To succeed in search advertising, marketers need to know the range of words and phrases their customers enter into search box when searching for their products or services.
Good keywords relate to the product as well as the contents of the ad and the contents of the landing page. They need to be identified and selected in the context of the objective of the ad. For instance, to draw traffic, you need to choose short tail keywords, whereas for securing financial goals, long tail keywords with higher CTR and greater customer acquisition rates may be preferred.
Search engines such as Google provide facilities for keyword planning. In-built into Google Ads is a Keyword Planner that generates ideas for keywords and provides estimates for a range of performance metrics including:
Besides search engines, a wide range of keyword planning resources are provided by a vast number of service providers including Moz (moz.com) and HubSpot.
To optimize ads as well as spend, advertisers should regularly test their ads using the analytic resources cited above. These analytics can assess ad performance and search ROI through tracking of impressions, visitors, converts and profits.
Facilities such as Google Ads Keyword Planner are well suited for generating keyword ideas and selecting keywords. This planner can be accessed through the “TOOLS” icon locate at the top menu of Google Ads. As can be seen from Exhibit 18.7, in addition to the keyword ideas, it provides indicative measures for monthly searches, level of competition, share of ad impressions, and the upper and lower limits for top of page bids.
Google Ads Keyword Planner also provides the facility to forecast search volume and conversions. As can be seen from Exhibit 18.8, the search volume forecast estimates the clicks, impressions, cost, CTR, average CPC and average ad position over different bids.
In the example depicted in Exhibit 18.8, for the selected combination of keywords, for a bid of SGD 1.20 (max), the plan is likely to generate 21 thousand impressions and 460 clicks, which translates to CTR of 2.1%, averaging CPC of SGD 0.79 and incurring a total expense of SGD 360.
To obtain the conversion metrics, marketers need to provide estimate of the conversion rate and the value per conversion. For a conversion rate of 2.5% and value per conversion of SGD 500, the plan is expected to generate 11 conversions, generating a value of SGD 5,600 for a CPA of SGD 32 (Exhibit 18.9).
Note: To find content on MarketingMind type the acronym ‘MM’ followed by your query into the search bar. For example, if you enter ‘mm consumer analytics’ into Chrome’s search bar, relevant pages from MarketingMind will appear in Google’s result pages.
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