Here is everything you want to know more about “Maximize Conversions Bid Strategy”. Before shifting to this smart bid strategy, there are few important things that you need to know. Go ahead, read on!
When Google introduced this new amazing machine learning maximize conversation bid strategy, I was super excited about it. And to test its effectiveness, I have implemented it on few of the campaigns. For 3 weeks I monitored the campaigns closely and now I have enough data to analyze the performance and share my experience on the same. I observed that few campaigns performed exceptionally well but also performance of few went down. Here are things I would like to share with you based upon my learnings.
What is Maximize Conversions in Google Ads
Maximize Conversions is a Smart Bidding strategy that automatically sets bids to help get the most conversions for your campaign while spending your daily budget. It uses advanced machine learning to automatically optimize bids and offers auction-time bidding capabilities that tailor bids to make the best bid it can each time a query triggers one of your keywords. This article explains how Maximize Conversions works.
Advantages of Maximize Conversions
It works perfectly when you have the volume historical data and the campaign is really well optimized and each of the keyword are having good quality score and generating conversations.
If you know which keywords are giving you the ROI than you can save up to 30% of your budget spend.
It works very well for both B2B and B2C businesses.
Based on the campaign history, it will offer a recommended bid to help get you started in the right way.
Most importantly, you can generate more conversions without exceeding a campaign’s daily budget.
Disadvantages of Maximize Conversions
Google still charges on every click but gives maximum conversions
I have observed that, once we roll over to this, the campaign performance goes down slightly initially for the first two weeks.
You cannot control CPC with Maximize Conversions, so if you need to control costs then you should really look at Target ROAS or Target CPA.
If you reduce your daily budget than the machine learning algorithm for optimizing the conversions is restricted, and you would affect performance
It does not work for all the campaigns from all industry types, so before making a shift run an experiment first at a 50/50 split.
Few things to remember
Separate Budget
Campaign should not be a part of a shared budget. For maximize conversation bid strategy the campaign should have their own separate budget.
Campaign qualifying criteria
Before you plan to switch to maximize conversation bid strategy, make sure that your campaign is getting minimum 30 conversations in last 30 days.
Auction-time bidding
Its performance is all based on the historical conversation data. It considers all the historical signals during the bid auction time like user search term, device they use, what time and day they search, browsers, location, operating system and remarketing lists etc. So before you make the shift make sure that you have placed all the tracking code and it’s tracking all your most important conversions.
Historical Data
You should have some historical data including conversions before switching Maximize Conversions as it can use the data you have accumulated.
ROI
If you have an ROI goal for your campaign, such as a target cost per acquisition (CPA) or return on ad spends (ROAS), you may want to switch to a Target CPA or Target ROAS bid strategy.
Do not add new keywords
Once you decide to shift to maximize conversions, do not make any changes in the ad, keywords, Ad scheduling, and device locations. If you make any changes to the campaign, it will affect the performance of the campaign.
Conversion window
Consider setting conversion window to 90 days to have a full month data to optimize for the better results.
Conclusion
To sum up, this is an interesting new Maximize Conversion strategy from Google. With the strategy’s ability to modify bids on an auction-by-auction basis using user data, it lends itself to being a successful strategy to implement, as seen in the results from the above shared experience. I definitely recommend testing it on your campaigns to see if it improves your conversion volume. But before you make a shift, try it on a few campaigns first and see the results.
Have you tried the new smart bidding strategy yet? What have your results been? Reach out to me and let me know your experience. and if you looking for Google ads consultation feel free to get in touch with me now.
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