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How do I rank first in paid search?

Paid Search rank is determined by the engine's algorithm through two factors: an ad's relevance to the search query (i.e. Quality Score) and the keyword bid. However, before paying the high cost and deciding to optimize to first position - or any position - it is important to consider the benefit that will have. Required investment to reach top position is often not commensurate with the impact on campaign performance.
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How do I rank first in paid search?
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