If you run Broad or Phrase Match keywords in Google Adwords then you need to build out a large negative keyword list. In the insurance sales industry many insurance agency's have personal names in them. You will find if you run on the phrase "Contractors Insurance" you will match for George Michael's Contractors Insurance Agency causing you to spend from $15 to $20 on a frivolous click that is unlikely to be a lead. Even if you turn the search [Michael's Contractors Insurance Agency] into a negative keyword you will be out of luck because tomorrow someone will search for Jimmy Browns Best Contractors Insurance Agency and zap you again for $20.
One solution is to a pay a higher bid rate and put in all exact search matches. This works for most adwords management agencies because building a long negative keyword list takes a lot of management. It also looks really bad in reports if there are too many matches on key phrases that obviously are not going to turn into a lead.
Another solution is to build out the world's longest negative keyword list. If you choose this route a good way to find names to make negative matches on is to use the Social Security Popular Names Index. Once there click on popular names by birth year. I chose 1974 because insurance agents tend to not be in their 20's. Putting in enough first names will really help and because most insurance agencies are owned by men or men want to boast about their name (could be either reason) I just use men's names.
With this list I copy the male names into my negative keyword list. I have a lot of other negative matches on this list which I was able to create because the campaign had been running for more then a year from when I took it over, leaving lots to exclude.
Even though I have numerous broad and phrase matches I can still do fine. On this day I have 8 conversions so far (6 email leads, 1 Adwords phone call, and 1 phone call from the call tracking number). 8 leads out of 14 clicks... I will take that any day! If my customer asks about those other clicks that didn't turn into leads I mention there is a remarketing list. One of the clicks was a duplicate from the same person but Google never gives me a refund even if I ask or automatically. On an average day I run between a 20% to 35% conversion rate.
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