As a well-established and prominent search engine, Bing is growing in major markets. Learn more about the benefits of using Bing Ads.
- [Instructor] Bing Ads is one of the most prominent ad networks in the world. As a marketing consultant, I find it hard to imagine a client or their agency working without it. As part of the Microsoft network, Bing has a growing market share that exceeds 20% of search advertising in the U.S., and it's also rapidly growing in other countries. Let me take you behind the scenes and quickly share with you two common examples of how I would leverage the scale of the Bing Ads network, alongside other providers like Google AdWords, to improve my client's competitive advantage in media buying.
Hopefully you can replicate these strategies and produce similar benefits for your own campaign soon. In media buying, when you're betting on an auction for clicks, there is price elasticity. And this can be seen clearly here, in the Bing bid landscape. So this means that as you seek to increase your volume of visitors and your market share, the acquisition cost per visitor tends to increase too. So this becomes a strategic challenge for a marketing campaign specialist.
And it has to be managed with great skill. So these examples are based on what I would do in practice for my own clients' accounts. So example number one is for a high cost, high volume scenario. Now this would typically be when there is a high volume of people searching for the keywords that represent your product or your service. But, the acquisition cost is quite high since many companies compete for market share.
And then, of course, for the lifetime value of the customer. So, if the California car company is currently buying 4,000 clicks per month from Google Adwords, let's say at $4 per click, and they want to maintain the volume but they want to improve their acquisition cost. So, they could then aim to buy 2,000 clicks per month from Google at a reduced bid of $3 per click and then obtain 2,000 clicks per month from Bing Ads by placing a similar bid of $3 per click.
So, if this media buying strategy was successful, then the client will have saved $4,000 per month by using a combination of Bing Ads and Google AdWords quite wisely. The client may also wish to increase their volume to 7,000 clicks per month, in which case, they would still use both ad networks to test lower bids that can help them reduce their cost and increase their volume. But in this case, we may end up paying about $3.50 per click across two networks rather than $5 per click on just one network which could have saved us as much as $10,000 per month.
Example number two, is for high cost, low volume opportunities. Now this would typically be when the cost per click is high but there is not many people searching for the keywords that represent our product or service. And this can make the competition for these keywords more fierce as companies fight for market share. So, if the California specialist consulting group, for example, is currently buying 1,000 clicks per month from Google Adwords at around $10 per click, and Google does not have any more of the traffic available for the keywords that's driving the campaign, then the company may well be able to bet on another 600 clicks per month from the Bing Ads network.
Around a similar cost per click. So in this particular case, they can increase their volume in a very tight market, but maintain their cost per click. Alternatively, the company could try to reduce their acquisition cost with Google by lowering their bid to $8 per click on only 600 clicks per month on Google and bet on, let's say, 400 clicks per month from Bing Ads at around the same price. So, as you can see, whether you aim to grow your market share in a tight market or simply reduce acquisition cost and gain greater control of your media buying, using Bing Ads is an essential part of the marketing mix.
So, I look forward to helping you explore ways, during this course on how you can further leverage Bing Ads.
- Identify the steps required to create a Bing account.
- Recognize the essentials of navigating the Bing interface.
- Explore the steps to setting up billing practices on Bing.
- Examine the basics of campaigns, ad groups, and importing campaigns on Bing.
- Recognize how to estimate traffic and set bids on Bing.
- Identify the fundamentals of effective ad writing on Bing.
- Examine the essential components of Bing Ads policies.
- Determine how to utilize dynamic text ads.