Here’s a relatively new feature that will benefit your Google Ads optimizations: Conversion Value Rules.
These rules allow you to tweak conversion values based on some high-level attributes that are correlated with increased/decreased conversion values.
You can adjust values for conversions based on geographic location, device, and audience. The new values will be used at auction time bidding in real-time.
This means you can use it as an extra signal to direct the smart bidding algorithms to increase/decrease bids for clicks that it predicts will have a high chance of generating the type of conversions you tweaked.
Some examples:
- You are an online retailer that ships to all countries in the Benelux. Your data tells you that customers from Belgium tend to have a far lower return rate (8%) compared to customers in the Netherlands (15%). Now, you can use a value rule to multiply the conversion value for Belgian clients by 0.92 and Dutch clients by 0.85, to better reflect the true value of these different users. If you’re using a value-based Smart Bidding strategy (like Target ROAS or Max Conversion Value), your bidding will automatically optimize for these values as well.
- You are an online leads business that currently values all leads at $5 through Google Ads. However, you know from regression analyses that leads from people in the top income segment are typically worth $10. With conversion value rules, you could specify this distinction, and Google Ads would report $10 values for users in the top income segment. The rule you specify will ultimately better reflect the value of the different leads and Google will bring in more leads from your ideal audience segment.
This is a great way to improve the quality of your conversion data!
The new feature is located in the Conversions section under Measurement options.
More details here: https://support.google.com/google-ads/answer/10518330?hl=en
What rules can you think of that will improve the accuracy of your conversion value?
– Nils