Probably most of you have noticed that Google has added a new option for you when choosing the bidding strategy. The new strategy is called “Maximize conversion value”. It promises to get the most conversion value within your budget. Let´s get acquainted with it, shall we?
How does it work?
This is an automated bidding strategy, where Google will determine your CPC bid for each auction automatically, based on the historical data of your account and in any contextual signals that appear relevant during the auction. While doing so, Google will try to get you the most valuable conversions.
What do you need to get started?
First of all, you will definitely need conversion tracking to be set up and you will need to make sure that you are actually tracking meaningful data.
Also, in order to get the best results out of machine learning, as with any other conversion-based automated strategy, you will need to make sure your account gets enough data (conversions). For Search campaigns, the general recommendation is at least 15 conversions within the last 30 days.
And last, but most importantly, you will need to set conversion values or transaction-specific values, so that Google knows, how much money each conversion is bringing to your business.
Is there anything you should be aware of?
Yes. With this type of strategy, Google will most likely spend your entire daily budget. So, if the campaign that you want to switch to the Maximize conversion value strategy has a large daily budget, but currently doesn’t spend it, make sure you double check said budget after switching to the new strategy. You need to have a daily budget set to a number that when multiplied by 30.4 returns an amount that you fell really comfortable in spending every month on the campaign.
Is this strategy for everybody?
No, definitely not. If you have a smaller account or struggle to come up with meaningful conversion values because the range is too big, this strategy might do more harm than good.
But if you are a big retailer or an e-commerce website, Maximize conversions value would be a nice strategy to test. Always keep in mind your ROAS objectives and when you see fit you may add your target ROAS to the campaign.
For more information, bespoke strategies and efficient digital marketing solutions, just contact the Clarity’s girls through info@yourdigitalclarity.com or visit our website at www.yourdigitalclarity.com.
