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Just Other Articles - PPC Management: When To Give Up On A Loser
Pay per click (PPC) advertising can be a dream come true. You can get traffic almost immediately from some PPC search engines. And it can be mighty cheap too. Next to joint ventures, PPC search engines have been responsible for most of my online income. I've gotten some great returns on PPC campaigns. And I know other people who have too.
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
Right now, I have one PPC campaign that's making me $56.69 for every $1 I spend. I know, that's pretty incredible. And it's not typical. But I have another that's making me $8.84 for every $1 I spend. Yet another makes $7.73 for every $1.
But I have other campaigns that have lost me money. Making money, instead of losing it, with pay per c
But I have other campaigns that have lost me money. Making money, instead of losing it, with pay per c
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
ick search engines involves wise management. There are many different factors that decide whether you'll be in the red or in the black. And you need to be aware of what these are.
In fact, there are times that even the best management of your PPC campaign won't save it. Some of them will be losers and there's nothing you can do about it. B
In fact, there are times that even the best management of your PPC campaign won't save it. Some of them will be losers and there's nothing you can do about it. B
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
t you need to know when to decide that you have a loser on your hands. At what point should you bury it and move on?
There are a number of different factors to consider. There's no simple answer. I can't tell you to simply abandon your PPC campaign after 200 clicks without a sale. Or to quit after you've lost $50.
First of all, you need t
There are a number of different factors to consider. There's no simple answer. I can't tell you to simply abandon your PPC campaign after 200 clicks without a sale. Or to quit after you've lost $50.
First of all, you need t
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
know how much your profit will be on each sale (before advertising costs). For example, if you're selling your own product for $47 through Clickbank, then you'll make $42.48 on each sale after Clickbank takes their fees.
But if you sell someone else's product for $47 through Clickbank, and you get a 50% commission on each sale, then you'd
But if you sell someone else's product for $47 through Clickbank, and you get a 50% commission on each sale, then you'd
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
only get $21.24.
But you need to know even more than that. You also need to decide how much of that $42.48 (or $21.24) you're willing to spend on advertising. In other words, what's the least you're willing to earn on each sale? This will determine how much you can afford to spend on advertising.
Let's assume you make $42.48 per sale. If
But you need to know even more than that. You also need to decide how much of that $42.48 (or $21.24) you're willing to spend on advertising. In other words, what's the least you're willing to earn on each sale? This will determine how much you can afford to spend on advertising.
Let's assume you make $42.48 per sale. If
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
you decide that you'd be happy with a $20 profit, then you can spend as much as $22.48 to make each sale.
So now you know what your advertising budget is. Next, estimate what your conversion rate will be. If this is a brand new product you're promoting, then you may have no idea. In those cases, I tend to use 1% as a rule of thumb. That me
So now you know what your advertising budget is. Next, estimate what your conversion rate will be. If this is a brand new product you're promoting, then you may have no idea. In those cases, I tend to use 1% as a rule of thumb. That me
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
ns that 1 out of every 100 people that visit the site will buy. Let's use 1% for our example here.
So if you're willing to spend $22.48 to make each sale, and you expect to make one sale out of every 100 visitors, then you can afford to spend 22 cents to get each visitor to the site. This means that you can afford to bid 22 cents on each k
So if you're willing to spend $22.48 to make each sale, and you expect to make one sale out of every 100 visitors, then you can afford to spend 22 cents to get each visitor to the site. This means that you can afford to bid 22 cents on each k
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
yword on the PPC search engines (max).
At this point, you can go ahead and set up your PPC campaigns. Find your keywords. Place bids. I won't cover these issues right now because they're off the topic. The purpose here is to know when to drop your campaign because it's a loser.
Now, just because you *can* bid 22 cents on each keyword, it
At this point, you can go ahead and set up your PPC campaigns. Find your keywords. Place bids. I won't cover these issues right now because they're off the topic. The purpose here is to know when to drop your campaign because it's a loser.
Now, just because you *can* bid 22 cents on each keyword, it
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
doesn't mean you should. You should bid as low as you can to get good traffic (whatever you consider *good* to be).
In our example, let's fast forward. Imagine you've already gotten 150 clicks, and your average bid has been 22 cents a click. So you've spent $33, and you haven't made a sale yet. Should you ditch this campaign?
No. *On aver
In our example, let's fast forward. Imagine you've already gotten 150 clicks, and your average bid has been 22 cents a click. So you've spent $33, and you haven't made a sale yet. Should you ditch this campaign?
