Auction Data Visualization for Business Shadow Making

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Abdullahalamin
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Auction Data Visualization for Business Shadow Making

Post by Abdullahalamin »

Before I hand it over to James, I'd like to encourage you to check out our other SMX replays - we have another one with tips for improving your YouTube ad performance - you can find it on the Marketing Land SoundCloud stream or as a link in the article that accompanies this episode. Here is James now, with his Insights session from SMX Advanced. James Hebdon: Hi everyone, my name is James Hebdon and I'm the CTO and co-founder of a paid media agency called Paid Search Magic.
And today I'm telling you about a tool called Auction Insights, v which is a free Google tool that they provide to give you limited insights into certain competitive behaviors. Now, the reason I wanted to talk about this is that it's a widely misunderstood tool. Many people have used it; if you do a search on YouTube, you'll get a lot of really flashy images that talk about, you know, spying on your competitors. It's a much more limited tool than that. But if you know how it works and know how to treat it correctly, Shadow Making it can give you a lot of information about your competitors. Now, in the early days of Internet marketing, many academic journals started to be published on auction theory, the application of game theory to auctions, auction techniques, things like that. And, one of those previous articles, researchers were surprised to find that unlike many traditional auctions or auctions like eBay, people who work in Google Ads.
. . didn't show the same type of irrational behavior that people Shadow Making did in other fields; it's called, you know, “the joy of winning” or “auction fever”. And they speculated that was because, unlike those other auctions, the bidders are secret, the bids are secret, and you don't know who the winner is. But, a more recent article published by Princeton, they got together a group of volunteers and they sat them down at a computer terminal and they walked them through bidding, like the best way to Shadow Making do an auction. And, when these people thought they were competing with the computer, they took the instructions, they did it right, and they managed to not overpay, Shadow Making which is kind of the metric that was used in the 'study. However, when told that they were competing against humans, almost without exception the volunteers - even if instructed in how to do it correctly - almost all found it Shadow Making impossible to behave rationally. Shadow Making And, that's just part of the human condition, isn't it, that we're going through a tough time with that.
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