As the digital landscape continues to evolve at a rapid pace, staying ahead of the curve is paramount for advertisers seeking to maximise their ROI in paid search campaigns.
In 2024, the focus should be on adapting to new technologies, optimising existing tactics, and harnessing data-driven insights to drive success. In this article, we’ll explore the top five priorities for advertisers to focus on from a search engine marketing (SEM) perspective this year.
1. Profit-Based Bidding and Cost of Goods Sold
In the ever-competitive world of paid search, optimising bids solely based on revenue is often no longer sufficient. Instead, advertisers have the opportunity to integrate a profit-centric approach by factoring in the cost of goods sold (COGS) to ensure campaigns are driving sustainable profitability.
By integrating feed data on product margins into bidding strategies, advertisers can prioritise high-profit products and adjust bids dynamically to maximise profit on ad spend (POAS).
Adding the cost_of_goods_sold attribute to Google shopping feeds, along with reporting on conversions with basket data will provide the route to unlocking this valuable bidding and reporting tool in Google Ads.
2. Product Feed Hygiene
In e-commerce industries, the quality and accuracy of product feeds play a critical role in the success of paid search campaigns. Product feed hygiene refers to the ongoing process of optimising and maintaining product data to ensure consistency and relevance across advertising platforms.
This includes optimising product titles, descriptions, and attributes for search intent, as well as regularly updating inventory and pricing information. Maintaining best practices for product feed optimisation not only improves ad relevance and quality scores but also enhances the overall user experience, leading to higher conversion rates and lower acquisition costs.
In 2024, investing in product feed management tools will be essential for advertisers looking to gain a competitive edge in the marketplace.
3. Google Ads Scripts
As Google Ads continues to evolve, automation has become a cornerstone of effective campaign management. In particular, Google Ads scripts offer advertisers a powerful tool for gaining deeper insights into campaign performance. With increasingly limited reporting available through the Google Ads interface, scripts can provide a way for us to unlock further insights into the placements, performance and distribution of Performance Max across the Google network, allowing us to make more informed decisions on the quality of our ad spend.
In 2024, embracing Google Ads scripts will be essential for staying agile and competitive in the dynamic landscape of paid search advertising.
4. Performance Max Placement Exclusions
With the introduction of Performance Max campaigns, advertisers have gained access to a powerful new tool for reaching customers across Google’s network of placements and platforms.
However, maximising performance requires careful management of placement exclusions to ensure ads are displayed in contexts that align with brand values and objectives. By leveraging granular placement exclusion lists and monitoring performance metrics closely, advertisers can identify and block underperforming placements while capitalising on high-value opportunities.
This includes excluding irrelevant websites, low-quality apps, and sensitive content categories to maintain brand safety and maximise ROI by filtering spend to the most efficient and suitable placements.
5. Platform Expansion
While Google Ads remains the dominant player in the paid search landscape, advertisers are increasingly exploring opportunities on alternative platforms like Microsoft Ads.
With a diverse audience base and lower competition levels across many auctions, Microsoft Ads offers a compelling opportunity to reach new customers and diversify advertising investments.
By expanding beyond Google Ads and diversifying media spend, advertisers can reduce reliance on a single platform and capitalise on unique audience segments and targeting capabilities.
As we navigate the complexities of the digital advertising landscape in 2024, the key to success lies in remaining agile to drive measurable results.
By prioritising the top five priorities listed above, advertisers can stay ahead of the curve and unlock new opportunities for growth in 2024.
Please reach out to Pattern today if you or your brand needs help in achieving your business objectives in the dynamic world of paid search advertising.
