When it comes to bidding strategies, every campaign is different! Your strategy should be based on your goals for your products, brands, and business goals! Here we’ll dive into 4 simple ways make the most out your bidding & your investment.
#1 – Sales Fluctuation Strategy
To utilize this strategy you have to look at a number of different variables, but a few of the most important ones are all conversions, cost and CTR (Click Through Rate). When looking at these three variables you want to be looking for the products that have the most conversions, have a good CTR and the cost is justified by the sales of the product. If that is the case, you will want to increase your bids on the products that are performing well. If you find that your products have fewer conversions than a previous time period or none at all, low CTR and costs are more than your sales. In this situation, you are going to want to lower your bids to absorb the loss of sales and not allow the products that aren’t selling to eat up your budget.
#2 – Brand, Price Range & Product Bidding
The simplest way to bid on your products without going into too much detail is to categorize your products by brand. Bidding just on the brand is a very general way to bid but has been proven to be effective.
#3 – Price Range Bidding
First, break down your products by brand categories. Now it is time to break them up into products within the brand and put the products in price categories. This is a great way to push more expensive products and push inexpensive products less. As a general rule of thumb, the more expensive the product the higher the bid should be. For example, you would bid higher for your selection of watches and bid less for your selection of shoelaces. The reasoning behind this is because higher priced items will be able to make the return on investment worth it and competition will be higher with more high-end products.
#4 – Product Bidding
Lastly, we have product bidding. The easiest way to go about product bidding is categorizing your products by brands then breaking them down into individual items. Doing so will allow you to sort by brand and find which products you want to bid more or less on. This is a great strategy for anyone that wants to push specific items more than others within a brand.
