Unfortunately, this is not a simple question, and requires a great deal of thought. After all, a jewelers monthly ad spend can make all the difference in terms of garnering the results they’re looking for. This is why we’ve put together a few tips to help you figure out exactly how much jewelers should spend on PPC ads!
Clearly defining goals is a critical first step to figuring out the right budget. Let’s face it; no one is interested in spending advertising dollars for fun. Coming up with clear goals helps jewelers make smarter decisions once their pay per click advertising campaigns are running.
Here are a few key questions jewelers should ask themselves:
Once these questions are answered you can start to create a budget.
Two key components that determine the success of a ppc marketing campaign is your CPC (“cost per click”) and Conversion Rate.
First things first, it’s important to figure out how much a jeweler should have to pay each time a user clicks on their PPC ads.
To do this, you can turn to a digital marketing team — such as GemFind Digital Solutions — who can thoroughly research what your direct competitors are spending per click. This will give you a clear picture as to what you should expect to pay whenever a user clicks on one of your ads.
Conversion rates are arguably the most important part of the entire campaign. A slight change in conversion rate can mean the difference between failure and amazing success.
Below is a basic list of average conversion rates.
Less than 1 out of every 100 visitors becomes a customer
1 to 3 out of every 100 visitors becomes a customer
3 to 10 out of every 100 visitors becomes a customer
More than 10 out of every 100 visitors becomes a customer
It’s important to note that conversion rates can vary dramatically and depend on the value your website and products provide vs. the competition along with other factors such as your location.
As you can see, defining a budget can prove to be a complex process. With that being said, if you choose to partner with a team of digital marketing experts (like ours) then the job becomes much easier.
At GemFind, we run a comprehensive analysis of a jeweler’s direct competitors to help find the best budget to ensure your PPC campaigns thrive. Contact us today to get started.