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Google Business Profile Optimization For The Financial Vertical

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Google Business Profile Optimization For The Financial Vertical

The financial vertical is a dynamic, challenging, and highly regulated space.

As such, for businesses in this vertical, optimizing local search presence and, specifically, Google Business Profile listings requires a greater level of sensitivity and specialization than industries like retail or restaurant.

The inherent challenges stem from a host of considerations, such as internal branding guidelines, accessibility considerations, regulatory measures, and governance considerations among lines of business within the financial organization, among others.

This means that local listings in this vertical are not “one size fits all” but rather vary based on function and fall into one of several listing types, including branches, loan officers, financial advisors, and ATMS (which may be inclusive of walk-up ATMs, drive-through ATMs, and “smart ATMs”).

Each of these types of listings requires a unique set of hours, categories, hyper-local content, attributes, and a unique overall optimization strategy.

The goal of this article is to dive deeper into why having a unique optimization strategy matters for businesses in the financial vertical and share financial brand-specific best practices for listing optimization strategy.

Financial Brand Listing Type Considerations

One reason listing optimization is so nuanced in the financial vertical is that, in addition to all the listing features that vary by business function as mentioned above, Google also has essentially different classifications (or types) of listings by definition – each with its own set of guidelines (read “rules”) that apply according to a listing scenario.

This includes the distinction between a listing for an organization (e.g., for a bank branch) vs. that of an individual practitioner (used to represent a loan officer that may or may not sit at the branch, which has a separate listing).

Somewhere between those two main divisions, there may be a need for a department listing (e.g., for consumer banking vs. mortgages).

Again, each listing classification has rules and criteria around how (and how many) listings can be established for a given address and how they are represented.

Disregarding Google’s guidelines here carries the risk of disabled listings or even account-level penalties.

While that outcome is relatively rare, those risks are ill-advised and theoretically catastrophic to revenue and reputation in such a tightly regulated and competitive industry.

Editor’s note: If you have 10+ locations, you can request bulk verification.

Google Business Profile Category Selection

Category selection in Google Business Profile (GBP) is one of the most influential, and thus important, activities involved in creating and optimizing listings – in the context of ranking, visibility, and traffic attributable to the listing.

Keep in mind you can’t “keyword optimize” a GBP listing (unless you choose to violate Business Title guidelines), and this is by design on Google’s part.

Because of this, the primary and secondary categories that you select are collectively one of the strongest cues that you can send to Google around who should see your listing in the local search engine results pages (SERPs), and for what queries (think relevancy).

Suffice it to say this is a case where quality and specificity are more important than quantity.

This is, in part, because Google only allows for one primary category to be selected – but also because of the practice of spamming the secondary category field with as many entries as Google will allow (especially with categories that are only tangentially relevant for the listing) can have consequences that are both unintuitive and unintended.

The point is too many categories can (and often do) muddy the signal for Google’s algorithm regarding surfacing listings for appropriate queries and audiences.

This can lead to poor alignment with users’ needs and experiences and drive the wrong traffic.

It can also cause confusion for the algorithm around relevancy, resulting in the listing being suppressed or ranking poorly, thus driving less traffic.

Governance Vs. Cannibalization

Just as we already discussed the distinction between the choice of classification types and the practice of targeting categories appropriately according to the business functions and objectives represented by a given listing, these considerations play together to help frame a strategy around governance within the context of the organic local search channel.

The idea here is to create separation between lines of business (LOBs) to prevent internal competition over rankings and visibility for search terms that are misaligned for one or more LOB, such that they inappropriately cannibalize each other.

In simpler terms, users searching for a financial advisor or loan officer should not be served a listing for a consumer bank branch, and vice versa.

This creates a poor user experience that will ultimately result in frustrated users, complaints, and potential loss of revenue.

The Importance Of Category Selection

To illustrate this, see the example below.

A large investment bank might have the following recommended categories for Branches and Advisors, respectively (an asterisk refers to the primary category):

Branch Categories

  • *Investment Service.
  • Investment Company.
  • Financial Institution.

