::WHAT IS BID ADJUSTMENT BY INCOME BRACKET::
This article aims to explain a little more about bid adjustment by income bracket and how Quantic can do it for you.
When we set up a business, we think exactly about the audience we want to sell to or advertise to, don't we? But in Digital Marketing, is it possible to target my ads exactly to the best possible audience? The answer is yes!
With the bid adjustment by income bracket we can change the value of the bids for audiences in different income brackets, so that everyone has a personalized bid, according to their performance. The unknowns are the people that Google hasn't been able to identify exactly which band they belong to.
The family income ranges in Ads are:
- 10% with the highest income
- 11 - 20%
- 21 - 30%
- 31 - 40%
- 41 - 50%
- 50% with lower income
- Unknown
Based on the metric we're aiming for, whether it's CPA or ROAS, we'll have enough data to increase or reduce the bids for each of these groups, and reach an optimum point for your account's performance. To further optimize your account, we can combine the bid adjustment for the income range with gender and age, for example. If you want to know more about the other two adjustments, just look here on the blog and we'll explain them to you! 🙂
Now let's look at a practical example of how to apply this bid adjustment to your campaigns: let's imagine we have a jewelry e-commerce business with a high average ticket. Analyzing the income bracket that converts the most, we find the 10% with the highest income, so we can bid positively for this group, and increase the impressions of my ads only for this group. In this same analysis, I found that the 50% group with the lowest income has a high cost, but doesn't make any purchases on my site. So I can reduce the bids for them and pay less for clicks from this group.
By making these adjustments, we are able to make our campaigns more efficient, since we offer the right amount for the keyword bids for each specific group, avoiding throwing money down the drain. This type of adjustment can be made to Search, Display and Video campaigns, with only Shopping being left out.
::THE QUANTIC::
The most important thing is that we really need to analyze all the cases with calculations and, of course, with statistical confidence, because often what we find isn't the best in terms of results and performance for the account. And that's where our Quantic robot comes in. It makes a thorough analysis of the data present in the campaigns and is able to offer suggestions for adjustments for each range, so that we don't waste money on audiences that aren't bringing a return for the business. It can also take advantage of opportunities by offering a higher price if a specific income bracket is performing much better.
When the robot finds a track that spends a lot but doesn't convert, it automatically suggests implementing a percentage reduction of up to -90%, or even removing the group in question from the campaigns. In the latter case, our ads do not appear for the removed band. On the other hand, if the robot finds a track that converts a lot, we can give it a positive bid to ensure that our ads always appear. For example, if your bid for a certain keyword is $1.00, you could apply a 20% increase for the audience with an income of 11-20% in a certain ad group. In this case, your bid would become R$1.20 only for them.
The income range adjustment is made at the adgroupand it is important to analyze each one separately, as each case is different.
::HOW COOL! BUT HOW DO I DO THAT?
When you log in to your Quantic workflow, see if an automatic card about bid adjustments for income range appears, like this one in the "Inbox" column:
If it appears, just drag it to the "Done" column or press "Execute" and the adjustment will be made automatically! If it hasn't appeared yet, stay calm, because our robot is still collecting information from your account and will only create the card when it is certain with statistical confidence that a group deserves a bid, be it positive or negative. =)
