How To

Managing Bids

Use ChannelAdvisor's powerful and flexible Bid Management System to control costs and increase revenue. Track the impact of all keywords that contribute to a conversion, whether through paid search, natural search, or a comparison shopping engine.

Create bid rules to analyze keyword performance and update keyword bids based on your ROI goals, or even set up portfolio bidding to maximize revenue across products. Use flexible look-back periods and analysis to adjust for seasonality and both high and low traffic terms. Analye reports on bid changes to further refine bid rules for better performance. Set keywords to automatically delete if performance is poor.

 

Prerequisites


 

Tasks Related to Managing Bids


 

How to Use the Portfolio Bidder

The portolio bidder is the first of its kind in the industry: using a proprietary algorithm to predict metrics such as CPC and revenue at various possible keyword ranks, the portfolio bidder then optimizes bids within the portfolio to maximize revenue. Click here to learn more about how the portfolio bidder works, how to set it up, and read about the success retailers have had using it.

 

How to Create a Bid Rule

  1. In ChannelAdvisor, navigate to Digital Marketing > Marketing Management > Automated Bidding.
  2. Click the Create Rule button.
  3. Set Bid Goal:
    1. Select a Provider to which this rule should be applied.
    2. Rule Name: Give your rule a descriptive name.
    3. Select a Bidding Strategy: Choose from these 4 bidding strategies for Google Adwords and Bing Ads.
      1. Aggressive Growth: Select this strategy to increase bids aggressively to maximize revenue and the exposure of ads.
      2. Budget Optimizer: Select this strategy to decrease bids aggressively to meet strict ROI goals and account efficiencies.
      3. Portfolio Bidder: Select this strategy to Increase overall revenue while staying at high level ROI (or ERS) goals, by incorporating an element of ongoing bid testing and predictive analysis. (Google Adwords, Bing Ads only).
      4. Custom Rule: Select this strategy to Create your own bid strategy based on your unique goals with custom-defined rules.
  4. Set Bid Rule Details:
    1. Select a Date Range from the menu. The bid rule will look at data over the date range you specify here, and analyze whether it meets the criteria you establish within the rule for profitability and traffic measures.
      1. Select either the past 15, 30, 60, 90, 120, or 180 days...
      2. Or choose a Custom Date Range:
        1. For the Start Date, enter the number of days prior to today that you would like to be the beginning of the date range that the bid rule uses for its evaluation.
        2. For the End Date, enter the number of days after the Start Date that the bid rule should consider in its evaluation.
        3. Example: Start Date of 23 and an End Date of 22 will create a date range that looks back at the past 22 days.
    2. Choose to ACTIVATE this rule when "Save" is selected by marking the checkbox. If you want to activate it later leave the checkbox deselected.
  5. Set Bid Measurement: The settings in this section define the type and goal of the bid rule you are creating, essentially the strategy you are taking in your keyword bids.
    1. Choose the Measurement Type:
      1. Return on Ad Spend (ROAS): This reflects the profitability of each product sold. ROAS = Revenue divided by Marketing Cost.
      2. Effective Revenue Share (ERS): This reflects your margin goals or profitability. ERS = Marketing Cost divided by Revenue.
      3. Cost Per Order (CPO): This reflects the number of orders brought in by a keyword, but ignores revenue. CPO = Total Cost divided by Total Orders.
      4. Total Revenue Share (TRS): This reflects the profitability of each product sold. TRS = (Marketing Cost plus Product Cost) divided by Revenue.
    2. Enter the Target for the Type of rule you chose in step 1 above.
    3. For WEIGHT Assists by, choose the appropriate option from the dropdown to set how much credit you want to give to Assists when the bid rule evaluates a keyword's performance. (Assists are the clicks that drove traffic that ultimately converted to a sale). You can ignore Assists if you don't often see many assists in your conversions, or go all the way to giving assists roughly 50% credit for sales if your conversions usually involve many assists. It is common to see more Assist credit given when high-ticket items are sold.