Advisor Categories

  • *Financial Consultant.
  • Financial Planner.
  • Financial Broker.

Notice the Branch categories signal relevance for the institution as a whole, whereas the Advisor categories align with Advisors (i.e., individual practitioners.) Obviously, these listings serve separate but complementary functions.

When optimized strategically, their visibility will align with the needs of users seeking out information about those functions accordingly.

Category selection is not the only factor involved in crafting a proper governance strategy, albeit an important one.

That said, all the other available data fields and content within the listings should be similarly planned and optimized in alignment with appropriate governance considerations, in addition to the overall relevancy and content strategy as applicable for the associated LOBs.

Specialized Financial Brand Listing Attributes

GBP attributes are data points about a listing that help communicate details about the business being represented.

They vary by primary category and are a great opportunity to serve users’ needs while boosting performance by differentiating against the competition, and feeding Google’s algorithm more relevant information about a given listing.

This is often referred to as the “listing completeness” aspect of Google’s local algorithm, which translates to “the more information Google has about a listing, the more precisely it can provide that listing to users according to the localized queries they use.”

The following is a list of attributes that are helpful for the financial vertical:

  • Online Appointments.
  • Black-Owned.
  • Family-Led.
  • Veteran-Led.
  • Women-Led.
  • Appointment Links.
  • Wheelchair Accessible Elevator.
  • Wheelchair Accessible Entrance.
  • Wheelchair Accessible Parking Lot.

The following chart helps to illustrate which attributes are best suited for listing based on listing/LOB/ORG type:

Image from Rio SEO, December 2022

Managing Hours Of Operation

This is an important and often overlooked aspect of listings management in the financial space and in general.

Hours of operation, first and foremost, should be present in the listings, not left out. While providing hours is not mandatory, not doing so will impact user experience and visibility.

Like most of the previous items, hours for a bank branch (e.g., 10 am to 5 pm) will be different than those of the drive-through ATM (open 24 hours), and that of a mortgage loan officer and financial advisor that both have offices at the same address.

Each of these services and LOBs can best be represented by separate listings, each with its own hours of operation.

Leaving these details out, or using the same set of operating hours across all of these LOBs and listing types, sets users up for frustration and prevents Google from properly serving and messaging users around a given location’s availability (such as “open now,” “closing soon,” or “closed,” as applicable.)

All of this leads to either missed opportunities when hours are omitted, allowing a competitor (that Google knows is open) to rank higher in the SERPs, or frustrated customers that arrive at an investment banking office expecting to make a consumer deposit or use an ATM.

Appointment URL With Local Attribution Tracking

This is especially relevant for individual practitioner listings such as financial advisors, mortgage loan officers, and insurance agents.

Appointment URLs allow brands to publish a link where clients can book appointments with the individual whose listing the user finds and interacts within search.

This is a low-hanging fruit tactic that can make an immediate and significant impact on lead generation and revenue.

Taking this another step, these links can be tagged with UTM parameters (for brands using Google Analytics and similarly tagged for other analytic platforms) to track conversion events, leads, and revenue associated with this listing feature.

Editorial note: Here is an example of a link with UTM parameters: https://www.domain.com/?utm_source=source&utm_medium=medium&utm_campaign=campaign

 

Financial vertical appointment booking exampleImage from Google, December 2022

Leveraging Services

Services can be added to a listing to let potential customers know what services are available at a given location.

add-services-google-business-profileScreenshot from Google, January 2023

Services in GBP are subject to availability by primary category, another reason category selection is so important, as discussed above.

Specifically, once services are added to a listing, they will be prominently displayed on the listing within the mobile SERPs under the “Services” tab of the listing.

financial-brand-services-google-business-profile-mobileScreenshot from Google, January 2023

This not only feeds more data completeness, which benefits both mobile and desktop performance, and increases engagement in the mobile SERPs (click to website, call, driving directions) which are bottom-funnel key performance indicators (KPIs) that drive revenue.

Google Posts

Google Posts represent a content marketing opportunity that is valuable on multiple levels.

