#497 - Brand Metrics Reveals Your Amazon PPC Problems

Are your Amazon ads actually broken or are you fixing the wrong problem? In this episode, we walk through how to quickly diagnose what's really holding your growth back. Sometimes it's your bids, sometimes it's your campaign structure, and sometimes it's your product page. So, if you're an e-commerce seller trying to make sense of your ads, this episode gives you a straightforward game plan to start optimizing smarter. Hello everybody and welcome to the AM podcast. My name is Carrie Miller and I'll be your host and this is the show where we discuss all things Amazon Tik Tok shop and Walmart private label and how to generate recurring revenue streams 24 hours a day during the AM and the PM. Hence the name of the show. Get it? AM PM podcast. And as a matter of fact, I'm actually about to go on a hike. And even though I'll be out in the wilderness hiking in the mountains, I'll still be making money. How cool is that? Pretty cool, I think. Hey Destiny, how's it going? >> Hello. Hello. Nice seeing you again. >> Yes, nice to see you. I got to see Destiny in Miami last last week. So, very nice to see you again. >> So, for those who are not familiar, Carrie and I recently did a series called outsourced to optimized. And the whole concept of the series was as a brand owner, how do you audit your brand? How do you know what direction you need to go to go in terms of KPIs, optimizations, all of those fun things? And you know, for Carrie, the concept was can she actually go from outsourcing PPC to optimizing it inhouse? And she has been running with that. Well, Bradley recently reached out to me and was like, "Hey, I have a brand. Can you review it and maybe just go through some of the steps that you did with Carrie but live?" Now, Carrie and I's series was over multiple weeks. We had lots of homework from teaching Carrie how to utilize Creative Studio to create sponsored brand ads to optimizing all of her bid management. I'm not going to be able to squeeze all of that into a 60-minute series, but I did want to walk through kind of the highle focus that I recommend as a brand owner to audit your Amazon advertising. Now, yes, you can probably take it in-house if you follow all the steps within our series, but for those who are just wanting a quick lesson, that's what we're going to do today. So, one of the first things I recommend, regardless if you're managing your Amazon advertising on your own or outsourcing it, is to use Amazon advertising's brand metrics dashboard. Now, you can access this in advertising console. It may not be as intuitive as Helium 10's new view for brand metrics, but you can see this under reporting and brand metrics dashboard. Now, what this dashboard is incredible at is giving you some insights into how does your brand convert compared to the rest of the category and how much traffic does your brand get compared to the rest of the category. I always like to start here because your Amazon advertising and PPC is only going to perform well if your product detail page is driving conversions. What I mean by that is I can easily drive a thousand clicks to your listing, a thousand eyeballs viewing your product detail page, but if you have a terrible conversion rate, they're going to click and they're going to leave. So before optimizing anything on the Amazon advertising front, the first thing I like to look at is conversion rate. Is our product detail page ready to go? Brand metrics gives you those insights in a way that is combining both your advertising data and what Amazon calls your retail data. So that's just your general listing information. So, when I go to this dashboard, the first thing I do is click brand metrics and then I'm going to select the brand I want to view and I'm going to select the category. I'm going to get into the category a little bit later. I like to look at a full month of data for this use case because I really want to get a good broad view of how my conversion rate is compared to the category. The customer conversion rate here is the first thing I like to look at. As you can see, for this specific brand, my conversion rate is a 8%. Category median is a 15%. That means my conversion rate is quite a bit lower than what the category median is. That can be a bit of a red flag. That means I'm driving traffic to my listing, but it's not always converting. Now, a quick caveat. This is a category that requires or demands aesthetic alignment. Think home decor. things like that. When customers are looking at this category, they want to find the product that aligns with their aesthetics. It's not like protein or, you know, supplements where they're really looking to get value in terms of the quality of the ingredients. I say that because we typically see a lower conversion rate in this category than others. It still though shows here that my conversion rate is pretty low. So, even if I drive a lot of clicks, I may not drive as many orders as I should, meaning my a cost is probably always going to be a little bit higher until I improve my offer. I either need to make my content better. I need to look at my pricing strategy or maybe I need to drive traffic that's a little bit more aligned with what I'm actually selling. Now, while you're on this dashboard, the other thing that I like to look at is how my brand is doing compared to the rest of the category. When it just comes to things like traffic, as you guys know, the two biggest levers for improving your organic rank is your conversion rate and your traffic. So, I like to look at it while I'm in this view. You can see here that for this specific brand, the uh total detail page views I'm