What Is Bid Management Software?
Bid management software is a software tool that makes it easier for marketers to control how much they spend on paid online advertising, like pay-per-click (PPC) campaign. It's an automated solution to help marketers managed the process of bidding on several different keywords.
When first starting out, an advertiser's list of keywords might be pretty small. This list eventually grows and flourishes over time, however, often becoming hard to manually track and manage. Many of these advertisers then just "set and forget," causing them to pay too much and miss out on vital opportunities. Though it's absolutely essential to monitor each and every keyword, there's simply not enough time to do so when managing multiple campaigns.
This is where bid management software comes in. It monitors the important keywords in each campaign, tracks their changes in cost, and then makes educated bid adjustments for the advertiser.
Say for example you're running five different campaigns, which each have 20 keywords. That means you need to monitor the market changes to 100 different keywords. If you're not paying attention, an unimportant keyword's search volume might suddenly increase, giving you the opportunity to jump in, but because you were too busy manually managing another campaign's keywords, you missed out.
Bid management software would have not only alerted you of this change, but also told you that you didn't have to worry about that particular campaign's keywords.
Essentially, bid management software does all of the legwork for you, allowing you to get the biggest value from paid search providers, like Google AdWords.