Easily you can find a hundred books on Amazon outlining how you can get rich quick with Google AdWords. While there may have been a period of time where Google was gaining adoption where that statement may be true, it is not an easy task today. The competition that exists at a keyword level in Google AdWords today is astronomical. Do not be discouraged though by the intense competition. You can still drive profitable traffic and sales to your website through Google. The approach though today must be conservative.
Startup companies online do not have a choice but to play the Google AdWords game in order to drive initial traffic. How you play the game can make a big difference in the financial outcome. High traffic volume keywords are very tempting, but keep in mind the higher the traffic volume typically the lower the conversion and subsequently higher cost. With that in mind you want to start off conservative in your approach by choosing keywords that have the highest conversion rate. Typically the higher converting terms will be product level keywords and more important, product level keywords where you are priced well within in the market and or provide a competitive value.
Product level keywords and long-tail keywords are often grouped together. So for example instead of bidding on the term computer, you may want to bid on computers for sell lower Manhattan. The number of companies around the world bidding on the more precise phrase and or companies that have the ability to convert on that phrase is very small in comparison to companies that may be able to fulfill on the term computer. Without a doubt the traffic volume will be low, but the more precise you are the higher the probability of a conversion. As your traffic and revenue grows you can become more aggressive and bid on terms like computer New York.
The conservative approach to slowly building up your keywords starting with very precise keywords and then more granular is a proven approach. Certainly if you have put aside a portion of funding specifically to conduct aggressive marketing for your website then you can afford to begin a little more granular. This approach is the same whether you are working in the paid side of Google advertising or the organic side of Google.
Another practice that is commonly used when first launching a website is to bid on your competitor’s trademark terms. This is not an option in some countries, but in the U.S. it is common practice. Be clear in your ad copy that you are advertising a competing website and do not try to attempt to confuse the search user. If a competitor states that you are attempting to capitalize on their brand equity you can state that you are clearly advertising an alternative and in no way are you creating confusion. Confusion is the key word in this game as it directly correlates with trademark law. I do not recommend you perform this practice with competitors that are lower in traffic than your website as you are picking a fight where they can be the only winner.
In summary, there is money to be made and money to be lost in the world of Google AdWords. The game is just as much math as it is marketing. Between quality scores, ROAS, and CPC, math is going to be a critical element to your success. Set goals for return on ad spend and refine your campaigns in the beginning until you are comfortably achieving the goals set. If you are over achieving, consider broadening your keywords to increase traffic and awareness until your ROAS comes back down to goal.
If you are struggling to achieve goal, do a close review of your click through rates on your keywords. Terms that should be serving your business but are performing below other keywords are candidates for ad copy testing. Remember the secret to succeeding in online marketing is to analyze the path from demonstrated intent to intent fulfillment. Analyze every aspect of that path to determine am I receiving clicks then ad copy is performing, are clicks converting, if not landing page analysis, competitive analysis at a value level, and product assortment analysis is where your focus should reside.