driving is around $1,200 or 1,200 views a month. Category median is 8,000. This is actually a pretty good sign because that means if I improve my offer and increase my conversion rate, I can drive a lot more traffic and have a much higher opportunity to increase my total sales. I like to view this to show how much opportunity is still in my category. Again, if I'm in something a little bit more high traffic, like let's say I'm selling chapstick and I'm only getting 5,000 detail page views, but category median is 50,000 detail page views. That means if I improve my organic rank and my positioning on the page, which is easy to do with Amazon advertising, I can take up a lot more of the category share. I can gain share because I'm going to be driving more visitors on my page. And I can assume by my conversion rate how many of those visitors will convert. So, this is one of the first dashboards I start with when I'm auditing my brand. Again, if if you're doing this, go take a look right now. Let me know in the comments what is your conversion rate compared to the category. For a really good brand that I can almost guarantee is going to be ranked on page one. We almost always see the conversion rate has to be better than the category median. If you are lower than the category median, that typically means that you have a higher price point or you have a lot of work that needs to be done to your listing. If you have a higher price point, that means we have to lean into more video ads and more influencer traffic in order to educate the customer. If you have a a lower price point than the category and you're still a lower conversion rate, that that means you really need to do some work on the quality of your listing. So, you really do need a decent amount of traffic in order to be able to analyze the category median or the category top. So, as you can see here, Andrew, if you're looking, you can see category median is 15%. Uh, I'm not getting access to category top because there's too little of traffic in this category for me to compare against. Now, if that's the case, you can always go broader on your category. This is one of my favorite things to do. For supplements, for example, I can view the whole vitamins and supplements category. That's what I want to do if I go really broad and I have multiple different supplements in my portfolio. But let's say I wanted to drill down to protein. I can drill all the way down to protein. Just because we're walking through this example, I'm going to show you if I were to just look at crafting. Let's see what happens. Technically, the products fall within the crafting category, but as you can see, my customer conversion rates even lower because it's not really crafting. It's more education and writing tools. That's what I actually drill down to. But you can see my detail page view traffic is a little bit different when you brought into category. My conversion rate is a little bit different as well. I have a 6% conversion rate. Category median is a 15%. Category top is a 37%. That means the top sellers in the category are averaging a 37% conversion rate. I'm averaging a 6% conversion rate. Think about that. If I drive 100 people to my listing, only six of them are buying versus the category top sellers are getting 37 people to convert. That conversion rate is incredibly incredibly important. And again, this data is not just advertising insights. It's also pulling in your retail insights. Now, one other thing I would take a quick look at if you're having to look at this dashboard is the time frame does matter. There's a lot of seasonality for this category. I would expect to see a spike in probably summer right before back to school, right? Parents are wanting their children to hop in and um do more learning and more education. So, one thing that I like to do is I actually like to look at this information on a time series. If category median conversion rate drops but I increase, that's a good thing. Same thing for detailed page views. If you're in a very competitive category and you see that your detailed page views doubled but the rest of the category tripled means you're probably not doing as good as you think you are because again the digital shelf's not infinite. So if you're only doubling but everyone else is tripling, that usually means that you're slipping in market share. So these are kind of two things I like to use in this dashboard. Again, this is publicly accessible within advertising console. It's just not as easy to navigate and it doesn't give you anything on a time series. And then you can also access it within Helium 10 Ads going here. All right. So, here's the next thing that we were really looking at when we dove into this account. So, I know how we're doing compared to the category, right? I need to improve my offer. My conversion rate's lower. Once I improve my offer, I have the opportunity to drive a lot more traffic. So that's the portion that we're focusing on now is how do we drive more traffic? Well, one of the first things that we saw within the account is there was a lot of mixed match types and that's a bit of a red flag. If you have your match types broadphrase and exact in your campaigns and you're not running a really good system for optimization or harvesting keywords, it can be a bit of a red flag. Now, the data you're looking at here is actually our full agency data. Um, I I looked at I think the last 90 days because there's been a lot of misconceptions around what match type performs best. At the end of the day, it really depends on how good you are at harvesting your keywords and how good you are at bid management. Broad match could be really good for