Google Ads recently released unveiled a few new controls that allow for fine-tuning of your bidding strategy to gain even more value.
Maximise Conversion Value – Bidding Strategy
This new bidding strategy which can be used alongside Google Smart Shopping campaigns is intended to increase revenue gained through your Google Shopping Campaigns by optimising towards higher revenue orders and increasing bids where larger sales are more likely.
The Maximise Conversions automated strategy was launched back in 2017 but this new strategy was announced fairly recently and will maximise revenue within your existing budget – the idea being that the more revenue you can get from your campaigns the more likely you’ll be to invest larger portions of your marketing budgets.
Seasonality and Price Competitiveness
Google also recently announced that seasonality of specific product types will directly affect the ranking of those products in Google Shopping results. Google says, for example, an electronics retailer’s bids on ads for TVs may be adjusted during the holiday season “which typically sees a higher conversion likelihood”.
Price plays a fundamental role in online shopping but this will now be taken into account for competitiveness in Google Shopping. Google may now optimise bids based on the price of a merchants products compared to other advertisers appearing in that same auction. In theory it will be providing great value for the searcher, but will it force advertisers to lose margin on their product? Optimise your feed carefully.
Conversions are generally set at account-level and counted for each campaign. Campaign level conversions allows you to override the “include in Conversions” setting and specific conversion actions for each campaign. This means that you can now optimise campaigns for different conversion types and have more granular control.