Increase Budgets for Winning Campaigns and Lower for Losers
Automation of your campaign approach can significantly improve budget efficiency. When launching new campaigns, use a method of testing known as “split testing,” in which you allocate a lower budget to two variants and measure the performance of each over time. Once you find which variant has generated the most engagement, prioritize it by increasing its budget and decreasing the other variant’s spending. This ensures that more money is being invested in successful campaigns and allows for quick action when negative results occur to reduce wastage.
Additionally, you should measure your best-performing campaigns in each stage to ensure they are stil worth their budget to help reduce losses. For instance, if you used historical performance data to set an ad campaign budget but the results have fallen below expectations, don’t be afraid Readjust and lower your budget accordingly. By optimizing your campaigns on a consistent basis with regard to spending and performance metrics, you can maximize the return on your advertising budget while avoiding the waste of resources.
In addition, we have a simple formula to determine the Ideal Campaign Budget.
Ideal Daily Budget
(Daily_Budget / Search_impr_share) * (Search_impr_share + Search_Lost_IS_budget)
Ideal Monthly Budget
((Daily_Budget * 30.4) / Search_impr_share) * (Search_impr_share + Search_Lost_IS_budget)
In your campaign setting go to columns > modify columns
Go all the way to the bottom to add a custom column and set
Give the formula the name “Ideal Daily Budget”
Toggle from Visual 2 Text
Past the code above in the designated area
Toggle back to from Text to Visual
Save your custom column
Adjust Audience Targeting Settings to Find Highly Relevant Customers
The more targeted the audience, the better placement performance you will get for your campaigns. To find relevant customers, consider adjusting your targeting settings such as keyword matching, device type, and geography. Refine your audience to make sure it only includes users who are likely to show interest in your ads. This tactic can help you avoid costly impression wastage and improve budget efficiency.
When optimizing audience targeting, you can use the right set of keywords that are most relevant to your product or service. Keywords should be chosen with careful consideration in order to target a narrowly defined audience. You can also include device type as a setting, depending on which devices show the best performance rates for your ads. This will ensure that even less of your budget is wasted on irrelevant impressions and clicks. Additionally, it’s important to consider geography when targeting customers to make sure that the intended ads reach their desired location. Utilizing these tactics will help increase efficiency with ad placement, so you get better performance from your campaigns and more bang for your buck.
House Of Brands Media
House of Brands Media is a full-service digital marketing agency offering budget optimization services. Our team helps clients make the most out of their campaign budgets by utilizing cutting-edge budget management and optimization tactics. With our help, you can maximize the effectiveness of your campaigns without breaking the bank.