One of the most common questions we hear from our PPC clients is “how much budget should be assigned to my PPC campaigns?”
When it comes to PPC advertising there is no one size fits all approach; industries and competition vary so much that we cannot possibly tell each client to assign the same budget to their campaigns.
Here are 5 ways you can manage your PPC budget in 2018 to achieve maximum ROI!
Be Data Driven
The most significant thing about a Google AdWords campaign is the vast amount of data you are able to see once you have set up conversion tracking. From clicks and CTR to impression share, these are valuable pieces of information right there for you to see and utilize in order to maximize the reach of your campaigns. Rather than focusing on what you think your performance should look like, analyse actual conversion data and use this to define budgets.
Don’t Restrict Your Best Campaigns
Sometimes the fear of your PPC campaigns running away with your budget is so strong that you end up restricting your best campaigns and wondering why they aren’t performing as they should. Consider starting off with a higher daily budget than you think you will need and see how it impacts performance. If you have capped your daily budget at a low amount then it won’t show as often, potentially at your busiest times, so you end up missing out on vital leads/sales.
Remember Your Initiatives
PPC budgets should be set in line with the ROI and revenue goals of your products and services. More budgets should be allocated to your top selling products and products that offer the highest return as well as products that need more exposure to increase sales. Just as you would create a display in your physical store for products you particularly want to increase sales of, you need to do the same online.
Consider Seasonality
In e-commerce, it’s not as easy as dividing your annual PPC budget by 12 and setting your campaign LIVE. Seasonality can massively impact sales and trends, so you may need more budget in November-December than you would April-May. AdWords allows you to see forecasts of certain keywords to see search trends. Use this information to create a bulletproof budget.
Monitoring
If you are consistently going over budget or coming in under budget, then changes need to be made to your campaign or budget to make sure that your campaigns are set up correctly and aren’t being held back.
At In Front Digital, our experts can help to apply recent changes to your campaigns and help you to improve your existing PPC campaign, identifying if it is setup correctly or performing as it should. Get in touch now to discuss your PPC campaign!