Pay-Per-Click campaigns are great potential moneymakers. Bing’s ad platform is a tempting PPC channel, especially as Bing’s reach has been trending upwards, and their CPC is lower than Adwords. But how can you tell if it’s right for your business?
At bottom, this question is just like any other question about allocating resources: is the expected ROI on $X invested in Bing Ads greater than or equal to the expected ROI of investing those $X in another channel?
In order to answer this question, you need to know a few things. First, what’s the potential ROI of Bing ads? In Google Analytics, you can find how much traffic your site receives from Bing, compared to other channels. Bing’s own search volume metrics for your relevant keywords, accessible via Bing Webmasters Tools, can give you a decent gauge of what kind of volume to expect. If Bing is a significant portion of your traffic, it might be worth a serious look. If it’s in the single-digit percentages, maybe not so much.
Second, you need to know what the potential ROI is of other channels. Investing more heavily in Google Adwords, doing direct mail, getting industry-specific networking subscriptions, investing in in-office efforts, or purchasing new marketing tools can all have positive effects on your business’s performance. If you’ve got all your bases covered, and more investment in Adwords won’t yield a better return, Bing is a live option.
After this, it’s a simple matter of comparing.
There is one more factor to consider: startup cost. While none of us can predict the future with absolute certainty, making the minimum bet is a safe way to see how things play out. But, as with Adwords, there is a minimum effective budget necessary to compete, and this figure will fluctuate depending on geographical target and industry. Be sure you are comfortable putting down the table minimum if you want to play, or else you’ll just be wasting it.