Optimize Google AdWords Bidding
Marketing / Sales
Determine the optimal bidding price for Google AdWords to achieve your target ROI and optimize marketing spend.
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Although it is a huge part of your advertising budget, bidding on Google Adwords presents a double bind. Bid too low and you lose advertising opportunities, causing your product and brand awareness to fall and drag sales volume (and profit) down with them. Bid too high and your marketing ROI will dwindle, making your efforts redundant if not actively detrimental.
Bidding on Google AdWords is becoming an increasingly costly advertising method, and some keywords can even reach prices of $50 per click. Unfortunately, most companies are unable to accurately estimate their marketing attribution (ROI of each individual marketing touchpoint). This in turn prevents two key issues: bidding too low leads to a loss in advertising opportunities, causing your product and brand awareness to fall, dragging sales volume (and profit) down with them. Bidding too high hurts marketing costs, and may not attract the sales volume expected. Most companies lack an accurate way to estimate their marketing attribution per keyword. They rely on experience (guesses) to determine on which keywords to bid and for how much, which often results in wasteful spending on the highly competitive keywords.
By using machine learning to build models from past marketing and sales activities to predict the sales volume attributable to each individual AdWord, it’s easy to determine the optimal price to bid to achieve your target ROI while simultaneously avoiding losing the word to a competitor.
AI can help companies determine the maximum and minimum prices they should bid on each individual Google AdWord in order to achieve their target marketing ROI and sales volume. AI will quickly find patterns in historical data, and make predictions on spend for future adwords. AI will leverage information regarding projected ROI of certain AdWords, giving your organization clear margins for what your bidding threshold should be. Not only will your organization develop valuable data regarding your marketing attrition history, AI will also protect you from overspending on AdWords, optimizing your marketing budget. Automating adwords spend will have long term positive impacts on your digital advertising by enabling your marketing team with data driven insights.
Building auction models that can capture complex and changing human behavior is incredibly difficult and time-consuming, but the DataRobot AI Platform can find the most accurate model with just one click.
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