In the fast-paced world of digital advertising, staying ahead of the competition and making informed decisions is crucial for the success of any business. One of the critical challenges faced by advertisers is forecasting the performance of their PPC (Pay-Per-Click) campaigns accurately. Traditional forecasting methods can be time-consuming and may not provide the accuracy needed to make data-driven decisions.
Fortunately, Google Ads has introduced a powerful tool to simplify forecasting and optimize campaign performance–the Performance Planner. This article will delve into Performance Planner’s key features and advantages and explain why your business should embrace this tool for effective campaign management and budget allocation.
Key Features and Advantages of Performance Planner
The Performance Planner takes the guesswork out of forecasting and empowers advertisers with valuable insights. Its key features and advantages include:
Simplified Forecasting
With Performance Planner, you can create forecast models for individual campaigns or multiple campaigns with similar marketing objectives. Gone are the days of building complex models to analyze campaign data for predicting future performance. Performance Planner harnesses data from billions of search queries across the Search and Display networks and factors in competitor data, seasonal changes, and landing page updates to provide accurate predictions.
Machine Learning Capabilities
What sets Performance Planner apart is its integration of machine learning. The tool continuously learns from past predictions and compares them with campaign performance. Doing so improves its forecasting accuracy over time, ensuring that your future predictions are more reliable and precise.
Setting Up a Performance Plan
Setting up a Performance Plan in Google Ads is user-friendly and straightforward. Here’s a step-by-step guide to get started:
- Log into your Google Ads account and click the tools and settings icon in the upper-right corner (the wrench symbol).
- Select “Performance Planner” from the drop-down menu and click on “Create a plan” or the “+” icon.
- Choose the specific campaigns you want to include in your plan. You can pick one or multiple drives, especially those with similar marketing objectives, for efficient budget optimization.
- Set the date range for the forecast and select the key performance indicators (KPIs) you wish to forecast. These KPIs can include clickthrough rate, conversion rate, conversion value, and more.
- Optionally, you can enter a target metric, such as spending, conversions, or cost per acquisition (CPA). The Performance Planner will tailor its suggestions to help you achieve this target.
Once you’ve completed these steps, Google Ads will direct you to the draft plan page, where you can access various tools and graphics to gain insights into your campaign forecasts.
Forecast Graph and Individual Campaign Forecast Table
The forecast graph is a powerful tool that allows you to control your overall spending and view the overall performance of all your campaigns. By clicking on the chart, you can adjust your overall expenditure and observe its impact on your campaigns’ performance.
Below the forecast graph lies the individual campaign forecast table, which provides detailed insights into how adjustments and suggestions affect each campaign’s performance. Each table row represents a separate campaign and shows three metrics for each one: forecasted spending, average CPA, and the number of conversions.
It’s important to note that each metric breaks down into three categories: planned, expected, and the difference between them (Diff). The planned metrics represent what the Performance Planner predicts will happen if you implement its suggestions. In contrast, the expected metrics show the forecast if you don’t change anything about your campaigns. The “Diff” column shows the difference between the planned and expected metrics, helping you assess the plan’s impact.
Campaign Side Panel
In the individual campaign forecast table, you can adjust personal campaign settings and view specific forecasts for each campaign. By clicking on an ad campaign, the Campaign Side Panel appears, providing a forecast graph and adjustable metrics.
You can adjust keywords, ad partners, and campaign spending in the Campaign Side Panel, which allows you to fine-tune your campaigns and optimize them based on the Performance Planner’s suggestions.
Using the “Compare” Button
The “Compare” button at the top of the draft plan page offers an insightful way to assess your campaign performance compared to past periods. By inputting a specific period, the Performance Planner generates charts for different metrics, such as “Overall spend,” “Total conversion value,” and “Conv. value/spend” (ROAS).
These charts provide:
- A comparison between the predicted metrics based on your existing settings
- The forecasted metrics from your plan’s suggestions
- The actual metrics from the specified period
This comparison is invaluable for understanding how your campaigns perform over time and whether the plan’s offers align with your past performance.
Conclusion
The Performance Planner from Google Ads is a game-changer for digital advertisers seeking to optimize their campaign performance and budget allocation. With simplified forecasting, machine learning capabilities, and user-friendly features like the forecast graph, individual campaign forecast table, and Campaign Side Panel, Performance Planner takes the guesswork out of campaign management.
By leveraging this powerful tool, your business can make data-driven decisions, allocate resources more efficiently, and achieve better campaign performance. The Performance Planner is the key to navigating the dynamic landscape of digital advertising, ensuring that your business stays ahead of the competition and drives success. Embrace the Performance Planner today and experience its transformative impact on your advertising efforts.
