Bjorn Espenes, CEO of Finch, recently did a joint webinar with SEMrush explaining how expanding your keyword bank can enable growth revenue if done the right way. He talked about how many companies will experience growth stagnation in active keyword expansion of their AdWords account. Here are 2 major challenges he addressed in expanding your keyword bank:
- Determining which keywords to add (takes time)
- Determining how much to pay per click for a new keywords (costs money)
Managing the growth of your keyword bank can be time consuming to research new keywords, add them to a campaign, and track performance. Trying to determine how much to bid on each new keyword will not only be time consuming as well, but will also increase the risk on money your company will spend on AdWords. 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 Google, it was triggered by a search phrase (you can find this in the keyword details report). If an ad was triggered and resulted in a transaction, the search phrase should be added as a new keyword. This will ensure that your keyword bank is expanding based on what your customers are searching and buying.
Product Offering/Catalog - For eCommerce companies the product catalog is and easy place to start including new keywords. It should have not only the title for the keywords, but any field on the product details page that prospective customers may search for. Ideally, it should be set up as a dynamic XML feed to keep the campaigns updated with what products are new, price changed, or paused/discontinued. For companies that are offering services, they should be looking at their offering/service description to identify what prospective customers are searching for to find them.
Competitive Gap Analysis - This is where you identify the keywords your competitors are buying clicks from that are not in your keyword bank and adding those to your keyword bank. This can increase the exposure you get with you campaign, but would be the final option after implementing Dynamic Search Term Insertion and syncing your product catalog.
It is a difficult task to try and increase your keyword bank while growing your revenues/profit and managing your cost and risk. Finch can evaluate your AdWords campaign and do what every company wants with their keyword bank -- expand the keyword bank while growing revenues and decreasing costs for your company.