Shared Budgets is a valuable tool that anyone who works in Google Ads would benefit from learning and applying to their accounts. Whether you are newly starting in pay-per-click marketing or a seasoned specialist, you should understand why this tool can be extremely valuable in 2022. Below are the main reasons why Shared Budgets can make your accounts much more profitable.
What Are Shared Budgets?
Before stating the benefits that Shared Budgets can bring to your campaigns, you’ll probably want to know what these are. A Shared Budget is a single average daily budget that gets shared between multiple campaigns in your account. Notice how the word single is emphasized. This is important to understand as you are not using different daily budgets for each campaign when implementing a Shared Budget.
Benefits of a Shared Budget
- Time Efficient: Planning and implementing a daily budget for each individual campaign can be very time-consuming. Also, after establishing a daily budget, you have to check those budgets frequently to ensure you are not over or underspending. Making those adjustments manually takes time, especially if you have multiple accounts. With Shared Budgets, this is not the case. Since multiple campaigns share the same daily budget, it takes less time to make any needed adjustments.
- Budget Efficient: Shared Budgets efficiently distribute your budget among the campaigns you choose to be shared. Any underperforming or underutilized budget will be allocated to the other performing campaigns. By using this tool, it will allow you to decrease campaigns that are limited by budgets and improve their campaign performance.
- Campaigns With the Same Goal: If you have multiple campaigns with the same goal set, then Shared Budgets can be efficient for you. Since these campaigns are leading to the same goal, having one budget that only these campaigns can use will allow for maximum performance of the set goal. Also, if one of the campaigns is achieving the goal more efficiently, Google will allocate more of the budget to the campaign that is performing better.
Where Can I Find and Create a Shared Budget?
Once you login into Google Ads, click on Tools & Settings and select Shared Budgets. From here, if you do not have one already made, you can start a new Shared Budget. You will then name this and select the average amount you want to spend each day. Next, you will choose which campaigns you want to share a budget. Remember to try and select campaigns with the same goal for maximum performance.
After selecting the campaigns you want to use, everything will be set. You can then go back to the main campaign page. You will quickly see that these selected campaigns are using a Shared Budget.
All in all, Shared Budgets in Google can be very beneficial if set up correctly. They can make life significantly easier for PPC professionals and can greatly improve account performance. All things considered, for the Shared Budgets tool to be utilized to its maximum potential, implementing it with Portfolio Strategy would be best. This strategy tool in itself deserves its own post.
Give Tandem a Buzz Today
If you want to properly utilize Shared Budgets in Google, give Tandem a buzz today. Our PPC advertising agency, creative services, SEO advertising agency, and various other digital marketing services can ensure your company is the colony’s queen. You can also read our blog to learn more about our hive and services.