you if you're not very good at harvesting keywords. Exact match can be more expensive if you're not good at optimizing your bids. We prefer to focus on exact match when we're being very strategic. And the reason being is let's say I'm bidding on the term dog toy, but my toy is specifically for puppies. If I'm bidding on the term dog toy in broad match, there's a good chance that I'm winning bids for puppy toys, cat toys, kitten toys, dog toys for big dogs. And sometimes it can go too broad. This is why we see that broad match usually has the lowest conversion rate because you're targeting a really broad audience that might not be exactly what you're looking for. That being said, broad match can also be the cheapest CPCs because you're getting a lot of longtail terms that are maybe less competitive. Phrase match is the perfect middle ground for people who aren't fantastic at harvesting keywords and maybe don't know bid optimization to exact science. Exact match, on the other hand, is typically going to be your highest conversion rate when you're good at harvesting keywords because you're picking exactly what terms you want to show up for. Again, if I know I'm not selling kitten toys, then I can run exact match with the exact toys that I know I want to show up for, which is dog toys or puppy toys, right? So, exact match typically has your highest conversion rate, but it can also be a little bit more expensive depending on how you run it. At Better Media, we recommend setting up your campaigns per strategy. So, we talked about price sensitivity and having premium products earlier. If we are running advertising for premium products, we typically run our ads at the top of the page. We've noticed that top of search almost always has a higher conversion rate because people are less price sensitive if they're clicking on the first ad on the page. That being said, top of search is the most expensive. So, when you look at our agency data, you can clearly see that exact match has much higher CPCs, but that's because we use exact match for driving the majority of our kind of competitive traffic. So that's one of the first things to audit is, you know, what does your campaign structure look like? Do you have mixed match types? Do you have multiple ad groups? What does that look like? And that brings us to the next thing. When we were auditing this account, we saw there was not a lot of strategy behind the c campaigns, multiple ad groups, multiple duplicative campaigns, just not fantastic. At Better Media, we recommend setting up your campaigns on a key focus of strategy. We always recommend one campaign, one ad group. We never recommend running multiple ad groups. As you all know, when Amazon distributes your budget, it is at the campaign level. So, if you have a $100 budget in 10 campaigns, you have no control over where that spend is going. If you have a poor performing ad group, you can't just lower your spend or put a cap on it, right? So, we always recommend one campaign, one ad group, and then within that, we set up campaigns for strategy. If our focus is on traffic and organic rank, we're going to name the campaign that way and set different targets for our bid rules. So, if you used Helium 10, you know that we have bid templates for all of these things, whether it's maximizing traffic, maximizing profitability, launching a product, and needing to get ranked quicker. We set up bid rules for each of those. So that way each of your campaigns can be organized with a different objective. You can have one campaign focused on a 20% a cost, one campaign focused on traffic and sales, which is probably going to have a higher a cost, right? So you want different bid optimizations for each of those campaigns. The next thing that we wanted to audit within this account is really the bid optimization. So again, I've looked at my total brand and its performance. I've then broken things out by campaign structure and how I clean up the structure. One campaign, one ad group, campaigns per strategy. Now, I'm going into all of those campaigns and I'm looking at my keywords. Now, bid optimization can be very overwhelming for people. You have placements, you have match types, you have ad types. It's it's a lot to take into account. I almost always recommend starting with a 8020 approach. So, I go, you know, what are my highest spending keywords? That's my first place I'm always going to start and then I typically go what is my highest spending targets that also have an a cost above 50%. Now you can see here that we've made a lot of optimizations at this point. That could be you know a good way to tell is because the current bid is different from the CPC. So average CPC is higher because our bid used to be a lot higher and then we lowered it down. I like to start here because it gives me my suggested changes in a really easy to see way. Now, one thing to consider is the majority of softwares are going to give you suggested changes that are in a waterfall method. As you can see here, we have a 80% a cost, 100% a cost, and it's giving you smaller tweaks. That's because it's recommended to make incremental bid changes. That being said, if you go into your account and you're like, I am hemorrhaging money. This is absolutely terrible. you can make bigger bid changes. The part that you need to consider is your bid is directly correlated with where you're showing up on the page. If you're bidding high, you're typically showing up on page one and getting the majority of your traffic. If you cut that bid by over 70%, your ad's probably going to show up on page three, page four, or page five, and you're not going to get a lot of traffic and visibility. So, your