Most of the people have queries and issues with the bidding process in Google Ads. Hence to get the right bid with less effort, most of the small and large businesses started using smart, automated bidding strategies.
However, with the increased complexity in the customer journey, the demand for new ad technologies is even on an increasing trend.
And surprisingly, Google heard this plea and announced four new bid-focused ad strategies during the Google Marketing Live conference event. I know that you are all enthusiastic to check them out! So, let us not delay to check them.
1. Campaign-Level Conversion Setting.
This strategy is a significant and welcome addition. Based on the competition, the exposure, the area of the funnel you are targeting, a conversion rate can generally be calculated. Since these factors vary from campaign to campaign, it is highly logical to have a conversion rate associated at the campaign level.
With this strategy, now, rather than setting the conversion goals at the account level, you can set the goals at the campaign level.
For example, you have one campaign in which download is the desired conversion action and one more campaign in which demo request is the required conversion goal; now you will be able to assign these goals to the appropriate campaigns.
You can even group the conversion actions into conversion action sets and further assign those at the campaign level.
2. Seasonality Adjustments With Smart Bidding.
Based on the historical conversion data, Google Ads, smart bidding automatically adjusts the bidding for every season.
But, till now, there has been no manual way to manipulate this data based on some required factors. Keeping holiday promotions in mind, Google now introduced seasonality adjustments where advertisers can adjust their bids in their expected peak time. So, from now, Google allows you to schedule high bids for some time when you know that your conversions will be high. So cool right!
3. Maximize Conversion Value
The maximize conversions bidding strategy was introduced in 2017. Now we have the maximize conversion value bidding strategy. Here advertisers can define the most significant conversion value beforehand, and further Google’s automated machine learning systems will do the rest. In simple, this bidding strategy aims at optimizing for the most significant conversion value within the given specified budget. This smart bidding strategy prioritizes your campaign goals and saves your time in the auction process.
4. Value rules
This is one new feature that is going to roll out in the coming months. We all know that all conversions don’t carry equal value. Value rules allow advertisers to change their conversion values based on characteristics like device, location, and audience. With this bidding strategy, now you can customize your conversion values to align more closely with the business goals.
For any business, it is vital to build a solid digital marketing strategy where Google Ads play a prominent role.
Since time is limited for everyone in this busy world, it is best to use more automated processes which make us find more time to analyze and strategize. According to Google, 70% of advertisers are now using automated bidding strategies.
Google’s new bid strategies provide us with an opportunity for manual human intervention without any risk of sacrificing the automation on which we have entirely relied upon. The more we understand the customer journey, the more effectively we can use these bidding strategies.