During last month’s Google Marketing Live, Google unveiled several major enhancements to its smart bidding offerings: campaign-level conversion goals, seasonality-based adjustments and the ability to maximize conversion values. Google also announced a new tool, the Performance Planner.
What Are Google’s New Campaign-Level Conversion Goals?
One of the key Google Ads bidding enhancements announced in May is the ability to set conversion goals at the campaign level, instead of only at the account level. This enables marketers to optimize for distinct goals (i.e., a download vs. a request form) and assign these goals to the appropriate campaigns.
How Do Google’s Seasonality-Based Adjustments Work?
Another update announced by Google last month is the ability to make seasonality-based adjustments tailored to promotion calendars. With this change, marketers can schedule adjustments around promotions to account for higher conversion volume, informing Google’s conversion prediction model of the change and anticipated campaign impacts.
How Does The New Google Maximize Conversion Value Feature Differ From The Current Google Maximize Conversions Strategy?
The “maximize conversions” bidding strategy was introduced by Google in 2017 to generate as many conversions as possible within the given budget. The new “maximize conversion value” feature allows marketers to optimize for the greatest conversion value (rather than number of conversions) for a given budget. Over the next few months, bidders will be able to use value rules to assign values to different conversion actions. For example, if requesting a demo is more valuable than downloading a piece of content or signing up for a newsletter, marketers can assign a higher value to the demo request conversion action so it will be prioritized in the bidding strategy.
What Is The Google Performance Planner?
The Google Performance Planner tool uses campaign history and auction data to help marketers allocate fixed budgets across a number of different Google Ad campaigns to maximize conversions. The tool enables marketers to see how planned settings are predicted to perform and how they compare to past performance.