An organization can post relevant, evergreen content that is strategically optimized for key localized phrases, services, and product offerings.

While there is no clear evidence or admission by Google that relevant content will have a direct impact on rankings overall for that listing, what we can say for certain from observation is that listings with well-optimized posts do present in the local SERPs landscape for keyword queries that align with that content.

This happens in the form of “related to your search” snippets and has been widely observed since 2019.

This has a few different implications, reinforcing the benefits of leveraging Google Posts in your local search strategy.

First, given that Post snippets are triggered, it is fair to infer that if a given listing did not have the relevant post, that listing may not have surfaced at all in the SERPs. Thus, we can infer a benefit around visibility, which leads to more traffic.

Second, it is well-documented that featured snippets are associated with boosts in click-through rate (CTR), which amplifies the traffic increases that result from the increased visibility alone.

Additional Post Benefits

Beyond these two very obvious benefits of Google Posts, they also provide many benefits around messaging potential visitors and clients with relevant information about the location, including products, services, promotions, events, limited-time offers, and potentially many others.

Use cases for this can include consumer banks that feature free checking or direct deposit or financial advisors that offer a free 60-minute initial consultation.

Taking the time to publish posts that highlight these differentiators could have a measurable impact on traffic, CTR, and revenue.

Another great aspect of Google Posts is that, for a while, they were designed to be visible according to specific date ranges – and, at one time, would “expire” or fall out of the SERPs once the time period passed.

Certain post types will surface long after the expiration date of the post if there is a relevancy match between the user’s query and the content.

Concluding Thoughts

To summarize, the financial vertical requires a highly specialized, precise GBP optimization strategy, which is well-vetted for the needs of users, LOBs, and regulatory compliance.

Considerations like primary and secondary categories, hours, attributes, services, and content (in the form of Google Posts) all play a critical role in defining that overall strategy, including setting up and maintaining crucial governance boundaries between complementary LOBs.

Undertaking all these available listing features holistically and strategically allows financial institutions and practitioners to maximize visibility, engagement, traffic, revenue, and overall performance from local search while minimizing cannibalism, complaints, and poor user experience.

More resources: 


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Google Dials Back AI Overviews In Search Results, Study Finds

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Photo of a mobile device in mans hand with generative google AI Overview on the screen.

According to new research, Google’s AI-generated overviews have undergone significant adjustments since the initial rollout.

The study from SE Ranking analyzed 100,000 keywords and found Google has greatly reduced the frequency of AI overviews.

However, when they appear, they’re more detailed than they were previously.

The study digs into which topics and industries are more likely to get an AI overview. It also looks at how the AI snippets interact with other search features like featured snippets and ads.

Here’s an overview of the findings and what they mean for your SEO efforts.

Declining Frequency Of AI Overviews

In contrast to pre-rollout figures, 8% of the examined searches now trigger an AI Overview.

This represents a 52% drop compared to January levels.

Yevheniia Khromova, the study’s author, believes this means Google is taking a more measured approach, stating:

“The sharp decrease in AI Overview presence likely reflects Google’s efforts to boost the accuracy and trustworthiness of AI-generated answers.”

Longer AI Overviews

Although the frequency of AI overviews has decreased, the ones that do appear provide more detailed information.

The average length of the text has grown by nearly 25% to around 4,342 characters.

In another notable change, AI overviews now link to fewer sources on average – usually just four links after expanding the snippet.

However, 84% still include at least one domain from that query’s top 10 organic search results.

Niche Dynamics & Ranking Factors

The chances of getting an AI overview vary across different industries.

Searches related to relationships, food and beverages, and technology were most likely to trigger AI overviews.

Sensitive areas like healthcare, legal, and news had a low rate of showing AI summaries, less than 1%.

Longer search queries with ten words were more likely to generate an AI overview, with a 19% rate indicating that AI summaries are more useful for complex information needs.

Search terms with lower search volumes and lower cost-per-click were more likely to display AI summaries.

Other Characteristics Of AI Overviews

The research reveals that 45% of AI overviews appear alongside featured snippets, often sourced from the exact domains.