  6. Set Bid Price Range: When thresholds are met and the rule is activated, the settings in this section will define how much the rule increases or decreases a product group's or keyword's bid.
    1. Enter the Daily Bid INCREASE Limit, which is the percentage you are willing to increase the bid on a daily basis to stay competitive and still hit the goals you set in the Bid Measurement section. (A good starting point to enter here is 10%.)
    2. Enter the amount to Never bid ABOVE, or the bid ceiling. This is the most that a bid can possibly be set to in this rule. Once a keyword reaches the ceiling, the bid stops increasing as long as the keyword is still performing well relative to the goal you set. (A good starting point to enter here is ten times the keyword's CPC. But if you have high-spend keywords, increase the ceiling so that the bid rule does not automatically drop bids for those keywords.)
    3. Enter the Daily Bid DECREASE Limit, which is the percentage you are willing to decrease the bid on a daily basis to save costs on low-performing keywords. (A good starting point to enter here is 10%.)
    4. Enter the amount to Never bid BELOW, or the bid floor. (A good starting point to enter here is 5 or 10 cents, so that the keyword stays active, but doesn't receive too many clicks.)
  7. Set Bid Triggers: Bid rules are applied on a product group or keyword level, meaning that if a product group or keyword meets an activity threshold set by the triggers, the bid rule will take action. Use the settings in this step to define activity thresholds that will trigger the rule to be applied to a product group or keyword. The rule will be applied to a product group or keyword once any one of the following are met:
    1. For Clicks are at LEAST, enter the minimum number of clicks the product group or keyword should receive to trigger the rule. (A good starting point to enter here is the average clicks per order, or Total Clicks divided by Total Orders.)
    2. For Marketing cost is at LEAST, enter the minimum marketing cost the product group or keyword should reach to trigger the rule. (A good starting point to enter here is the average cost per order, or Total Marketing Cost divided by Total Orders.)
    3. For Conversions are at LEAST, enter the minimum number of orders the product group or keyword should convert to trigger the rule. (A good starting point here is to enter the value of 1 .)
      Note: The baseline starting points suggested here help optimize the product groups or keywords that are performing for you, and give newer product groups or keywords a chance to perform to build history for the rule to use. If you want product groups or keywords to be reviewed more often, simply lower the triggers.
  8. If Goals Cannot Be Met: If a product group or keyword hits the bid floor for this rule, and its performance is still poor, the settings in this section will determine what should be done with the keyword. There are three options to choose from:
    1. Remain at the minimum bid in PENDING REVIEW status: This option is recommended, as it doesn’t automatically delete the product group or keyword, but flags it as "Pending Review" so that you can be aware of its low performance and take action. (You can monitor them in the Activity Summary tab in ChannelAdvisor, under Digital Marketing > Marketing Management > Automated Bidding .)
    2. Automatically END the advertisement: This option will "kill" or delete the ad from the provider.
    3. Do nothing. Remain at the minimum bid in ACTIVE status: This option will keep the bid at its minimum level, in an active status.
  9. Ad Groups (for Google Adword/Google Shopping/ Bing Ads) / Categories (for all other providers): Now, select the Ad Groups/Categories to which the Bid Rule should apply:
    1. Assign any Ad Group/Category that is not assigned to another rule to create a blanket or umbrella rule for the provider.
    2. Select specific Ad Groups/Categories you want to focus on with this bid rule. Use the filters to find the Ad Group/Category you are looking for, check the box for the Ad Group/Category .
  10. Review your settings and click Save and Exit. If you selected the ACTIVATE this rule when "Save" is selected option in the Bid Rule Details section, the rule is now active.

