Business.com increases its bottom-line performance through value-based bidding
Industry: B2B News Site
Timeframe: 6 weeks
Business.com
business.com online marketing team
“Since implementing our Smart Bidding across our B2B focused campaigns, we’ve seen significant improvements to bottom-line performance and spend efficiency, as well as time savings for our team. Our Google partners have been there with us every step of the way to ensure all stakeholders understood how we would connect hands on expertise with the Google Smart Bidding algorithms.”
The Challenge
business.com is an online marketplace that helps business owners buy everything they need to run a business — from equipment to services to software. The number of leads that each partner – or seller – requires from business.com varies every day, depending on the competitive landscape, seasonalities, etc. The pandemic impacted the demand for leads from certain categories – home renovation services became less popular, while office desks of point-of-sale systems saw an increase in CPC. business.com was manually adjusting its bids to match the changing demand of each category, trying to maximize its projected revenue.
The Approach
business.com had built a backend system to weight the value of leads according to category demand and used this information to project its revenue and adjust its manual bidding. In order to capture dynamic demand in a cost-effective way, business.com started importing its real-time data into Google Ads and used automation to bid toward its most valuable leads – customers who bring the highest revenue to partners and business.com. Using a combination of predicted and actual revenue values to inform the algorithm, business.com shifted to a target return on ad spend (tROAS) automated bidding strategy to optimize for profitability.
We achieved
%
increase in conversion value of leads
%
increase in conversion volume
Proven results
After integrating its real-time offline data with Ads and activating that data with tROAS automated bidding, business.com saw a 31% increase in conversion value of leads and a 10% increase in conversion volume. Using automation to bid to the full value of a lead enabled business.com to generate high-quality leads at scale as efficiently as possible, and even helped identify new categories for expansion.
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