Around 87% of AI overviews now coexist with ads, compared to 73% previously, a statistic that could increase competition for advertising space.

What Does This Mean?

SE Ranking’s research on AI overviews has several implications:

  1. Reduced Risk Of Traffic Losses: Fewer searches trigger AI Overviews that directly answer queries, making organic listings less likely to be demoted or receive less traffic.
  2. Most Impacted Niches: AI overviews appear more in relationships, food, and technology niches. Publishers in these sectors should pay closer attention to Google’s AI overview strategy.
  3. Long-form & In-Depth Content Essential: As AI snippets become longer, companies may need to create more comprehensive content beyond what the overviews cover.

Looking Ahead

While the number of AI overviews has decreased recently, we can’t assume this trend will continue.

AI overviews will undoubtedly continue to transform over time.

It’s crucial to monitor developments closely, try different methods of dealing with them, and adjust game plans as needed.


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10 Tips on How to Rock a Small PPC Budget

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10 Tips on How to Rock a Small PPC Budget

Many advertisers have a tight budget for pay-per-click (PPC) advertising, making it challenging to maximize results.

One of the first questions that often looms large is, “How much should we spend?” It’s a pivotal question, one that sets the stage for the entire PPC strategy.

Read on for tips to get started or further optimize budgets for your PPC program to maximize every dollar spent.

1. Set Expectations For The Account

With a smaller budget, managing expectations for the size and scope of the account will allow you to keep focus.

A very common question is: How much should our company spend on PPC?

To start, you must balance your company’s PPC budget with the cost, volume, and competition of keyword searches in your industry.

You’ll also want to implement a well-balanced PPC strategy with display and video formats to engage consumers.

First, determine your daily budget. For example, if the monthly budget is $2,000, the daily budget would be set at $66 per day for the entire account.

The daily budget will also determine how many campaigns you can run at the same time in the account because that $66 will be divided up among all campaigns.

Be aware that Google Ads and Microsoft Ads may occasionally exceed the daily budget to maximize results. The overall monthly budget, however, should not exceed the Daily x Number of Days in the Month.

Now that we know our daily budget, we can focus on prioritizing our goals.

2. Prioritize Goals

Advertisers often have multiple goals per account. A limited budget will also limit the number of campaigns – and the number of goals – you should focus on.

Some common goals include:

  • Brand awareness.
  • Leads.
  • Sales.
  • Repeat sales.

In the example below, the advertiser uses a small budget to promote a scholarship program.

They are using a combination of leads (search campaign) and awareness (display campaign) to divide up a daily budget of $82.

Screenshot from author, May 2024

The next several features can help you laser-focus campaigns to allocate your budget to where you need it most.

Remember, these settings will restrict traffic to the campaign. If you aren’t getting enough traffic, loosen up/expand the settings.

3. Location Targeting

Location targeting is a core consideration in reaching the right audience and helps manage a small ad budget.

To maximize a limited budget, you should focus on only the essential target locations where your customers are located.

While that seems obvious, you should also consider how to refine that to direct the limited budget to core locations. For example:

  • You can refine location targeting by states, cities, ZIP codes, or even a radius around your business.
  • Choosing locations to target should be focused on results.
  • The smaller the geographic area, the less traffic you will get, so balance relevance with budget.
  • Consider adding negative locations where you do not do business to prevent irrelevant clicks that use up precious budget.

If the reporting reveals targeted locations where campaigns are ineffective, consider removing targeting to those areas. You can also try a location bid modifier to reduce ad serving in those areas.

managing ppc budget by location interactionScreenshot by author from Google Ads, May 2024

4. Ad Scheduling

Ad scheduling also helps to control budget by only running ads on certain days and at certain hours of the day.

With a smaller budget, it can help to limit ads to serve only during hours of business operation. You can choose to expand that a bit to accommodate time zones and for searchers doing research outside of business hours.

If you sell online, you are always open, but review reporting for hourly results over time to determine if there are hours of the day with a negative return on investment (ROI).

