Maximize conversion value
What does Maximize Conversion Value mean and when was it introduced?
The maximum value of conversions is one of the basic bidding strategies that Google introduced in 2019 at the Google Marketing Live conference. Conversion value maximization doesn’t just optimize the conversions themselves, which can be one of the main differences between the Conversion Value Maximization and Conversion Maximization strategies. Instead of capturing as many conversions as possible, and regardless of price, this new strategy focuses on metrics such as: revenue or profit margin. This tool monitors and adjusts bids if necessary to meet revenue targets.
What are Smart Bidding strategies for?
Automatic bidding strategies help account managers save a lot of time and focus on what really matters, such as: strategy, creatives, other marketing needs.
Most PPC specialists have experience with eCPC, Target ROAS, Target CPA, or the aforementioned Conversion Maximization strategy, but less people know how to use the latest Value Maximization strategy.
How does it really work?
For example, if a retailer wants to achieve a specific profit margin for each sale in a Google Ads account, Google is able to adjust bids in real time to help achieve the goal.
Like other Smart Bidding tools, Maximizing conversion value is used using insight statistics such as: user equipment, location, demographics, or time of day for the best bid.
What should you do before testing the Conversion Value Maximizer?
Because Maximizing the value of conversions focuses on sales growth as opposed to efficiency, this bidding strategy seeks to exhaust the entire daily budget. Before implementing Conversion Value Maximization, retailers should review their daily budget to ensure an acceptable range.
Also, make sure it falls within your business goals. In order for this Smart Bidding strategy to work properly and show the required values, you need to have a specific conversion measurement set up or set manually via the Conversions Tab in your Google Ads account.
How to start?
To get started, set your ROAS target to Maximize Conversion Value – Bidding Strategy, as long as you have a strict return on your investment. This can be a precaution for the maximum possible revenue collection algorithm, but in short, you need to see an increase in conversion value when setting up ROAS.
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