When you think about automated bidding, or any machine-learning algorithm, it’s useful to envision a physical machine with lots of gears and belts in need of plenty of oil to stay running smoothly. Not to mention, useful human stewards to keep it all functioning. Even though the machines we’re working with in the digital marketing sphere are less tangible, there’s a lot we can do to proverbially “grease the wheels.” In this post, I’m going to lay out specific numbers that will be useful in determining which automated bidding strategy aligns with your goals and the necessary data needed to get that strategy off the ground. Did you know that Google’s machine learning algorithms can process 70 million signals within 100 milliseconds? That’s insane, right? These data rich signals are informed by Google’s access to 7 different properties, each with a 1+ billion users. These include Google, Gmail, YouTube, analytics, android, Google Maps, and Chrome. All this to say, the machine is fed by an incomprehensible amount of data being processed in microseconds and to get it to work optimally, we need to steer it in the right direction. Here is a break-out of automated bidding strategies, the business solutions they provide, and data needed to get them to perform seamlessly: Enhanced CPCUse if your goal is to drive a high volume of site traffic at low cost while still optimizing for conversions.
Target CPAUse if your goal is to scale campaigns at your current CPA goal or maintain consistent CPA.
Maximize ConversionsUse if your goal is to get the most conversions from your existing budget.
Target ROASUse if your goal is to grow conversion value. It considers both the likelihood to convert in an auction as well as the conversion value associated. This one takes a bit more “greasing.”
Target Outranking ShareUse if your goal is to outrank ads from a competitor.
Target Search Page LocationUse if your goal is to appear on the first page of search results or in the top positions.
Closing ThoughtsWhen selecting a bidding strategy, keep these numbers in your back pocket. They may also help diagnose why a new strategy is not working. Knowing when to deploy a new strategy can be difficult, but you can always run an AdWords Experiment for many of the bidding strategies so you can get an idea of what performance will be like before you fully commit. from https://www.ppchero.com/automated-bidding-strategies-by-the-numbers/
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