a cost may still be bad just because no one's seeing your ad to buy it, right? So that's one thing that you need to consider. I always show this screen just for people to have kind of a quick understanding. It does not work exactly like this, but as you can see, if you bid lower, you're typically going to have a better a cost. The problem with that is you may not get a lot of traffic. Your bid is directly correlated with the amount of traffic you're going to get. So it's kind of up to you as a brand to decide is your goal scalability or profitability. And this is why as a brand owner, we like recommending going through, you know, suggested bid changes and trying to decide, is this keyword important for me? Handwriting practice. If so, the 100% a cost isn't ideal, but maybe I'll continue to push on it. On the flip side, this as that I'm targeting isn't the best for me. So maybe I need to lower my bid on that as, right? Because at the end of the day, we know again if you drive really strategic Amazon advertising traffic, your BSR is going to improve and then you're slowly going to increase your total sales. So, it's a it's a fine line, which is why again going back to this slide, we recommend having campaigns for sales and campaigns for efficiency to really help balance out that growth and profitability arc. How do you structure for one campaign and one ad group when a client has a lot of asens as varants? I've tried single ad groups and it's complicated. It is definitely complicated. I will say if you have variations that are incredibly similar, you can sometimes group them still in one ad group. If your variations are differentiated by something that has different search volume, like flavors, a vanilla versus a chocolate, something along those lines, that's maybe an instance where I would recommend separating them into different campaigns still, right? Because you know that the chocolate versus the other flavor variation is going to drive different demand, different conversion rates. But let's say you have apparel and the only difference in skew is size, extra large versus small. That's an instance where I think it's okay to go ahead and put all of your variations within that one ad group. That being said, again, I never ever recommend running multiple ad groups because it completely ruins your budget distribution strategy. I mean, it it makes things very difficult to automate and then you throw on any technology on top of it, it gets even more complicated and then you also throw things like placement modifiers on top of it. It makes it difficult to analyze your data. So, at the end of the day, you just have to get really good at campaign naming and using either tools or macros to launch at scale. I mean, one of our brands has over 20,000 SKUs and we actually created um our software for this purpose from a campaign launching standpoint because it was that complicated. So, I completely understand where you're coming from, but also it's one of the biggest benefits once you figure out a really good system and structure. How many keywords do you suggest per campaign? There's no perfect answer. Uh some people are going to recommend one. Some people are going to recommend 500. I can tell you that the 500 one is probably the wrong one. But really, it comes down to your budget. If you have a $10 a day budget and you have a 100 keywords, you can't afford that many keywords. If you have a $1,000 a day budget, you can probably afford 20 to 30 keywords and still collect all of the clicks underneath it, right? We like to shoot for an average of around 20 keywords per campaign. That's our goal. Just so that way, again, we can control our budget much better. If the campaign's doing well, we increase the budget. If the campaign's doing worse, we can decrease the budget and not have to worry about the distribution of spend on the keyword level. How do you manage keyword harvesting at scale for ranking focus focused tactics? This is a great question. Um, I'm going to answer the second part first. Do you always launch with an exact campaign to map the harvest focus campaigns to? I never ever will harvest campaigns from abroad to an existing exact match because what's going to happen is your exact match may be performing well and then you add five more keywords to it and then it stops performing well. So, I always harvest into new campaigns. It's my first recommendation. My second uh recommendation is you have to utilize a software. I would say to do it at scale. Um the Helium 10 suggested is probably one of the best things that you can go scroll through and look into. It's not easy. And I would also say don't stress doing it perfectly. I have managed multi-million dollar accounts by hand only because I've been doing this for seven years. And back in those days there there wasn't a lot of software and automation and you can do it by hand and the things that I was doing then I didn't overstress negating keywords. I didn't overstress duplicating keywords and I was still able to manage you know multi-million dollar accounts to a sub 10% a cost at the time. The big thing that I focus on is I run broad match campaigns and auto campaigns for keyword harvesting at all times. And then you can use like the search term report to figure out all of those net new search terms. Once I have 10 to 15 net new search terms, I typically put them into a new campaign. So that's kind of the keyword harvest structure that I was fundamentally going off when I was doing it manually and then I started leaning on tools and technology to do it in a more organized fashion. Daniel said, "If we have different colors, are you still going to put them in the same