Ah yes, those immortal words. Uttered by all of us marketers at some point. Well now, Google wants to rub our sorry little noses in the mess we made of our AdWords campaign, with the launch of its bid simulator.
What does the bid simulator do? It…
…shows you the potential impact of your bid on your advertising results. While it can’t predict the future, the bid simulator allows you to explore what could have happened if you had set different keyword-level bids.
Using data from the past seven days, the bid simulator re-calculates the number of impressions for which your ad could have shown had you chosen a different maximum CPC, how many clicks your ad could have gotten for those impressions and how much those clicks could have cost.
While it’s not a magic bullet for your AdWords campaigns–past performance does not guarantee future results, etc–it’s a pretty useful tool for discovering how you can increase traffic without spending too much more. My memory is foggy, but I seem to recall Yahoo has offered something similar since the Panama launch.
Anyway, this video can explain it a whole lot better than me!
Whoops, sorry. This is the video!