Navigating the road ahead: The benefits of real-time marketing

My Post (8)Changes in consumer behavior have always resulted in adjustments to marketing strategies. COVID-19 has shown how quickly consumers’ interests, expectations, and purchasing behavior can shift—and with it, an ebb and flow in demand for products and services. Despite these changes, consumer expectations for businesses and brands remain high. In fact, 78 percent of people surveyed say brands should show how they can be helpful in the new everyday life.1

Adjusting your media buying and the way your business shows up in these dynamic conditions is difficult, especially when some businesses are having to manage twice the complexity with half the capacity. Today, we’ll explore the unique role automation can play in helping you respond to the impact of COVID-19 in real time.

Get the most out of your budget

As conditions change, so do auction dynamics. Communities are in various stages of response to COVID-19 and the things people care about are rapidly shifting. This influences things like location, mobile browsing habits, conversions, and other variables that impact ad performance. It’s in this constant sea of change where Smart Bidding can help.

Smart Bidding (also available as Google Ads auction-time bidding in Search Ads 360) uses machine learning to automatically calculate bids for each and every auction. Utilizing signals like location, search query, and conversion data, Smart Bidding can optimize bids in real time to hit your performance goal even as query and conversion volume fluctuates.

It’s important to note that unpredictable changes in conversion rates, for example: shifts in conversion cycles, cancellation or return rates, are challenging for any bid automation tool. Under these conditions, consider adjusting your cost per acquisition or return on ad spend targets to ensure the best allocation of your budget. For additional flexibility, consider shared budgets and portfolio bid strategies which are effective ways to automatically adjust bids and move spend across campaigns based on performance.

Reach new and existing customers

From flour to at-home workouts to studying at home, the things people are searching for and how they’re searching for them is evolving. It can be difficult to identify where consumers’ attention and demand is shifting while ensuring you have the right query coverage. Dynamic Search Ads are an easy way to reach customers who are searching for exactly what you have to offer. Using the content on your website, Dynamic Search Ads automatically delivers relevant ads with headlines and landing pages that are specific to the user’s query. So as consumer behavior shifts, you can ensure your Search ads are adjusting in real time to meet that demand, all while saving time.

Another way to find keyword opportunities is through the Recommendations page. “Keywords & Targeting” recommendations help you identify new trends that are relevant to your business. In fact, more than 16 million keyword recommendations in Google Ads are based on market trends alone, with new ones added every day. Consider adding keywords that are projected to drive additional traffic beyond your existing ones, or pausing keywords that are performing poorly.

Once you’ve applied the recommendations that make the most sense for your business, keep an eye on your optimization score. Each recommendation comes with a score uplift, and historically we’ve seen that advertisers who have increased their score by 10 points saw a 10 percent increase in conversions on average. You can quickly check for new recommendations using the Google Ads mobile app. – Read more