Believe it or not, developing a paid search engine marketing (SEM) campaign based on insights garnered from a comprehensive inventory assessment is not common practice.
Budgets are set relatively high and the search engines are permitted to determine how best to spend. In other words, search engines are empowered to spend budgets as efficiently as possible for the search engine, not necessarily for the business.
Consequently, campaigns can be a black hole for budgets if not set up and managed properly. In many cases, automatic bidding will even increase beyond the point-of-diminishing returns. An inventory assessment helps to facilitate the creation of a campaign structure where individual campaign budgets can be set based on a strategic allocation of budget across the overall campaign.
Essentially, a paid search inventory assessment is a review of the forecasted clicks for a set of keywords based on historic bid prices. To conduct an assessment, marketers can log in to Google Keyword Planner, navigate to "get search volume and forecasts," enter keywords, select forecasts, and then plot bid prices versus impressions on the graph.
Here are four key benefits of an inventory assessment: Confidently Identify Your Budget An inventory assessment helps in confidently identifying the budget needed for a campaign. By reviewing forecasted clicks for keywords, marketers can understand how much budget is required to achieve their goals.
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