When to Increase Your Budget in Google Ads
If you are not budget restrained, meaning that you have additional marketing dollars to spend, here is a quick primer on how to know if it makes sense to increase your Google Ads spending budget.
First, look at your campaign level results and sort the data for yesterday. If you did not spend your full budget yesterday, raising your daily budget will have no impact. Make sure to check a few days on top of just yesterday to assure that you are seeing enough results to be sure.
Second, if your program is profitable for you meaning are getting leads which leave room for profit, then the rule of thumb is to increase your ad spend as long as you have a positive ROI or return on investment. Make sure to look at the average cost per conversion when you evaluate what your leads cost versus what you make per lead.
It is important to have an awareness of important facts that are unique for your business such as one out of every ten leads makes a purchase or becomes a regular customer and regular customers typically will stay five years with us and have a lifetime value of X.
I do not recommend raising your ad spend budget without thought to assure that Google Ads is an investment in your growth and not an expense.
That being said for accounts that have taken the approach of increasing the ad spend without a limit while there is still positive ROI, the results can be absolutely, positively, mind boggling and wonderful.
If you are looking for a Google Ads optimization expert, I invite you to find out more about our services today.
How To Compete Against A Competitor With Deep Pockets
In Google Ads, you can compete effectively against large competitors who are spending a lot of money on Google Ads with a few creative approaches.
First, consider taking the gloves off. We will routinely target competitor names in very competitive spaces. Our ad text will show dynamic keyword insertion and phrases in the ad text like (Competitor’s Name) Too Expensive? Check out (Your Company Name) and then showcase features. Similar to (Competitor Name) is also another great way to get traffic and bleed off prospects who may have never known about you and were searching for your competitor.
Be watchful about the time of day your ads show. If you are competing against a company with a very large advertising budget, consider bidding down slow times of the day or times that do not typically convert for you and show your ads at your regular cost per click in peak times. This strategy keeps your name out there but focuses budget in peak decision making times.
Consider Display advertising and use In Market as a setting. This will show your ads in the Display Network and targets readers or browsing prospects that are actively looking for your competitor or services you offer.
If you are looking to boost your Google Ads exposure and be more competitive in your marketplace, I invite you to visit our website to find out more about McCord Web Services and what we do.
Business Pulling Back? What to Chop
If your business is pulling back where can you realistically chop in your marketing plan and not get hurt?
Chop Away
Social Media – if you are paying to update Facebook, Twitter and Google+ you could easily take a break to save money.
Blogging – try not to kill all your writing as the SEO juice you get from well-written blog posts helps you in the long run, but maybe consider moving from three days a week to two or from two days a week to one. Try to still keep the momentum up but maybe lower the word count or frequency.
Chop Not!
Google AdWords – don’t touch it unless you absolutely have to. AdWords is hands down the best way to generate new leads and start cash pumping back into your business.
e-newsletters – they build loyalty and repeat business. Newsletters are especially important to businesses that have annual renewals for service plans like pest control firms and HVAC firms. If you chop this, your name is not kept in front of your customers and come time to renew, they may not see the value of renewing; which will hurt your sales even further.
Need some practical sense to make the most of the budget you do have or to get AdWords to work harder for you? We’re the firm to call and chat with first especially if you are looking for honest advice you can trust with no sales pressure.