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Quickly start and optimize keyword advertising campaigns on Google in 7 days: a 11-step procedure
This is what I did, and it worked quite well. 
- Identify 10 top, high volume, well targeted keywords for your business. These are your seed keywords
- Create large lists of bid keywords: use Google tools to identify "related keywords" that are related to your seed keywords
- Grow further by finding keywords that are related to the keywords obtained in previous step
- Use Google adWords tools to find keywords that are on your webpage, and most importantly, on your competitor web pages, choosing the website selection under "find keywords" under "add keywords" when you manage your ad group. Only pick keywords that have a moderate to high volume, and skip keywords with high competition (competition and volume statistics are provided by Google, on the same page).
- Create a campaign, then add one ad group for all these 2,000 or so keywords. Select your target market (e.g. North America + Europe, Google Search + Partners Search) in your campaign settings. Set a max bid that is 3-4 times higher than what you want.
- Create 4 or 5 different ads, so that at least one of them will have a great CTR and will boost click volume
- After 4 hours, check your traffic report and pause all keywords with a CTR < 0.20% and impression count > 400. This will boost your CTR and will further improve your campaigns, and eventually your ROI. Then, reduce your max bid by 10%, as you are probably burning your budget too quickly
- On day #2: Check again the stats: remove low CTR keywords, reduce max bid by 10%
- On day #3: Check again the stats: remove low CTR keywords, reduce max bid by 10%. Then isolate keywords with high volume and good CTR, put them in a separate campaign or ad group. If you are still burning your daily budget too fast, improve targeting, by excluding some country, excluding display advertising or other sources of lower traffic quality
- On day #4 to #7: proceed as for day #3, but be less aggressive in your efforts to reduce your max bid: if your CPC goes down too much too quickly, your campaign will collapse
- By day #8, you should now have several ad groups, each maybe with 50 keywords, that are stable and great for your website, plus a huge ad group (the leftover of day #1-#7) that will continue to work as well, requiring occasional monitoring
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Comment by Vincent Granville on May 12, 2012 at 10:33pm -
Also, this is a quick, simple solution that works quite well. Ideally, if you have more time to work on your campaigns, each keyword (at least each ad group) should have its own landing page and max bid updated each day, and each ad group should have its own set of 4-5 text ads. Managing such a system, with (say) 10,000,000 keywords, can be done automatically. It's indeed one of the great applications of data science. The interesting part is to automatically assign a meaningful bid to new keywords with no history - and to permanently harvest (from your search logs?) and add many new keywords. Also, the top 100 "brand keywords" (with extremely large volume) should be processed manually each day, the remaining 9,999,980 being processed automatically. That's how it works at eBay.
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