campaign?" This is a great question. I personally prefer to separate them by the search volume. If the different colors is white and pale white, probably not because there's not going to be a big enough difference in search volume. If it's a red color versus a yellow versus a blue, then I would put them into different campaigns solely so I can have a better optimization lever. If my red is outperforming, I'm going to want to increase the budget. If my blue is doing terrible because it's an ugly blue, I'm going to want to decrease my budget. If you put them all in the same campaign, it can be really hard because now you're having to optimize on the keyword level. Again, if you have a good keyword software, it can be okay. I personally like to separate them, especially as we get into things like sponsor brands where we're going to want to create a graphic or a creative element in order to improve the conversion rate. Rob says, "Amazon also has recommendations for budgets and placement modifiers. Is there a way to see the Amazon recommendations in Helium 10? Also, how good are Amazon's recommendations? Personally, I do not recommend looking at Amazon's recommendations for placement modifiers. For budgeting, it's okay, but you have to consider that when Amazon's looking at the budget recommendation, it's taking your bid and just multiplying how frequently you're out of budget. So, if you have a 10 cent bid, nobody is going to see your ad. So, your budget can be really low. If you have a $10 bid, your ad's going to be at the top of the page, and you may need to have a really high budget in order to afford all of the traffic that's going to be driven to your product detail page because of how visible your ad is. So, I typically say no, I don't love um looking at suggested bids, budgets, or even placement modifier insights because it's just too big of an average compared to what any one brand wants to achieve. Now, on the placement recommendation side, I would be very cautious with how you're running placements. I've given a few insights into like higher price point products typically do better at top of search. Lower price point products um can also convert really well at top of search, but it's almost too expensive. When you run a placement modifier, it's not on the keyword level. It's I I believe it's at the campaign level, not the ad group level, but it could be the ad group level. But when you run a placement modifier, if you have a hundred keywords in the campaign, you're allowing Amazon to increase your bid on each of those. So, think about how that can stack up. If you have a campaign and one of your keywords has a $4 bid and one of your keywords has a 50 cent bid and then you're going in and saying anything within this campaign is allowed to be increased by 100%. It can get messy really fast. So, we recommend running placement modifiers on our highest traffic campaigns where we have the littlest amount of keywords. So, keep that in mind. How often should we make PPC changes or bid adjustments? I want to strike a good balance between optimizing performance and not overreacting to short-term noise. >> Oo, great question. I actually pulled everyone on LinkedIn about this last week. I ran a poll that said, "How quickly do you think somebody checks out on a product after they first click the ad?" And the majority of people thought it took under 10 minutes. It actually took over 12 hours. I think over 50% of people took over 24 hours to complete their purchase. So, the reason I mention that is think about the click insights you see within ad console. How many people have logged on at midnight and be like, "My spin's high, but my sales are terrible." It's very likely that that is because people were checking out in the morning but adding to cart at night. So, because of this, we always say that you need to, you know, make sure you're looking at a good attribution window. So, I typically look at like last 30 days of insights. Sometimes I'll do last seven days if I need to make uh very quick cuts, but don't look at it, you know, on an hourby- hour basis. If you're logging into your account and account constantly refreshing, it's probably not in your best interest because of how customers interact with the platform. You know, I know a lot of people that'll turn their ads off at a certain point in time, but in reality, they may have clicked on their ads at night, didn't purchase until the next day. So, I recommend looking at last seven to last 14, last 30 days of data so you have a good enough window to make sure you're not skewing by attribution. And then honestly, like you can get away with optimizing maybe once or twice a week. An ideal is using a software that's taking all of this into account and making databased adjustments, but you can probably do it multiple times a week and be fine. Someone said, "Is that 24 hours to check out across all categories?" >> All categories and all price points. I assumed that the higher price point products would be longer and then I pulled it for one of our lowest price point products um that has a bunch of products in like a Walmart type of brand and it was still insane. Now that being said, if you're curious, you can run this query all on your own within AMC. Amazon actually provides you this data um as a brand. You just have to pull it within AMC. Uh and someone else kind of had a follow-up. Do you see huge improvements over day partying? do I don't see huge improvements when implementing day parting because of everything that I said. That being said, I have a few brands um teacher products and B2B products which I do see um in day parting, but it's not hourly parting. It's actually