First page, top of page, first position CPC bid can be very expensive in competitive industries. A high CPC and low budget would take a while to make a conversion (get a click, make phones ring). So, shut off more expensive high quality keywords that you want to test now or later so they do not eat up your budget early on.
Start by aiming for a lower position (say #2 spot) with keywords that are high quality (related to ad relevance, landing pages, click through scores, etc.) but have lower CPC. Over a few weeks, you will learn and gather data on the quality keywords with good conversion rate and CPA.
Then you can begin to optimize. Bid more aggressively on quality keywords for top of page position and shut off keywords that have not been producing results. Reallocate that money to keywords that are producing results which will gain those type of conversions more quickly.
When you use a low budget and spend less than what you believe you should bid because your campaign has good quality score, good ad relevencey, good landing page experience and good expected click through rate, you pay a lot less than everybody else would to get a good spot and generate leads. Taking this smart approach allows you to see how things will progress.
As you test more aggressively, use Enhanced CPC which will help increase conversions. Enhanced CPC tells Google to enhance the bid (that it can spend) up to 150% of your current bid to get a click. So a $10 bid will turn into a $25 click if Google sees a conversion can come from it.
You could see your max bid is set at $10 'enhanced' but your average CPC may be $18 and you are getting good conversions and placement. Take your $10 bid and turn it up to $20 and you will get to see a predictive indicator of where to start to spend more money/increase bids without increasing the budget.**
So, start small, generate leads, see where conversions come from without asking for more budget or stretching too thin in the right amount of time.
You can get more aggressive by adding more ad spend to accelerate the process (get phones to ring and buy data) and then you can start to back the spend down in line with a targeted monthly spend.
- Start with lower price and page listing
- Shut off expensive waste
- Get click then that's a great keyword to use as a predicitive indicator to more aggressively bid
- Start to scale
- Convert quicker
Why wait to do SEO until after Google Ads Campaign? Because from your Google Ads Campaign(s) you can identifiy strong keywords and search terms with the best conversions, highest volume and lowest cost. Then use that as your keyword strategy to back link, create content, etc.