No. *On aver
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
ge* you can spend $22 per sale. But that's an average. Which means that sometimes you'll spend more, and sometimes less. And if your conversion rate is 1%, then that's also an *average*. So don't freak out if you haven't made a sale after 150 clicks.
When you decide to drop a campaign though, make the decision based on how much you're spen
When you decide to drop a campaign though, make the decision based on how much you're spen
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
ing on it. Not the conversion rate.
When I first start a campaign, I'll often wait until I spend at least double my advertising budget with no sales before I consider dropping it. Maybe even triple my budget if I'm emotionally attached to it. ;-)
But if I haven't made any sales by then, I'll usually stop the campaign. However, you may wa
When I first start a campaign, I'll often wait until I spend at least double my advertising budget with no sales before I consider dropping it. Maybe even triple my budget if I'm emotionally attached to it. ;-)
But if I haven't made any sales by then, I'll usually stop the campaign. However, you may wa
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
t to wait longer if you're willing to spend more money to see if it works. I think I'm probably more of a conservative.
At any rate, I *rarely* end a campaign before I get 300 clicks. 300 is typically the minimum number of clicks before I feel I can judge whether a campaign will pay off. And I will generally only end it then if I've had *z
At any rate, I *rarely* end a campaign before I get 300 clicks. 300 is typically the minimum number of clicks before I feel I can judge whether a campaign will pay off. And I will generally only end it then if I've had *z
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
ero* sales.
Sometimes, though, you'll make a quick sale and get excited. But then you see few or no sales after that. If you find that you're consistently spending more than your budget for the first few sales, then get ready to end it if you don't figure out how to make it better.
I want you to realize, too, that when you bid less on you
Sometimes, though, you'll make a quick sale and get excited. But then you see few or no sales after that. If you find that you're consistently spending more than your budget for the first few sales, then get ready to end it if you don't figure out how to make it better.
I want you to realize, too, that when you bid less on you
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
keywords, you can afford to live with a lower conversion rate. But when you bid more, your conversion rate has to be higher to provide you with the profit you want.
I've only talked about *starting* a PPC campaign so far. But sometimes, you may have a PPC campaign that's paying off, and then it starts choking and gasping for air after a w
I've only talked about *starting* a PPC campaign so far. But sometimes, you may have a PPC campaign that's paying off, and then it starts choking and gasping for air after a w
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
ile.
In that case, you need to decide when to pull the plug and retire it. Otherwise, it may eat up all the profits you've already made.
I'll usually be more lenient in this case. Since the campaign has made me money in the past, I'm more likely to give it the benefit of the doubt and keep it running. I don't know if that's a good idea or
In that case, you need to decide when to pull the plug and retire it. Otherwise, it may eat up all the profits you've already made.
I'll usually be more lenient in this case. Since the campaign has made me money in the past, I'm more likely to give it the benefit of the doubt and keep it running. I don't know if that's a good idea or
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
not. But sometimes, it's just hard to say goodbye to an old friend. After all, maybe it's just a temporary downturn.
But you still have to cut it off at some point. If I find myself breaking even (or even losing money) on each sale for any length of time, then I'll start thinking about ending the campaign.
In our example here, if you noti
But you still have to cut it off at some point. If I find myself breaking even (or even losing money) on each sale for any length of time, then I'll start thinking about ending the campaign.
In our example here, if you noti
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ce that you've been spending $45 per sale lately, then start thinking about the future of this campaign. Try to figure out what's changed and see if you can fix it.
How long should you wait before you abandon it? Two weeks? A month? Ten sales? A hundred sales?
It's completely dependent on your situation. If you make 20 sales a day, then o
How long should you wait before you abandon it? Two weeks? A month? Ten sales? A hundred sales?
It's completely dependent on your situation. If you make 20 sales a day, then o
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
viously worrying after only 20 sales is unwarranted. On the other hand, if it takes you 4 months to make 20 sales, then maybe you shouldn't wait quite that long. Listen to your gut.
In the end, be aware that PPC management is not a rigid science. You have to use a certain amount of judgment. But try not to be emotionally attached. If a lit
In the end, be aware that PPC management is not a rigid science. You have to use a certain amount of judgment. But try not to be emotionally attached. If a lit
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
le voice in the back of your head is telling you that you're spending too much for too little, then listen to it.
What I've given you here are guidelines based on my own practices. I'm sure there are other people who do it differently and are also successful. But these strategies work for me. And I'm sure you can adapt them to work for you
What I've given you here are guidelines based on my own practices. I'm sure there are other people who do it differently and are also successful. But these strategies work for me. And I'm sure you can adapt them to work for you
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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