"I turned off Google AdWords because the cost-per-lead was too high." That line from Neil Patel's blog post, "What Spending $66,372.09 on Paid Advertising Taught Me," featuring different pay-per-click (PPC) methods, still resonates after four years because it highlights a common problem: The pay-per-click model wants us to throw away a lot of cash.
In case haven't noticed, you (and a lot of other advertisers) recently have been paying more for PPC campaigns than you used to.
The average PPC costs (cost-per-click, cost-per-mile, cost-per-conversion, etc.) have increased in the past few years, according to a survey of 50 advertisers on the Google AdWords ad network by Hochman Consultants:
And so we find ourselves in a tough situation: The rising cost makes PPC advertising appear as if it's the black sheep in the world of digital advertising; at the same time, it's a hassle-free way of bringing visitors to your website/landing page when they're searching for specific key phrases.
And case studies show that advertisers have been able to use it to increase conversions in a short period of time.
So, putting a stop to your PPC campaigns might not be a good idea.
Fortunately, you don't have to—if you can reduce your PPC costs.