Harsh as the title sounds, it’s true. Some of your AdWords competition may make more than you.
Whether you’re trying to make more e-commerce sales or generate better leads, there is always an AdWords competitor out there who spends more and also makes more. Understandably, it’s frustrating. You don’t have as much money — how can you win?
But there’s good news: your budget can still work if you look at things differently.
Obsessing Over Conversion Rates, Not Sales
For most paid search experts, doing a good job at getting AdWords traffic should focus more on the quality of conversions, instead of the quantity. It pays to track and qualify conversions quickly to know if these are worth your time.
When it comes to lead generation, the competition might already know which keywords guarantee better money. That’s the secret.
Focusing too much on the flashiness of leads distracts you from a method that cuts the budget yet also earns the same amount of sales. Just pay attention to ValueTrack parameters — a URL string you can use to append final URLs inside the tracking template.
You Have the Sales but Never Increased Prices
The idea of raising your prices can be intimidating, especially when you think consumers won’t be willing to pay that price. But think about the negation tactic, which starts high, then eventually goes low. You’ll be surprised at the number of people willing to pay with what you charge — even if you double the price on your next sales.
Do not hesitate to increase prices in the future. As soon as you have paying customers, 50% of them are likely to stay.
You’ve spent months perfecting AdWords metrics and landing page conversion rates. Wanting to earn more is only natural, but sometimes, the answer isn’t always a bigger budget. Sometimes, it’s how you plan your strategy.
In the long run, applying the changes above improves the bottom line of all your strategies. It won’t be long before you give the competition a run for their money.