How Bid Experiments Optimize Ping Post Software
It’s daunting to decide what prices to put on leads within ping post software. Although, the bid experiments feature in pingtree systems software allows users to run experiments on their bids to maximize profits. The bid experiments feature lets users adjust ping posts without changing system settings. The idea behind bid experiments is optimization for ping post bids for selling the most leads, while making the most profit. With Labor Day on the horizon, we decided to target use cases in the home improvement vertical.
How It Works
Bid experiments allows raising or lowering bid amounts for a certain set of filters. When using this feature, the goal is to increase the profit margin, or to sell more leads. The different filters are: different projects of home improvement (HVAC, roofing, windows, etc.), zip codes, states, days of the week and time of day. After an experiment is ran, different metrics are shown on the dashboard. These are used to see if the experiment was successful or unsuccessful.
Rules are created when changes in price margins are successful though bid experiments. The rules are then put into place for the prices and demographics that were set. So, if a successful experiment ran for roofing in New York on weekends, a rule can be set within current campaigns. Before even considering changing bids, you should be in touch with who your clients are, and primary goals. Is the goal only to increase profit or to sell more leads? Exact reasons can be defined, especially with having the ability to manipulate different variables, these are possible use cases that could be tested for the home improvement vertical.
Successful Home Improvement Use Cases For Bid Experiments
- Urban vs Rural
There’s a higher standard of living in urban areas, so it’s likely to find buyers willing to spend more. Also, using zip codes would be more accurate. It is possible to look up the mean (average) or median (middle) household income for each zip code. The mean is what usually should be used, unless there’s a small percentage that throws off the majority. For example, a millionaire living in a small town. Using this bids can be raised where people have more money, and lowered where there’s less. Certain zip codes may also have multiple buyers who would be willing to pay more to beat the competition.
- State vs State
Different states have different reasons why a bid should change, such as, weather, cost of living, social standards, occupations, and many other reasons. Testing how much each state is willing to pay would help a bigger business prioritize their lead prices. Different projects could go for more in different states as well. Windows in hurricane states would defiantly be a lead people are willing to buy. Not home improvement related, but the insurance vertical could also be sold to different states that deal with different annoyances such as flooding or heatwaves on a consistent basis.
- Different Projects
This feature has the ability to raise or lower different projects within home improvement. If there’s more leads for windows than painting, raising the price for windows leads is a good idea to see how much profit can be made without disturbing your other projects. Different seasons have more business for certain projects than others. HVAC is typically needed year round, but something like roofing has less of a need in the winter months. Raising bid prices in peak months, and lowering in off months could raise profits.
- Days of the week
Different days of the week could reap different results, whether for different projects or for weekdays vs weekends. Some contractors may be willing to work on weekends, so shifting the price for bids could lead to more profit. The beginning of the work week vs the end of the week could be tested as well. Different contractors could be looking at different days when looking for jobs to take.
- Different times of day
Some people are early birds, others are night owls, so why not test your bids based on this concept? Different buyers could be willing to pay more at certain times of the day, as well as not wanting to buy at others. Raising bid prices for popular times, and lowering them for off times may bring in more profits. Everyone in the home improvement vertical should already know about emergency services for adword prices, so why not do the same thing for ping post? When emergencies strike at 2am there’s a need for a fix ASAP. Leads could be sold for more at night for this reason. Run some test to see when users are willing to pay more, or are more active in a specific vertical for both day and time.