage Google AdWords bids effectively to get maximum ROI. This calls for developing strategies that help in lowering the bids while not compromising on the required results. Here is how you can manage your AdWords bids effectively.
Track Your Performance
The first step in managing AdWords bids is to track the performance of Ad groups and the keywords. You must know which keywords, ad groups are performing well, and which are under performing. You can then decide on whether to raise, stop or lower the bid on the ad groups and keywords.
Use Tools for Bid Management
You can use a bid management tool to manage the AdWord bids. These tools are versatile tools that work in tandem with other tools to manage the AdWord bids. Conversion Optimizer is one such tool that tracks the conversion rate and the conversion performance.
Alter Your Bids
Alter your bids on a regular basis. This can be after seven days or every month. You must notice the time when you last altered the bid and note the performance during that time. You may also increase or decrease the bids by percentage.
Cost per Action Target
Determine a cost effective number and set it as the Cost Per Action (CPA) target.
The bids on terms or ad groups that are providing you more conversions at a rate, which is lower than your CPA, must be raised.
The bids on terms or ad groups that are providing conversions at a rate that is higher than your CPA must be lowered.
Ad groups or keywords that are not providing the required conversions need to be paused for a while.
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