Google officially launched a new smart bidding strategy called “Maximize conversion value” on 21 August 2019. This is going to be a game-changer for the retail industry if it implemented correctly. it will attract many small & medium size businesses as well, which have a very limited marketing budget & resources.
Automated smart bidding strategy like maximize conversion value is designed to drive maximum ROI from within a monthly campaign budget.
Now retailers can optimize their campaigns to values like profit margin or sales target and then Google machine learning sets a bid based on these targets to get maximum possible return and retailers can enjoy a very high ROI from Google Ads.
In Maximize conversion bid strategy, it optimized to capture as many conversions as possible within a daily budget, regardless of conversion of profit margin or value whereas maximize conversion value bidding strategy, it adjusts the bids whenever necessary in order to meet revenue targets or profit margin or high value. It uses in-action insights and historical campaign data and searcher’s contextual signals like users location, devices, time to determine the best possible bids to get high ROI.
Few things to remember before implementing maximize conversion value bid strategy.
- You need a good historical campaign data before switching to it
- Before implementing this you should review their daily budget and make sure that it is within an acceptable range.
- You can set this on individual campaign level only
- This works on Google search, Shopping & Display Ads.
Google keeps launching many new features in automated campaign management section in order to provide better solutions through machine learning technology but before implementing any of these strategies make sure that you have good experience & knowledge in google ads or else you will end up burning your money. Feel free to contact me if you need any help in Google Ads for your retail business.