Every online marketing campaign has a goal. To achieve each goal, specific bidding strategies have been put in place. Bidding strategies may stem from whether you want to pay for impressions, or engagement rates or focus more on conversions at your website. Either way, your ad will serve its purpose. The following are common bidding strategies:
Search engine marketing can be likened to a battlefield. You don’t venture into it without a sufficient plan, otherwise you will not only lose money, but fail to achieve the purpose of your campaign.
People are often overwhelmed by the size of their campaigns and the numerous bidding strategies available. So how do you choose the right bidding strategy? The first thing to consider is the goal of your campaign. Once you understand what it is supposed to achieve, you can assign an appropriate bidding strategy.
For example, a new company that makes red party cups trying to establish its presence in Southampton will want to create awareness of its business online. It will therefore benefit from a visibility bidding strategy. This means the campaign will be targeted at presenting its display ads on various display networks. The company will pay according to the number of impressions the ads acquire.
In another example, an advertiser may decide to focus its campaign on generating conversions. Say, an already popular shoe sales company with the objective of selling its old stock can use the conversion strategy to maximise conversion rates. The bidding costs accrued will be based on clicks that resulted in conversions.