Google recently announced a new Smart Bidding strategy in AdWords, Maximize Conversions. According to Google, “the new bidding strategy will automatically set the right bid for each auction to help you get the most conversions within your daily budget.” Keep in mind, Maximize Conversions is only concerned with conversion volume. That said, this may not be the best bidding strategy for ecommerce clients (as it does not take into account metrics such as revenue or average order value), however those purely interested in lead generation should be all over this.
How to Implement
Go to the settings tab within the campaign you wish to implement this for.
Scroll down to the Big Strategy section and click Edit.
Click the Change bid strategy link.
Click the drop down, select Maximize conversions and save.
You can use Drafts and Experiments to test this strategy. Drafts and experiments let you craft and test changes before fully applying them to a campaign. In this case, we recommend creating a new draft of your campaign, changing the bidding strategy and them setting up an experiment to test it. As you set up your experiment, you can determine what percentage of your traffic will be allocated towards the test (we recommend 50%) as well as the length of the experiment.
If you’re interested in Maximizing Conversions, contact your Client Strategies or visit MoreVisibility.com for more information.