 

How To Use the Mobile Bid Optimizer

Mobile shoppers behave differently than shoppers on tablets or desktops. But manually adjusting your mobile bids for Enhanced Campaigns takes precious time away from your busy schedule. Save time and money on your Google text ads by letting the Mobile Bid Optimizer conduct your mobile campaign bidding automatically. The Mobile Bid Optimizer allows for campaign level bid adjustments based on your effective revenue share (ERS) goals, making your mobile digital marketing strategies smarter and more cost effective with minimal effort.

  1. Navigate to Digital Marketing > Marketing Management > Actionable Reporting.
  2. Select the Campaigns Performance tab.
  3. Find the Google campaign for which you'd like to set up automated, optimized mobile bid adjustments, and click the pencil icon to the left of the campaign's name.
  4. In the Campaign settings window that appears, in the Bid Adjustments section, click the box next to Manage my mobile bid adjustment for me.
  5. Fill out the Mobile ERS Goal % number.
  6. Click Save.

 

How to Power Bid

You can manually override your current bids by entering in the ad's tracking ID and its new bid in ChannelAdvisor. New bids are updated on each site generally within an hour. For comparison shopping, the new bids are added to the next data feed that is run. Bids that need to take effect immediately should be entered directly at the site.

To Power Bid:

  1. Identify the keywords you would like to update, perhaps by one of the following options:
    1. Using a performance report ( Reports > Create Report > Paid Search ).
    2. Looking at the Keywords tab in Actionable Reporting ( Digital Marketing > Marketing Management > Actionable Reporting > Keywords Performance tab) and filter to find the keywords whose bids you want to update.
  2. Navigate to Digital Marketing > Marketing Management > Automated Bidding. Click Power Bid (in the upper right corner).
  3. Enter the Tracking IDs and new bids into the text window on the page by using the following format: the Tracking ID, then two asterisks (*), and then the new bid, without any spaces.
    Examples:
    123456**.5
    123457**.4
  4. If you have many bids to update using Power Bids, consider using a spreadsheet to concatenate these three parts, and then copy that data and paste it in this window.
  5. Click Submit.

For more on Power Bids, review Using the Power Bidder .

 

Reference


Use ChannelAdvisor's powerful and flexible Bid Management System to control costs and increase revenue. Track the impact of all keywords that contribute to a conversion, whether through paid search, natural search, or a comparison shopping engine.

Create bid rules to analyze keyword performance and update keyword bids based on your ROI goals, or even set up portfolio bidding to maximize revenue across products. Use flexible look-back periods and analysis to adjust for seasonality and both high and low traffic terms. Analye reports on bid changes to further refine bid rules for better performance. Set keywords to automatically delete if performance is poor.

 

Prerequisites


 

Tasks Related to Managing Bids


 

How to Use the Portfolio Bidder

The portolio bidder is the first of its kind in the industry: using a proprietary algorithm to predict metrics such as CPC and revenue at various possible keyword ranks, the portfolio bidder then optimizes bids within the portfolio to maximize revenue. Click here to learn more about how the portfolio bidder works, how to set it up, and read about the success retailers have had using it.

 

