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This really depends on whether you just want to reduce the cost, or if you want to reduce the cost while maintaining the same performance. Merely reducing cost can be done by advertising less, but maintaining performance while reducing cost is a lot trickier!
When it comes to Search ads, Google gives you an indication of whether it is charging you more or less when it tells you your quality score. Your Quality Score is a number out of 10, and if you rank higher you’re more likely to win the auction and name your price. If you rank lower, you’ll get a low quality score and Google will charge you much more for the same ad if someone clicks through. Google is actively trying to deter businesses from advertising with low quality ads and against irrelevant keywords.
To improve your Quality Score, your ads need to be relevant to the landing page and keywords that you bid against. You can use more of the same keywords in the ad and on the landing page to improve relevance.
In terms of keywords, the more broad or generic the keyword is, the more competition there is for it, and a lot of the searches won’t even be relevant to your business. For example, if you sell watches, the keyword “watch” will bid against “watch the news”, “did you watch the footy last night?”, “neighbourhood watch”, “watch strap”, “watch repairs” etc etc. You should focus primarily on phrase and exact match keywords for less competition, allowing you to bid on a fairly low cost. Also use plenty of negative keywords to prevent your ads from being triggered on irrelevant searches. You can check your search terms report regularly and cull any search terms that seem to be irrelevant.
Who you’re targeting is just as important, if not more important than what they’re searching for, especially if you’re using Display and YouTube as your marketing channels. For every what there’s a who, and if the who doesn’t match the type of person you serve then you could be wasting your money advertising to them. For example, if 80% of your revenue comes from men aged 55-60 and only 1% comes from women aged 18-24, then showing ads to women aged 18-24 is going to have a much lower chance for revenue. You might as well turn off your ads to this demographic group and let them find you organically if they’re keen. You’ll also find that applying relevant audiences to your ads almost always improves your Return on Ad Spend and reduces your cost by filtering out people that have a lesser chance of converting.
This tip and many others are found at https://www.petramanos.com/category/tips/