One of the most volatile activities in the electronic commerce arena is bid management. Bid prices are constantly in flux and sometimes change faster than the value of some stocks on the NASDAQ on a busy day! Therefore, there is always the need for a robust software mechanism that manages this process automatically and with a very high degree of precision. After all, at the end of the day, it involves large amounts of advertising money to keep this system working.
Here's a description of bid management software and how to find it.
Bid management software is an automated computer program that does all or some of the following:
- Monitor online ad campaigns and initiatives such as measure the number of clicks, duration of visit and so on.
- Analyze advertisements across various search engines, in other words conduct cross-engine campaign management.
- Automatically manage bids for advertisements.
- Monitor frequency - meaning record the number of times an advertisement appears on a particular search engine or a set of them.
- Advertisement creation and editing – some bid management software programs have the ability to create advertisements and edit them to suit the Web page they appear on.
- Global changes and tracking of conversions – sometimes it is not enough if a person clicks on an advertised link, he should conduct a real transaction; conversion of a click to a transaction can be monitored by bid management software.
In addition to be above, the bid management software that you select ought to have the ability to manage self-maintenance and also other online advertising activities. To this end, good bid management software must contain tools that suggest keywords online. Also, an intuitive help screen with resolution tips, when a user is having trouble navigating through the link, is quite useful.
As the name suggests, it is all about bid management. The proof of an effective management process will be evident in regular activity reports generated by the software. Important aspects of reporting include data on fraudulent clicks, data on program integrity and stability, a comparative study on natural and paid searches, etc. Of course, it is best if all of this information is available in real-time and not periodically generated. Preferably, the reports must be in both essay and graphical formats to enable easy reading and assimilation of the data.
Bid management software is available for all kinds of uses. For instance, standard versions provide a basic set of functions, while the professional and enterprise versions are expensive and render customized solutions. Good bid management software must be reasonably priced and must have a Web analytics software integrated into it. Some well-known bid management software include AdWords Dominator, BidRank, Keyword ROI, PPC Pro, PPC BidTracker, SearchIgnite and so on.
Search online for the software that suits your requirements, analyze user reviews and keep the above tips in mind. This should help in finding the right bid management software!