Limit running PPC ads if the reporting reveals hours of the day when campaigns are ineffective.

Manage a small ppc budget by hour of dayScreenshot by author from Google Ads, May 2024

5. Set Negative Keywords

A well-planned negative keyword list is a golden tactic for controlling budgets.

The purpose is to prevent your ad from showing on keyword searches and websites that are not a good match for your business.

  • Generate negative keywords proactively by brainstorming keyword concepts that may trigger ads erroneously.
  • Review query reports to find irrelevant searches that have already led to clicks.
  • Create lists and apply to the campaign.
  • Repeat on a regular basis because ad trends are always evolving!

6. Smart Bidding

Smart Bidding is a game-changer for efficient ad campaigns. Powered by Google AI, it automatically adjusts bids to serve ads to the right audience within budget.

The AI optimizes the bid for each auction, ideally maximizing conversions while staying within your budget constraints.

Smart bidding strategies available include:

  • Maximize Conversions: Automatically adjust bids to generate as many conversions as possible for the budget.
  • Target Return on Ad Spend (ROAS): This method predicts the value of potential conversions and adjusts bids in real time to maximize return.
  • Target Cost Per Action (CPA): Advertisers set a target cost-per-action (CPA), and Google optimizes bids to get the most conversions within budget and the desired cost per action.

7. Try Display Only Campaigns

display ads for small ppc budgetsScreenshot by author from Google Ads, May 2024

For branding and awareness, a display campaign can expand your reach to a wider audience affordably.

Audience targeting is an art in itself, so review the best options for your budget, including topics, placements, demographics, and more.

Remarketing to your website visitors is a smart targeting strategy to include in your display campaigns to re-engage your audience based on their behavior on your website.

Let your ad performance reporting by placements, audiences, and more guide your optimizations toward the best fit for your business.

audience targeting options for small ppc budgetScreenshot by Lisa Raehsler from Google Ads, May 2024

8. Performance Max Campaigns

Performance Max (PMax) campaigns are available in Google Ads and Microsoft Ads.

In short, automation is used to maximize conversion results by serving ads across channels and with automated ad formats.

This campaign type can be useful for limited budgets in that it uses AI to create assets, select channels, and audiences in a single campaign rather than you dividing the budget among multiple campaign types.

Since the success of the PMax campaign depends on the use of conversion data, that data will need to be available and reliable.

9. Target Less Competitive Keywords

Some keywords can have very high cost-per-click (CPC) in a competitive market. Research keywords to compete effectively on a smaller budget.

Use your analytics account to discover organic searches leading to your website, Google autocomplete, and tools like Google Keyword Planner in the Google Ads account to compare and get estimates.

In this example, a keyword such as “business accounting software” potentially has a lower CPC but also lower volume.

Ideally, you would test both keywords to see how they perform in a live campaign scenario.

comparing keywords for small ppc budgetsScreenshot by author from Google Ads, May 2024

10. Manage Costly Keywords

High volume and competitive keywords can get expensive and put a real dent in the budget.

In addition to the tip above, if the keyword is a high volume/high cost, consider restructuring these keywords into their own campaign to monitor and possibly set more restrictive targeting and budget.

Levers that can impact costs on this include experimenting with match types and any of the tips in this article. Explore the opportunity to write more relevant ad copy to these costly keywords to improve quality.

Every Click Counts

As you navigate these strategies, you will see that managing a PPC account with a limited budget isn’t just about monetary constraints.

Rocking your small PPC budgets involves strategic campaign management, data-driven decisions, and ongoing optimizations.

In the dynamic landscape of paid search advertising, every click counts, and with the right approach, every click can translate into meaningful results.

More resources: 


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What Are They Really Costing You?

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What Are They Really Costing You?

This post was sponsored by Adpulse. The opinions expressed in this article are the sponsor’s own.

As managers of paid media, one question drives us all: “How do I improve paid ad performance?”. 

Given that our study found close variant search terms perform poorly, yet more than half of the average budget on Google & Microsoft Ads is being spent on them, managing their impact effectively could well be one of your largest optimization levers toward driving significant improvements in ROI. 

