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Comment below if you have any questions!
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Find out more about us: https://return.co/
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Tips covered in the video:
Paid Social:
1. Target more specific audiences
Of course, if we could, everyone would like to have their face or their brand in front of as many people as possible. However, this isn’t the most efficient way to spend your advertising budgets.
Targeting more niche audiences can drastically reduce the competition from other brands running ads to a similar audience. It’s important to remember that Facebook refers to their ad space as an “auction”, and you are in a bidding war with hundreds of other brands. Reducing the size of your audience increases the likelihood you will resonate more closely with your target demographic and reduce the number of other advertisers you’re bidding against. This will, in turn, reduce CPCs.
2. Check for audience overlap
Testing and using multiple audiences in conjunction with one another is great to reach as many people within your target audience as possible. However, in doing so, you may have inadvertently overlapped your audiences.
‘Overlapping audiences’ refers to what happens when you have multiple people that fit into one of your audiences, who also fit into another one of your audiences. When this occurs, you’re essentially paying twice to reach these people. Using Facebook’s Audience Overlap Tool, you can identify any overlap and adjust your audiences accordingly.
3. Refresh your creative
Finding creative that resonates with your audience is great for achieving high results at a reasonable cost, however, eventually, you might begin to see your results peter out and your costs go back up. What you may be experiencing here is known as “creative fatigue”. This occurs when an audience engages with your ads at first, but eventually get bored of seeing the same ad over and over again.
4. Use bid caps
At campaign level, Facebook allows users to introduce something known as “bid-caps”, and for any advertiser looking to control how much they spend per click, conversion, lead or any other metric, they are essential. As we mentioned previously, Facebook’s ad space is like an auction and it’s possible for you to spend more per result than you’d like. A bid-cap will let Facebook know a limit you are willing to pay for any given result. For example, you can set your CPC cap at £0.40. By doing this, it ensures that you will never pay any more than £0.40 for someone to click through to your site.
Paid Search:
1. Use a CSS
A Comparison Shopping Service (CSS) is a website that showcases an online retailers product offering. The CSS then directs users to the retailer’s own site to purchase. CSS’s have the ability to place shopping ads on Google on behalf of the retailers. The main advantage for ecommerce businesses to onboard is to gain the opportunity of a 20% reduction in CPCs across shopping ads.
2. Day Parting Schedule
A traditional ad schedule doesn’t give as much control and efficiency as a day parting script. With a traditional schedule, you are able to create a schedule for different days, however the hours are clustered together so you can’t alter your bids for each hour. For example, you could create a time segment for between 00:00-07:00, 07:00-11:00 etc. Problems can arise with this, as the conversion rate at 9am could be 5% but at 10am it could be 1%. As you can only create a limited number of time segments per day, this can lead to wasted budget.
Introducing a 24 hour day parting script can make an account more efficient. It enables you to set specific bids for each hour of the day. Day parting scripts work well because they give you more control over spend for every day of the week. The benefit of implementing one can results in a better return on investment due to less budget being wasted during poor performing hours of the day. CPCs will also be lower during the poor performing hours of the day as a result of the negative bid adjustments.
3. SQRs and Long Tail Keywords
Carrying out Search Query Reports (SQRs) on a regular basis is essential for identifying both potential new keywords and search terms, which need adding as a negative keyword. They also provide the opportunity to find long tail keywords, which can be added to current campaigns or targeted in their own campaign. Long tail keywords do tend to have a low search volume, however, they demonstrate clear intent which makes them a great addition to any campaign. Generic keywords have a higher CPC because more people are bidding on them, therefore it is important to use specific long tail keywords to reduce CPCs.
Comment below if you have any questions!
Read more on our blog:
https://return.co/cpc-costs-paid-search/