Yes, I know I've gone a bit heavy on the Google news of late, but they are a journalist's dream, churning out new stories day after day. Now, apparently, they're messing with their auction system. Here's how flack Danielle Brincko put it in an e-mail:
Google announced today the release of their preferred cost bidding feature which allows advertisers to specify the average price they would like to pay per click (a preferred CPC bid) or per thousand impressions (a preferred CPM bid). The AdWords system then automatically works to achieve this target price. Designed as an alternative to the existing maximum cost-per-click (CPC) and maximum cost-per thousand (CPM) models that require advertisers to specify their maximum allowable cost, preferred cost bidding provides advertisers more control over their costs, thereby helping them maximize their returns.
This new bidding feature was developed in response to advertiser demand for greater control over how they manage their bids and costs, Google has launched the preferred cost bidding feature globally, in an effort to maximize advertising efficiency.
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