Google announced a new method for smart bidding controls named conversion value rules. Google now allows you to adjust conversion values based on characteristics like location, device, and audience.
After a conversion value rule is applied, it will be reflected in the "Conversion value" column in your Google Ads account reporting. These rules will also be used by Maximize conversion value and Target ROAS to optimize your bids in real time.
Google said "by applying a rule to these characteristics, you can adjust conversion values to align more closely with your business outcomes." The example Google has given was "let’s say you run a sporting goods store and know that an audience of people similar to repeat customers who have bought triathlon gear will be worth more to your business in the long run. Now, you can set a rule to multiply the conversion value for this specific group by a factor of two."
Another example "you are an online leads business that currently values all leads at $5 through Google Ads. However, you know that Californian leads are typically worth $10. With conversion value rules, you could specify this distinction, and Google Ads would report $10 values for users from California. If you’re using a value-based Smart Bidding strategy, like Target ROAS or Max Conversion Value, then your bidding will automatically optimize for these values as well. Thus, the rule you specify will ultimately better reflect what you know about your business in Google Ads."
Google said these are the benefits:
- Optimize your true business goals: Better reflect your business’ observable data and optimize to what matters, like revenue, profit, or lifetime value.
- Simplified management: Improve reporting and optimization directly from your Google Ads account, without having to change tagging code.
- Real-Time Optimization: Optimize for nuanced values in real-time with Target ROAS, Maximize conversion value and Smart Shopping campaigns.
Here is where you set it (click to enlarge):
Conversion value rules will be available for Smart Bidding across Search, Shopping, and Display over the next few weeks.
Forum discussion at Twitter.
