If you’re looking to get the most out of your Google Ads campaigns, Maximize Conversions bidding may just be the perfect strategy for you. This automated bidding strategy uses advanced machine learning to optimize bids and help you get the most conversions possible while staying within your budget. In this article, we’ll explain how Maximize Conversions bidding works, how to successfully use it, and how it compares to other Google Ads strategies.
What is Automated Bidding?
Automated bidding is a feature in Google Ads that uses machine learning to automatically adjust your bids based on real-time data. There are several types of automated bidding strategies available that are designed to help you achieve different campaign goals. We’ll be covering the 9 types of Google Ads bidding strategies later in this article.
Smart Bidding vs. Automated Bidding
Smart Bidding is a subset of automated bidding that uses more advanced machine learning. With Smart Bidding, a wider range of factors are taken into account when determining the optimal bid for your ad. These factors include things like user location, device type, and time of day.
What is Maximize Conversions Bidding?
Maximize Conversions is a type of automated bidding that’s designed to help you get the most conversions possible while still staying within your budget. With Maximize Conversions bidding, Google Ads will automatically adjust your bids in real-time based on historical campaign data present during auction time.
When Should I Use Maximize Conversions Bidding?
Maximize Conversions bidding is best suited for campaigns where the primary goal is to get as many conversions as possible. This could include campaigns that are focused on getting internet users to sign up for a newsletter, download an app, or purchase a product.
If you have a specific target cost per action (CPA) in mind, you can also set a Target CPA with Maximize Conversions bidding. This will help Google Ads adjust your bids to get as many conversions as possible at your target CPA.
It’s important to keep in mind that Maximize Conversions bidding will try to spend your entire budget in order to maximize conversions. If you have a strict budget, you may want to consider using another bidding strategy outlined in this article.
Maximize Conversions Best Practices
Now that you know what Maximize Conversions bidding is and how it can benefit your ad campaign, let’s take a look at some best practices for using this bidding strategy.
Provide Plenty of Data
One of the most crucial elements of using Maximize Conversions successfully is providing enough data for the algorithm to work with. The more data the algorithm has access to, the better it can optimize bids to maximize conversions. Ensure that you have enough conversion data to provide the algorithm with to get the most out of your Google Ads.
Give It Time to Learn
Smart bidding strategies like Maximize Conversions need time to learn and optimize your bids. It’s not uncommon for the algorithm to take a week or more to optimize your bids and provide results. It’s important to be patient and give the algorithm enough time to gather data to improve your bidding strategy.
Track Your Conversions
Tracking conversions is essential to using Maximize Conversions bidding effectively. The more data you have about your conversions, the more successful your bidding strategy will be. Use Google Ads to track your conversions regularly, and adjust your campaign as necessary to ensure that your budget is being spent effectively.
Track Your Budget
While Maximize Conversions is an excellent bidding strategy, it’s important to keep an eye on your budget. If you’re currently spending less than your budget, enabling Maximize Conversions could significantly increase your spending. On the other hand, if you’re spending more than your budget, you may want to consider a different bidding strategy to avoid overspending. You can use the budget simulator and track impression share metrics to ensure that your budget is being used effectively.
Google Ads Bidding Strategies
As we mentioned previously, there are several bidding strategies available in Google Ads. It’s important to understand the differences between each strategy so you can select the best one for your campaign goals.
Target CPA (tCPA)
Target CPA is a bidding strategy that automatically sets bids to help you get the most conversions at your target cost per action (CPA). When using this strategy, you’ll need to set a target CPA that represents the average amount you’re willing to pay for a conversion. Google Ads will then automatically adjust your bids to help you reach your target CPA while trying to get as many conversions as possible within your budget.
Target ROAS (tROAS)
Target ROAS is a bidding strategy that helps you get the most conversion value at your target return on ad spend (ROAS). You’ll need to set a target ROAS that represents the revenue generation you want for every dollar spent on ads. Google Ads will optimize your budget based on this target to get the most conversions possible.
Maximize Conversion Value
Maximize Conversion Value is similar to Maximize Conversions with a narrower focus. This strategy is useful for campaigns where conversion value is more important than the number of conversions. When using this strategy, you’ll need to set a target ROAS that represents the minimum return on ad spend you want to achieve. This strategy is a great option to reach your target ROAS while trying to get as much conversion value as possible.
Maximize Clicks is exactly as it sounds — a strategy that automatically sets bids to help you get the most clicks out of your budget. This strategy is useful for campaigns where getting clicks is the primary goal. When using this strategy, your bids will be optimized to get as many clicks as possible.
Manual Cost Per Click (CPC)
Manual CPC is a bidding strategy that allows you to manually set bids for each ad group or keyword. This strategy gives you full control over your bids but requires more time and effort to manage compared to automated bidding strategies.
Enhanced CPC automatically adjusts your bids based on the likelihood of a conversion. This strategy can increase or decrease your bids by up to 30% depending on the user’s likelihood to convert. This bidding strategy works by analyzing a user’s past conversion data and adjusting bids accordingly. Enhanced CPC can increase bids for auctions that have a higher likelihood of conversion and decrease bids for auctions with a lower likelihood.
Target Impression Share
Target Impression Share automatically optimizes bids to help you reach a certain impression share percentage for your ads. Impression share is the percentage of times your ads are shown out of the total available impressions. This strategy is useful for campaigns where increasing brand awareness is the primary goal.
Viewable CPM (vCPM) is a type of bidding strategy that allows advertisers to pay for impressions that are viewable to users. An impression is considered “viewable” if at least 50% of the ad is visible on the user’s screen for at least one second.
With vCPM, advertisers can set a maximum cost per thousand viewable impressions and only pay when their ads are actually seen. This bidding strategy can be effective to increase reach and brand awareness.
Cost Per View (CPV)
Cost Per View (CPV) is a type of bidding strategy that allows advertisers to pay for video views. With CPV, advertisers only pay when a user views their video ad for at least 30 seconds (or the full ad if shorter) or interacts with the ad.
CPV bidding can be effective for advertisers who are looking to increase brand awareness and engagement. It’s important to note that CPV bidding can be more expensive than other bidding strategies since you are paying for more views rather than clicks or impressions.
Best Bid Strategy for Google Ads
The best bid strategy for Google Ads depends on your campaign goals and budget. For campaigns that aim to drive conversions, Maximize Conversions is a strong option. If you’re interested in maximizing your return on ad spend (ROAS), Target ROAS is the best choice.
Maximize Clicks is a great option if your campaign objective is to drive traffic to your website. Enhanced CPC is another good choice if you aim to drive conversions while still maintaining control over your bids.
Final Words: Maximize Conversions Bidding
Maximize Conversions bidding is an automated bidding strategy that allows you to get the most conversions within your budget. By using machine learning and historical data, Maximize Conversions bidding determines the optimal bid for each auction in real-time. Using this strategy can help you save time and effort, while also increasing the efficiency of your campaigns.
To ensure success with Maximize Conversions bidding, try to provide plenty of data, give it time to learn, and keep track of your conversions and budget. More importantly, choose the Google Ads bidding strategy that aligns with your campaign goals and budget.
In conclusion, Maximize Conversions bidding is a powerful tool for advertisers looking to drive more conversions while maximizing their budget. If you’re looking for new ways to generate leads, check out the rest of our blog or contact us today.