Here are two updates with Google’s Smart Bidding features you may have missed.
New Bidding Strategy: Maximize Conversion Value
At this year’s Google Marketing Live, a new smart bidding strategy was introduced: Maximize Conversion Value. This bidding strategy aims to maximize the value of your campaign within your specified budget.
Before getting started using this bidding strategy, you’ll need to do a little additional setup.
Once that is completed, you may need to modify your site tags. You’ll need to dynamically pass to the event snippet the value of the conversion as well as currency by setting a value and currency parameter.
We won’t get into all of that, but the help article linked above has plenty of instructions on the details there.
You can select this bidding strategy in campaign settings under Bidding.
We hope to test this bidding strategy out soon and report back on its performance.
For many advertisers, there are times of the year when their conversion rates vary. While Google says that smart bidding strategies like Target CPA and Target ROAS incorporate room for seasonality in the models already, there might be times that you need to account for larger-than-normal shifts in conversion rates.
Google says this adjustment is best for short term adjustments in intervals of 1-7 days. These adjustments are ideal for things like sales and promotions. It is not currently recommended to use these adjustments for greater than 14 days at a time.
How to Create a Seasonality Adjustment
These adjustments can be made in the Shared Library under Bid Strategies > Advanced Controls.
You can enter a name and description, set a start and end date (along with specific times of day), select which campaign types/specific campaigns/devices to apply the adjustments to and then enter an estimated increase or decrease in conversion rate that you expect to see.
More information is available here on seasonality adjustments.
If I had to guess, these Smart Bidding updates from Google are likely just the first of several more coming before the end of 2019.
If you test either of these new features out, we’d love to hear about performance in the comments below!
Internet Marketer and Online Coach to help people start their own work from home online businesses.
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