“Close variants help you connect with people who are looking for your business, despite slight variations in the way they search.” support.google.com

Promising idea…but what about the execution?

We analyzed over 4.5 million clicks and 400,000 conversions to answer this question: With the rise in close variants (intent matching) search terms, what impact are they having on budgets and account performance? Spoiler alert, the impact is substantial. 


True Match Vs. Close Variants: How Do They Perform?

To understand close variant (CV) performance, we must first define the difference between a true match and a close variant. 

 

What Is a True Match? 

We still remember the good-old-days where keyword match types gave you control over the search terms they triggered, so for this study we used the literal match types to define ‘close variant’ vs ‘true match’. 

  • Exact match keyword => search term matches the keyword exactly. 
  • Phrase match keyword => search term must contain the keyword (same word order).
  • Broad match keyword => search term must contain every individual word in the keyword, but the word order does not matter (the way modified broad match keywords used to work).   

 

What Is a Close Variant? 

If you’re not familiar with close variants (intent matching) search terms, think of them as search terms that are ‘fuzzy matched’ to the keywords you are actually bidding on. 

Some of these close variants are highly relevant and represent a real opportunity to expand your keywords in a positive way. 

Some are close-ish, but the conversions are expensive. 

And (no shocks here) some are truly wasteful. 

….Both Google and Microsoft Ads do this, and you can’t opt-out.

To give an example: if you were a music therapist, you might bid on the phrase match keyword “music therapist”. An example of a true match search term would be ‘music therapist near me’ because it contains the keyword in its true form (phrase match in this case) and a CV might be ‘music and art therapy’.


How Do Close Variants Compare to True Match?

Short answer… poorly, on both Google and Microsoft Ads. Interestingly however, Google showed the worst performance on both metrics assessed, CPA and ROAS. 

Image created by Adpulse, May 2024

1718772963 395 What Are They Really Costing You

Image created by Adpulse, May 2024

Want to see the data – jump to it here…

CVs have been embraced by both platforms with (as earlier stated), on average more than half of your budget being spent on CV variant matches. That’s a lot of expansion to reach searches you’re not directly bidding for, so it’s clearly a major driver of performance in your account and, therefore, deserving of your attention. 

We anticipated a difference in metrics between CVs and true match search terms, since the true match search terms directly align with the keywords you’re bidding on, derived from your intimate knowledge of the business offering. 

True match conversions should therefore be the low-hanging fruit, leaving the rest for the platforms to find via CVs. Depending on the cost and ROI, this isn’t inherently bad, but logically we would assume CVs would perform worse than true matches, which is exactly what we observed. 


How Can You Limit Wastage on Close Variants?

You can’t opt out of them, however, if your goal is to manage their impact on performance, you can use these three steps to move the needle in the right direction. And of course, if you’re relying on CVs to boost volume, you’ll need to take more of a ‘quality-screening’ rather than a hard-line ‘everything-must-go’ approach to your CV clean out!

 

Step 1: Diagnose Your CV Problem 

We’re a helpful bunch at Adpulse so while we were scoping our in-app solution, we built a simple spreadsheet that you can use to diagnose how healthy your CVs are. Just make a copy, paste in your keyword and search term data then run the analysis for yourself. Then you can start to clean up any wayward CVs identified. Of course, by virtue of technology, it’s both faster and more advanced in the Adpulse Close Variant Manager 😉.

 

Step 2: Suggested Campaign Structures for Easier CV Management  

Brand Campaigns

If you don’t want competitors or general searches being matched to your brand keywords, this strategy will solve for that. 

Set up one ad group with your exact brand keyword/s, and another ad group with phrase brand keyword/s, then employ the negative keyword strategies in Step 3 below. You might be surprised at how many CVs have nothing to do with your brand, and identifying variants (and adding negative keywords) becomes easy with this structure.

Don’t forget to add your phrase match brand negatives to non-brand campaigns (we love negative lists for this).

