Although PPC budgeting might not be the most exciting thing since sliced bread, being good at managing your budget can have a major impact on your PPC performance. It doesn’t have to take up much of your time, even a quick check in at the beginning of each month or quarter can go a long way in making sure you are treating your budgets with the care they deserve.
What can I do to pay more attention to my budget? I hear you say!
Here are 4 examples of things you should be doing to take better care of your PPC budgets.
Oooh, forecasting, don’t all rush at once! Forecasting can sometimes feel like guessing as to what performance is going to be and it really is, but hopefully it’s a good educated guess that can help you to make smarter decisions about where you spend your advertising money. Remember that it isn’t always going to be right – you can be dead off sometimes and not the psychic supreme you wish you could be. The best way is to have a realistic expectation of performance so you can plan ahead. Spend a little time to think ahead and know what’s coming and check back in after a month or so. You will be able to see how far off you were and what you can learn and change for next time to be a bit more accurate.
Create Projection Sheets
As above mentioned, forecasting gives you a long term look at potential performance however using a projections sheet can help you to understand where you’re likely to be at by the end of each month. You can project performance by dividing the number of days left in the month by the past 7 days performance and adding the month to date performance. Nothing is guaranteed and your month end performance could go either way, but it will give you a better outlook on where you’re headed based on what has already happened that month.
Choose The Best Budget Type For Your Account
Getting a bit more down to the nitty gritty of managing campaigns, it’s important to make sure you’re using the right budget types for your marketing needs. Google Ads has campaign level or shared budgets, this is likely to be a quarterly check in item but make sure that you’re using the right budgets settings for your own goals. As your campaigns evolve and initiatives are turned off as time goes on, it’s important to take a step back and ensure you’re setting yourself up for success. Always tailor it to your marketing goals, don’t just choose the same budget options because it worked last time.
Know What You Can Afford
PPC has a fantastic reputation for showing great results but really, success takes time. There will need to be a period of testing and optimising before your campaign generates profit. This is why it’s so important to know what you can and can’t afford to spend. Keep in mind that results aren’t immediate so you will probably be spending more than you’re making for a measure of time. You need data to optimise too, try not to set budgets too low because if you’re not gaining enough insights to optimise your campaign, it means your spending with nothing gained.
Time to focus!
If you find that your budget is restricted, do some forecasting and projecting and prioritise the most likely avenue for success first.
Just like with initial results, if you find this channel doesn’t work, don’t panic! It doesn’t mean that others are going to follow suit.
Of course it’s beneficial to test many different paths but if you are dealing with a set amount of budget available for a new test, try focusing on the one which is most likely to perform first.
We have every faith in your success!