Data science is potentially one of the most powerful SEM tools in any paid search professional’s toolbox. Learn how to use data science to maximize profits and conversions while improving your efficiency in our full SEM tools eBook on data science.
SEM tools for paid search professionals typically include different types of software, spreadsheets, scripts, spreadsheets, bidding strategies and spreadsheets. And of course, spreadsheets. (Did we mention that spreadsheets also tend to be involved, too?)
But what if performance marketing could go beyond traditional search engine marketing tools and into much higher levels of efficiency – without all the manual spreadsheet jockeying? What if it could also mitigate the dual challenges of data overload (being inundated with customer data for time, device, geo targeting and demographics) while also solving your paid search strategy issue of data scarcity (not being able to pull enough insights from data, particularly from low-volume, high-intent long-tail keywords you just covered in your last PPC analysis)? What if free SEM tools could do this for you?
As it turns out, PPC tools exactly like this do exist…in the form of individual Enhanced Campaigns data from publishers such as Google and Bing. Using data for modifiers such as time of day or device used, plotted against your observed bids for each keyword, you can take a data science-based approach. Specifically, by using these data points to create bid landscapes, you can then predict points of maximum efficiency – figuring out exactly where you’ll get the most profit against the lowest possible bids, without overspending.
There are many SEM data points you could be pulling from your campaigns – but what real insights do they offer?
While this isn’t a bad start (especially for free SEM tools), you can take this approach to the next level. Pooling these modifiers into multidimensional data models that account for time, device and geo against observed bid levels will let paid search pros forecast the exact best bid levels to make the biggest profits and convert the biggest number of prospects – whenever, wherever and however they happen to be searching.
So, should you add this approach to your list of SEM tools? Let’s consider the question practically. Could manually calculating these optimal bid levels, at least for your some of your most important head terms, lead to better performance, more conversions and ultimately more revenue? Yes, it could. Could trying to manually calculate these bid levels using the hundreds of thousands, if not hundreds of millions of data points manually, be the best way to go about it? Maybe not. In this case, using a predictive advertising management platform with a data science-based infrastructure and smart automation to manage all these data points for you might be a better course of action.
So, should you add data science to your repository of PPC tools? If you’re serious about getting the absolute most profits and conversions from your campaigns, the answer is most assuredly yes. Get more details on how you can empower your SEM tools in our full eBook, “Maximizing Advertising Profit & Conversions with Data Science.”