Non-Brand Campaigns with Larger Budgets

We suggest a campaign structure with one ad group per match type:

Example Ad Groups:

    • General Plumbers – Exact
    • General Plumbers – Phrase
    • General Plumbers – Broad
    • Emergency Plumbers – Exact
    • Emergency Plumbers – Phrase
    • Emergency Plumbers – Broad

This allows you to more easily identify variants so you can eliminate them quickly. This also allows you to find new keyword themes based on good quality CVs, and add them easily to the campaign. 

Non-Brand Campaigns with Smaller Budgets

Smaller budgets mean the upside of having more data per ad group outweighs the upside of making it easier to trim unwanted CVs, so go for a simpler theme-based ad group structure:

Example Ad Groups:

    • General Plumbers
    • Emergency Plumbers

 

Step 3: Ongoing Actions to Tame Close Variants

Adding great CVs as keywords and poor CVs as negatives on a regular basis is the only way to control their impact.

For exact match ad groups we suggest adding mainly root negative keywords. For example, if you were bidding on [buy mens walking shoes] and a CV appeared for ‘mens joggers’, you could add the single word “joggers” as a phrase/broad match negative keyword, which would prevent all future searches that contain joggers. If you added mens joggers as a negative keyword, other searches that contain the word joggers would still be eligible to trigger. 

In ad groups that contain phrase or broad match keywords you shouldn’t use root negatives unless you’re REALLY sure that the root negative should never appear in any search term. You’ll probably find that you use the whole search term added as an exact match negative much more often than using root negs.


The Proof: What (and Why) We Analyzed

We know CVs are part of the conversations marketers frequently have, and by virtue of the number of conversations we have with agencies each week, we’ve witnessed the increase of CV driven frustration amongst marketers. 

Internally we reached a tipping point and decided to data dive to see if it just felt like a large problem, or if it actually IS a large enough problem that we should devote resources to solving it in-app. First stop…data. 

Our study of CV performance started with thousands of Google and Microsoft Ads accounts, using last 30-day data to May 2024, filtered to exclude:

  • Shopping or DSA campaigns/Ad Groups.
  • Accounts with less than 10 conversions.
  • Accounts with a conversion rate above 50%.
  • For ROAS comparisons, any accounts with a ROAS below 200% or above 2500%.

Search terms in the study are therefore from keyword-based search campaigns where those accounts appear to have a reliable conversion tracking setup and have enough conversion data to be individually meaningful.

The cleaned data set comprised over 4.5 million clicks and 400,000 conversions (over 30 days) across Google and Microsoft Ads; a large enough data set to answer questions about CV performance with confidence.

Interestingly, each platform appears to have a different driver for their lower CV performance. 

CPA Results:

Google Ads was able to maintain its conversion rate, but it chased more expensive clicks to achieve it…in fact, clicks at almost double the average CPC of true match! Result: their CPA of CVs worked out roughly double the CPA of true match.                 

Microsoft Ads only saw slightly poorer CPA performance within CVs; their conversion rate was much lower compared to true match, but their saving grace was that they had significantly lower CPCs, and you can afford to have a lower conversion rate if your click costs are also lower. End outcome? Microsoft Ads CPA on CVs was only slightly more expensive when compared to their CPA on true matches; a pleasant surprise 🙂.

What Are They Really Costing You

Image created by Adpulse, May 2024

ROAS Results:

Both platforms showed a similar story; CVs delivered roughly half the ROAS of their true match cousins, with Microsoft Ads again being stronger overall. 

 

1718772963 395 What Are They Really Costing You

Image created by Adpulse, May 2024

Underlying Data:

For the data nerds amongst us (at Adpulse we self-identify here !) 

1718772963 88 What Are They Really Costing You

Image created by Adpulse, May 2024


TL;DR

Close variant search terms consume, on average, more than half an advertiser’s budget whilst in most cases, performing significantly worse than search terms that actually match the keywords. How much worse? Read above for details ^. Enough that managing their impact effectively could well be one of your largest optimization levers toward driving significant improvements in account ROI. 


Image Credits

Featured Image: Image by Adpulse. Used with permission.

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