Smart bidding strategies are automated bid management techniques used in online advertising, particularly in pay-per-click (PPC) advertising platforms like Google Ads. These strategies are using machine learning and data analysis to adjust bidding on ad campaigns in real-time to optimize for specific advertising goals. The primary goal of smart bidding is to maximize the return on investment (ROI) or achieve other predefined objectives, such as maximizing conversions or achieving a specific target cost-per-acquisition (CPA).
Common types of bid strategies:
Target CPA (Cost-Per-Acquisition): With Target CPA bidding, you set a specific cost-per-acquisition goal, and the bidding algorithm adjusts your bids to help you achieve that goal. It aims to get you as many conversions as possible at your desired CPA.
Target ROAS (Return on Ad Spend): Target ROAS bidding allows you to set a specific return on ad spend goal. The algorithm adjusts bids to maximize revenue or profit while maintaining the desired ROAS.
Maximize Conversions: This strategy focuses on getting the maximum number of conversions within your budget. It automatically adjusts bids to get the best possible results without a specific CPA or ROAS target.
Maximize Conversion Value: Similar to Maximize Conversions, this strategy aims to get the maximum conversion value within your budget. It's ideal for e-commerce businesses looking to maximize revenue.
Enhanced Cost-Per-Click (eCPC): eCPC is a hybrid strategy that uses manual bidding with some automation. You set your bids, but the system can adjust them in real-time based on the likelihood of conversion.
Maximize Clicks: This strategy is designed to get as many clicks as possible within your budget. It's useful when your primary goal is to drive traffic to your website.
Target Impression Share: With this strategy, you can target a specific impression share percentage (e.g., absolute top of the page, top of the page, or anywhere on the page). The system will adjust your bids to help you reach that share of eligible impressions.
It's important to choose a smart bidding strategy that aligns with your advertising goals and objectives. Additionally, regularly monitor and optimize your campaigns to ensure that the chosen strategy is delivering the desired results. Get in touch with us today and we will help you optimize your campaigns and grow your business!