Most advertisers will experience growth stagnation on AdWords at some point, and the lack of active keyword expansion is often a key cause of this and here is why:
The size of your market is equal to the number of keywords (obviously relevant ones) in your account multiplied by the number of impressions on those keywords.
Most companies I speak with have a keyword bank that has been patched together over many years by many employees and/or agencies, who usually are not around any more. This makes it challenging at best to feel in control of it, and even more challenging to know where to start when exploring to build a bigger market through keyword expansion.
There are two major challenges with expanding your keyword bank:
- Determining which keywords to add (time)
- Determining how much to pay per click on a new keyword (money)
As with most things in business, chasing opportunities are constrained by time and money. Anyone who has managed an AdWords campaign hands-on knows how time consuming it is to research new keywords, add them to a campaign structure (ad group, ad copy) and track the performance. At Finch, we have developed a tight way to handle this in an almost automated fashion by following these steps:
- Dynamic Search Term Insertion: Every time your ad shows in the Search Engine Results page (SERP) it was triggered by a search phrase (found in the keyword details report). If the ad was triggered by a Phrase, Broad or Broad+ keyword and it resulted in a transaction; the search phrase should be added as a new keyword. This will ensure that the keyword bank always is expanding based on what your customers are searching and buying.
- Product Offering/Catalog: For eCommerce companies the product catalog is key to include as keywords, not only the title, but any field on the product details page that prospective customers may search for. This should ideally be set up as a dynamic XML feed to enable features like adding new products, pricing updates and pausing discontinued products or temporarily out of stock items. Similarly, companies offering services should look at their offering/service description pages to identify what prospective customers are searching for to find them.
- Competitive Gap Analysis: You have your starting point with the existing keywords in your account, now add the keywords from Dynamic Search Term Insertions (search and shopping) and sync in the product catalog or service descriptions, this is a solid starting point. Once these keywords are performing predictably, you are ready for the final step, Competitive Gap Analysis. Competitive Gap Analysis is where you identify keywords your competitors are buying clicks from that are not in your keyword bank.
Expanding your reach and addressing a bigger market is very high on the wish list for every marketer. The difficulty is being able to do it at scale while growing revenues/profit and managing the cost and risk.
Join the Webinar
Join us in the upcoming webinar on July 9 to learn how to build and execute a program around this that is automated, low risk and yields huge returns. Nailing this will take you one step closer to outsmarting and outperforming your competition, all the while growing both revenues and profits for your company. Click here for local time and registration information.
Do you have questions about this process? Please let us know in the comments section below.