Pay-Per-Click, or PPC, has been one of the most popular internet advertising models worldwide. It allows businesses to show ads online, reach their audiences, and convert users to customers.
And while it provides various benefits to the company and people, many are trying to downsize their PPC efforts financially. Since the pandemic, many economies have experience recession, and most businesses have lost revenue. Most companies believe that PPC is too costly, especially since, on average, PPC campaigns cost around $9k to $10k monthly.
However, this shouldn’t always be the case. Did you know that you can still run PPC even during a financial crisis? A good advertisement can provide doubled ROI. So, if you are a company concerned about wasting resources on your PPC campaign, then this article is for you.
This article will help you understand what PPC advertising is, How it can help your business during a crisis, and how to use PPC during a recession.
What is Pay Per Click (PPC)?
PPC is a form of advertising on the internet that uses paid placements in search engine result pages (SERPs) to generate website traffic. This form of online advertising charges the advertiser each time a visitor to the website clicks on an ad. The more times someone clicks on your ads, the more you will be charged.
Pay Per Click Advertising has various benefits, including the ability to be tracked efficiently and cost-effectively. Likewise, you can do PPC on Google AdWords, Facebook Ads, LinkedIn Ads, Bing Ads, and many other platforms.
How can PPC Help Your Business Survive Economic Crisis?
PPC can help your business survive an economic crisis like many digital marketing strategies. As mentioned earlier, PPC is a measurable and cost-effective way to advertise your company, product, or services. Moreover, unlike other advertising methods, PPC gives you control over how much you will be spending and who will see your ads. This makes every penny worth spending.
Likewise, some other ways PPC can help your business during an economic recession.
- Monitor emerging trends in the market
- Understand customer’s spending habits
How to Manage Your PPC During A Recession?
While it’s understandable that PPC during a recession is not feasible for some businesses, it doesn’t need to be removed entirely from your digital marketing strategy. You can continue using PPC to build your brand, reach customers, or advertise your goods and services.
As such, here are some tips on how you can manage PPC during a recession.
1. Highly optimize your PPC budget
During uncertain times, companies must reevaluate their goals as a business. Every dollar spent on your PPC campaign is valuable. It should only be allocated to ads that can help connect with customers, build your company, and grow your revenue.
Likewise, follow these tips below to optimise your PPC budget:
- Choose the right platform. Find the right advertising channel where it is cheaper and where most of your audience is.
- Remove unrelated placements. Irrelevant placement can be a massive waste of your budget. It may bring you plenty of traffic, but it’s a waste of resources if it does not fight the audience. Take time, understand your consumer’s behavior during a recession, and place your PPC ads accordingly.
- Bid more on high-value keywords. While this could look unideal to most, high-value keywords can generate a better pool of leads.
- Try retargeting. Retargeting can be an effective method of reaching an audience because they already know your business and product. Through retargeting, you can convince previous viewers to convert into customers.
2. Take advantage of gaps left by competitors
In a recession, PPC marketing can be competitive. Likewise, it’s crucial to ensure the success of your PPC campaign. And one way to do it is by identifying, analyzing, and utilizing your competitor’s PPC efforts. Likewise, here are some factors you should look out for when conducting your competitor analysis:
- How much do they spend on their campaigns.?
- What keyword do they use?
- Which products do they advertise?
- What landing page do they use?
And after you are armed with this knowledge, you can begin to dig and collect your competitor’s PPC data to uncover their strategy. Always look for opportunities and where your PPC ads can fill a hole.
3. Monitor spending habits closely
PPC is a successful form of marketing even in a recession because it can be tailored to the specific needs of each individual. Consumers are more likely to engage with ads that are relevant and targeted to their interests. This means that advertisers must be more creative to get their message across effectively.
One way to maintain PPC during a recession is by monitoring customers’ spending habits and using those data in your campaigns.
4. Keep frequent updates
Likewise, in this critical time, trends change faster. Similarly, the next step in handling PPC during a recession is keeping yourself updated on your campaign. Now and then, access your PPC data and implement the following activities in your workflow:
- Automate the data flow to capture changes in trends at least once a day.
- Set up triggers for conversions so you can evaluate which metrics are effective and which are not.
- Don’t make changes too quickly. Sometimes, PPC takes time to take effect. Remember that internet ads rely on algorithms and machine learning. If your campaign is not working, monitor it for at least a week.
5. Focus on sales volume
Suppose your primary goal is to increase revenue. In that case, the next step to managing your PPC during a recession is focusing on sales volume. Try to pay attention to strategies that have helped increase your conversions. Look for the following instances:
- Which campaign has the most traffic since the start of the economic crisis but did not convert?
- The ratio of your ad spending volume vs. conversion
- Which campaign has an increase in stable cost conversions
Conclusion
In summary, PPC during a recession is not an expense. Instead, it can be a great tool to help your business survive an economic crisis. It may look complicated to pull a significant ROI. Still, as long as you make a well-researched strategy and media planning, you will overcome these days.
And if you need further help, Flexisource IT can help you! We offer one of the best PPC services in Australia. Contact us now!