How to Create a Bid Rule

  1. In ChannelAdvisor, navigate to Digital Marketing > Marketing Management > Automated Bidding.
  2. Click the Create Rule button.
  3. Set Bid Goal:
    1. Select a Provider to which this rule should be applied.
    2. Rule Name: Give your rule a descriptive name.
    3. Select a Bidding Strategy: Choose from these 4 bidding strategies for Google Adwords and Bing Ads.
      1. Aggressive Growth: Select this strategy to increase bids aggressively to maximize revenue and the exposure of ads.
      2. Budget Optimizer: Select this strategy to decrease bids aggressively to meet strict ROI goals and account efficiencies.
      3. Portfolio Bidder: Select this strategy to Increase overall revenue while staying at high level ROI (or ERS) goals, by incorporating an element of ongoing bid testing and predictive analysis. (Google Adwords, Bing Ads only).
      4. Custom Rule: Select this strategy to Create your own bid strategy based on your unique goals with custom-defined rules.
  4. Set Bid Rule Details:
    1. Select a Date Range from the menu. The bid rule will look at data over the date range you specify here, and analyze whether it meets the criteria you establish within the rule for profitability and traffic measures.
      1. Select either the past 15, 30, 60, 90, 120, or 180 days...
      2. Or choose a Custom Date Range:
        1. For the Start Date, enter the number of days prior to today that you would like to be the beginning of the date range that the bid rule uses for its evaluation.
        2. For the End Date, enter the number of days after the Start Date that the bid rule should consider in its evaluation.
        3. Example: Start Date of 23 and an End Date of 22 will create a date range that looks back at the past 22 days.
    2. Choose to ACTIVATE this rule when "Save" is selected by marking the checkbox. If you want to activate it later leave the checkbox deselected.
  5. Set Bid Measurement: The settings in this section define the type and goal of the bid rule you are creating, essentially the strategy you are taking in your keyword bids.
    1. Choose the Measurement Type:
      1. Return on Ad Spend (ROAS): This reflects the profitability of each product sold. ROAS = Revenue divided by Marketing Cost.
      2. Effective Revenue Share (ERS): This reflects your margin goals or profitability. ERS = Marketing Cost divided by Revenue.
      3. Cost Per Order (CPO): This reflects the number of orders brought in by a keyword, but ignores revenue. CPO = Total Cost divided by Total Orders.
      4. Total Revenue Share (TRS): This reflects the profitability of each product sold. TRS = (Marketing Cost plus Product Cost) divided by Revenue.
    2. Enter the Target for the Type of rule you chose in step 1 above.
    3. For WEIGHT Assists by, choose the appropriate option from the dropdown to set how much credit you want to give to Assists when the bid rule evaluates a keyword's performance. (Assists are the clicks that drove traffic that ultimately converted to a sale). You can ignore Assists if you don't often see many assists in your conversions, or go all the way to giving assists roughly 50% credit for sales if your conversions usually involve many assists. It is common to see more Assist credit given when high-ticket items are sold.
  6. Set Bid Price Range: When thresholds are met and the rule is activated, the settings in this section will define how much the rule increases or decreases a product group's or keyword's bid.
    1. Enter the Daily Bid INCREASE Limit, which is the percentage you are willing to increase the bid on a daily basis to stay competitive and still hit the goals you set in the Bid Measurement section. (A good starting point to enter here is 10%.)
    2. Enter the amount to Never bid ABOVE, or the bid ceiling. This is the most that a bid can possibly be set to in this rule. Once a keyword reaches the ceiling, the bid stops increasing as long as the keyword is still performing well relative to the goal you set. (A good starting point to enter here is ten times the keyword's CPC. But if you have high-spend keywords, increase the ceiling so that the bid rule does not automatically drop bids for those keywords.)
    3. Enter the Daily Bid DECREASE Limit, which is the percentage you are willing to decrease the bid on a daily basis to save costs on low-performing keywords. (A good starting point to enter here is 10%.)
    4. Enter the amount to Never bid BELOW, or the bid floor. (A good starting point to enter here is 5 or 10 cents, so that the keyword stays active, but doesn't receive too many clicks.)
  7. Set Bid Triggers: Bid rules are applied on a product group or keyword level, meaning that if a product group or keyword meets an activity threshold set by the triggers, the bid rule will take action. Use the settings in this step to define activity thresholds that will trigger the rule to be applied to a product group or keyword. The rule will be applied to a product group or keyword once any one of the following are met:
    1. For Clicks are at LEAST, enter the minimum number of clicks the product group or keyword should receive to trigger the rule. (A good starting point to enter here is the average clicks per order, or Total Clicks divided by Total Orders.)
    2. For Marketing cost is at LEAST, enter the minimum marketing cost the product group or keyword should reach to trigger the rule. (A good starting point to enter here is the average cost per order, or Total Marketing Cost divided by Total Orders.)
    3. For Conversions are at LEAST, enter the minimum number of orders the product group or keyword should convert to trigger the rule. (A good starting point here is to enter the value of 1 .)
      Note: The baseline starting points suggested here help optimize the product groups or keywords that are performing for you, and give newer product groups or keywords a chance to perform to build history for the rule to use. If you want product groups or keywords to be reviewed more often, simply lower the triggers.
  8. If Goals Cannot Be Met: If a product group or keyword hits the bid floor for this rule, and its performance is still poor, the settings in this section will determine what should be done with the keyword. There are three options to choose from:
    1. Remain at the minimum bid in PENDING REVIEW status: This option is recommended, as it doesn’t automatically delete the product group or keyword, but flags it as "Pending Review" so that you can be aware of its low performance and take action. (You can monitor them in the Activity Summary tab in ChannelAdvisor, under Digital Marketing > Marketing Management > Automated Bidding .)
    2. Automatically END the advertisement: This option will "kill" or delete the ad from the provider.
    3. Do nothing. Remain at the minimum bid in ACTIVE status: This option will keep the bid at its minimum level, in an active status.
  9. Ad Groups (for Google Adword/Google Shopping/ Bing Ads) / Categories (for all other providers): Now, select the Ad Groups/Categories to which the Bid Rule should apply:
    1. Assign any Ad Group/Category that is not assigned to another rule to create a blanket or umbrella rule for the provider.
    2. Select specific Ad Groups/Categories you want to focus on with this bid rule. Use the filters to find the Ad Group/Category you are looking for, check the box for the Ad Group/Category .
  10. Review your settings and click Save and Exit. If you selected the ACTIVATE this rule when "Save" is selected option in the Bid Rule Details section, the rule is now active.

