Pay Per Click advertising makes it possible for businesses of any size to get their ads shown to their target audience. However, since many companies use some form of PPC advertising, the bidding process can become highly competitive. There are several bidding strategies that Google Ads users can utilize to maximize the value they get from their budgets, and now, there are more. Google recently announced the introduction of three new bidding strategies for Google Ads.
Trying to maintain the bidding for multiple ad sets manually can be tricky and time-consuming for many marketers, which is why Google’s Smart Bidding technology is so popular. According to Google, more than 70 percent of all advertisers use Google Ads automated bidding. The new bidding strategies give marketers more options to customize this automated process.
One of the most significant changes is the addition of campaign-level conversion goals. In the past, advertisers could only set conversion goals at the account level, which meant all campaigns had the same conversion goals if they were on the account. By allowing campaign-level conversion goals, advertisers can fine-tune their accounts to emphasize specific advertising campaigns.
Google is also introducing seasonality adjustments, which give advertisers more control over one-time events. If an advertiser is planning a promotion, that will affect their conversion rate for that specific period. This new bidding strategy from Google will allow for situations where you know that your conversion rates will spike due to an upcoming promotion. Advertisers can now schedule an appropriate adjustment for that period.
The third option offers a new, easy-mode for advertisers using Smart Bidding. If you want to get the maximum value for your budget, there’s an option specifically designed to calculate that for your ad campaign.
As Google explained in the post announcing the changes, “We’ve announced a new bidding strategy, Maximize conversion value. Up until now, bidding strategies around conversion value were largely focused on efficiency (e.g., Target ROAS). We understand many advertisers are more focused on volume and growth. Maximize conversion value allows an advertiser to optimize for the most conversion value within a specified budget.”
In the coming months, Google will also introduce value rules. Value rules will let advertisers differentiate conversion values based on characteristics like location, device, and audience. When this feature is added, advertisers will be gain the ability to customize conversion values, so they align more closely with the goals of the business.
Advertisers should be able to use these new options to get more from Google Ads campaigns. And allowing for campaign-level conversion goals will make things easier for businesses and agencies that are running multiple campaigns. Marketers may want to experiment with each of these new options to see which works best for them.
For more recent news about changes and updates to Google, read this article on exciting new changes that were made to Google Image Search.