What is Bid Optimization By Time?

Bid Optimization By Time is a savvy strategy used in digital marketing.

This technique was born out of extensive data analysis that revealed a trend: conversion rates of websites fluctuated during different times of the day, week, month, and year. Such a discovery helped marketers realize the importance of adjusting their marketing bids based on these fluctuations, a practice now known as Bid Optimization By Time.

The meat of this strategy lies in understanding the ripe times for conversion. Once marketers have identified the specific times when their conversion rates peak, they adjust their bid value during those precise moments. It's an effective tactic to drive traffic, since knowing when potential consumers are most active increases the chances of reaching them. This strategy is employed on various major advertising and analytics platforms which have capabilities to generate reports based on time.

Examples of Bid Optimization By Time

1. E-commerce businesses can use Bid Optimization By Time to increase their sales during peak shopping hours. For instance, they might increase their ad bids on weekday evenings when people are more likely to browse and make online purchases.

2. Restaurants or Food Delivery apps can optimize their bids during meal times or weekends, periods when people are actively looking for food options online.

3. Tutors or online education platforms may choose to increase their bids during the morning or early afternoon when parents are scheduling lessons for their kids.

4. Travel agencies could optimize their bids during peak vacation booking seasons or during times when people usually plan holidays like weekends or evenings.

5. Fitness Centres or health apps may find it beneficial to increase bids in the early morning, lunchtimes or immediately after traditional working hours when people think about working out.

Marketing Tactics Similar to Bid Optimization By Time

1. Geo-targeting: This is another way to optimize your marketing efforts based on location. A company might advertise more in specific areas where they've had more conversions.

2. Behavioral targeting: This tactic involves targeting customers based on their past behavior (e.g. purchases, searches, site visits).

3. Dayparting: Similar to Bid Optimization By Time, Dayparting splits the day into several segments during which different marketing strategies can be implemented.

4. Programmatic buying: This technology-driven approach to marketing involves using AI to buy and optimize ads in real time, which could include time-based strategies.

5. Demographics-based targeting: This marketing strategy revolves around segmenting the audience based on their demographics information such as age, gender, occupation, etc.

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