parting by day. So, I noticed that for like teachers, they don't buy frequently during the weekend. Um they buy during the week. So, we like to look into that. Um, how do you manage budget distribution between sponsored brand versus sponsored products? >> Great question. So, this was actually going to be like my next slide I pulled up, but I'll just answer it here. >> Okay. >> So, when I was auditing this account, their sponsored product performance was 51% a cost. Their sponsored brand performance was a 236% a cost. That is insane and not normal. Your sponsored brand's a cost should be within 10% of your sponsored products a cost at all times. If you have a 30% a cost on sponsored products, your sponsored brand should maybe be a 40% if that. They convert very similar. It's still just keywords. Uh the big difference is sponsored brands video can be more expensive. You have to bid higher because there's not as many placements on the page. So, everyone's fighting for the same placement. And sponsored brands can also be a little bit more competitive because it's the number one placement at the top of the page. When it comes to budget distribution though, across the board, sponsored products should take up at least 70 to 80% of your budget. The conversion rate is still much higher with sponsored products. There's so much more inventory on the page with sponsored products and sponsored brands is relatively limited to visibility. So, when I pulled the agency data on our end, sponsored products by far had the highest conversion rate um and the highest rorowaz. So, we like to lean into that and I think our data was around 80% of our spin went to sponsored products campaigns and that's with us maxing out sponsored brands and sponsored brands video. All right. Uh this one says, "Would it be a bad idea to make changes daily if if done through software?" Not if you're looking at last seven to last 14 days. If you are looking at last hour or last 12 hours or last 48 hours, yeah, it's not going to be great. Um, it's too limited of a time frame. You're not actually accounting for checkouts. So, what'll happen is if anyone logs into ad console clicks today, oftent times your a cost is going to be 100%. And then if you wait two weeks and look at the same dates, your a cost is going to decrease a lot because all of those orders that came in over the next few days are going to be attributed to the time of the click, the spend. So always look at last seven to 14 days in order to get better accuracy. Um this next one I actually have gotten a lot of questions about u people wanting to know about sponsored product videos. So this next question is what is your experience with sponsored product videos? We have um both sponsored products videos live and sponsored product prompts. Um I will like the biggest thing I will say is Amazon's limiting the inventory for both of those. And what that means is they announce the placements. They're not rolling them out very frequently. So I mean if you pull up your mobile right now, you're probably not going to see the videos running. So I think that there's something that they're doing like on the back end a little bit to slow the release. So, all of that to say, we're running them. They're live. I think we've driven a few orders, but it's nothing exceptional just yet. I think it's a good sign to get your videos and your creatives ready cuz we know that they're going to open up more inventory, but don't expect a lot just yet. >> And they don't really look that much different than the sponsored brand video, right? >> They don't. They have um thumbnails though that will rotate through. So the example that they used on stage was like a GoPro style product and the customer can actually click what part of the video they want to watch. Do they want to watch the video quality or the diving or the utility of it and then the customer can click. What budget ratio should be allocated for branded campaigns versus non-branded campaigns. I have a lot of opinions on this one and a lot of videos because it does depend. If your goal is growth, we almost always recommend putting more of your budget into non-branded. Branded campaigns are not incremental. If someone is typing in your brand name, they were probably going to buy. And there's a lot of different studies. Brian Porter from Simple Modern, you can go look up his study that he did with his brand on LinkedIn. They stopped a lot of the spend and their sales stayed the same. There's a lot of different case studies on it. can also use search query performance to analyze the lift. A lot of people are afraid if they stop spending on it, are people going to go to their competitors? Maybe. But it can also be assumed that if your customers are loyal, they're going to still continue to buy from you because they searched your name. So, if I had an unlimited budget, I would max out my branded spin and still spend on non-branded. But most people don't. They're on a limited budget, whether it's a fiscal year or a tacos goal. If that's the case, we shift more of our budget to non-branded because we want to grow on the platform rather than just defend someone who is already going to buy for us. That makes a lot of sense. All right, I think that's about all we have time for today, but thank you so much, Destiny, for all that great advice and um and information. It's always really good to hear from you and learn from you. I'm still learning, so uh it's great great to learn from you and thanks for everyone um putting in those nice questions to ask and we will see you all again. We'll have another Tacos Tuesday uh next month. So, we'll see you all again next month. Bye, everyone. Bye.