 

How To Use the Mobile Bid Optimizer

Mobile shoppers behave differently than shoppers on tablets or desktops. But manually adjusting your mobile bids for Enhanced Campaigns takes precious time away from your busy schedule. Save time and money on your Google text ads by letting the Mobile Bid Optimizer conduct your mobile campaign bidding automatically. The Mobile Bid Optimizer allows for campaign level bid adjustments based on your effective revenue share (ERS) goals, making your mobile digital marketing strategies smarter and more cost effective with minimal effort.

  1. Navigate to Digital Marketing > Marketing Management > Actionable Reporting.
  2. Select the Campaigns Performance tab.
  3. Find the Google campaign for which you'd like to set up automated, optimized mobile bid adjustments, and click the pencil icon to the left of the campaign's name.
  4. In the Campaign settings window that appears, in the Bid Adjustments section, click the box next to Manage my mobile bid adjustment for me.
  5. Fill out the Mobile ERS Goal % number.
  6. Click Save.

 

How to Power Bid

You can manually override your current bids by entering in the ad's tracking ID and its new bid in ChannelAdvisor. New bids are updated on each site generally within an hour. For comparison shopping, the new bids are added to the next data feed that is run. Bids that need to take effect immediately should be entered directly at the site.

To Power Bid:

  1. Identify the keywords you would like to update, perhaps by one of the following options:
    1. Using a performance report ( Reports > Create Report > Paid Search ).
    2. Looking at the Keywords tab in Actionable Reporting ( Digital Marketing > Marketing Management > Actionable Reporting > Keywords Performance tab) and filter to find the keywords whose bids you want to update.
  2. Navigate to Digital Marketing > Marketing Management > Automated Bidding. Click Power Bid (in the upper right corner).
  3. Enter the Tracking IDs and new bids into the text window on the page by using the following format: the Tracking ID, then two asterisks (*), and then the new bid, without any spaces.
    Examples:
    123456**.5
    123457**.4
  4. If you have many bids to update using Power Bids, consider using a spreadsheet to concatenate these three parts, and then copy that data and paste it in this window.
  5. Click Submit.

For more on Power Bids, review Using the Power Bidder .

 

Reference


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