🎯 Maximize Conversion Value | Bidding Strategies Guide Part 3
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- čas přidán 23. 07. 2024
- Part 3 of our Bidding Strategies Guide series is all about Maximize conversion value bidding. John shares why it’s difficult to scale with this bidding strategy, and when and how you should be using it amidst the difficulty.
He also talks about the pros and cons of Maximize conversion value bidding, why you should choose it over Maximize conversions bidding, and more:
0:00 Intro | Maximize Conversion Value: Bidding Strategies Guide Part 3
0:49 Maximize conversion value
2:37 Maximize conversion value is not keyword-based but people-based
5:15 When not to use Maximize conversion value bidding
7:03 Maximize conversion value vs. Maximize conversions
8:22 Why Maximize conversion value with a Target ROAS is even more difficult to scale
11:34 Applying the law of averages when using Maximize conversion value with Target ROAS
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Good insights
Quality content. Appreciate your breakdown on the nuances behind the two bidding strategies
Thanks for posting!
This is gold, very helpful thank you so much!!
Another instant classic 🏅 thanks John!
Thanks for the video. I don't know if the reason why our campaign suddenly jumped from $6 to $14 average CPC and conversions dropped was because I changed the bidding strategy from MC to MCV (with two main conversion actions set to the same $200 lead value) or some other strange Google Ai issue. Also, could you explain further what is the problem with Australian companies - "bad example"? 12:14
1. Audience/People based strategy like Max. Conversions.
2. Less focus on the keywords, more on the customer Journey.
3. It targets people based on their Purchasing behavior.
Bingo Bango Bongo!
Hi John it's a great content
I have a question you said if you upload a list then max conv. Value work more best. Which type of list we upload and where we find this list?
Thanks
wasn't he referring to pmax and therefore a customer list ?
Will it have any affect if you only have one product but sometimes people purchase varying quantities of that product?
What do you think about using sort of made up conversion value is like 1, 2, 3 etc for the different types of non-purchase actions to tell Google which to prioritize w/ more granularity than making them primary or secondary? Say I'm using ads to test demand for some new offerings, so no known LTV, conversion rate, thus don't really know how much a lead is worth. But I'd still like Google to prioritize more intent-based clicks.
Sorry just shortened & clarified the question. Any thoughts?
Hey John, a couple of questions if you have time:
1. For TROAS what timeframe is google looking at to achieve your TROAS? Say you sell 1 high ticket item every 3 days? Does it try to hit your TROAS for that month? It won't be hitting it for days you don't make a sale, but what if you only care if you're hitting it over the course of a month?
2. Also what if you have a 1000 dollar product and a 10 dollar product and Google can hit your TROAS by selling many 10 dollar products, but can't hit it by selling a couple 1000 dollar products, wouldn't the campaign then gravitate towards the cheaper products?
Thank you as always, I'm going to listen to this on repeat as I sleep to really soak it in haha :)
1: It will attempt to hit that goal within 20 days typically. Theres no official word on it, but, I typically see spend reduce drastically if a target hasnt been reached at or around the 20 day mark.
2: Yes it would! It will get there any way it can on its own. This is why its good to split those products if you need to.
@@johnmoran5680 Thanks!
More information please!)
Working on it! Lol
Hi guys, brilliant content, I'm really getting heaps out of the series.
Kasim, as far as confessions go: forgive me Kasim for I have sinned, I found myself coveting another mans' ox. But it was one hell of an ox, man. It could pull a pretty wicked plow. And effortlessly, all day. Man, I wish that ox were mine. And also, there was a donkey that my neighbour had ...
So, to summarize, you can't scale this strategy because google is an affiliate who thinks 33% per sale is too low and needs at least 50% of your revenue to work.
And btw, not on Profit but Revenue :)
Makes sense, where do I sign!
So what's the best bidding strategy for scaling new customer acquisition purchases for an e-commerce company? Maximize Conversion over Maximize Conversion Value?
my account recommends a CPA of $140 and my average value per sale is $60. if I set CPA 30, which is ideal (for 100% ROI), I get no impressions. As soon as I get it up to $140 as recommended, I get impressions.
My account is ruined?
because Google says it's using data from "all my campaigns" to determine a recommendation, and the CPA is so high because of all the tests that didn't work. so obviously it looks high when I look at my campaign globally, but if I zoom in by keywords, audience segments, the cost per conversion is around $20 to $30.
I also have reported value on conversion, so what benefit would I get if I use maximize conversion value and use ROAS?
if i try that google recommend 37% and that sounds terrible lol
I first thought that for every $100 spent I would make $37 in profit. but not. means I lose $63 for every $100 spent.
So what can I do now?
I get 0 impressions when I use my ideal target CPA...
Create a new account and start from 0?
I only have 5 conversions so far.
Great questions! We will add them to our list and run them by our strategists. In the meantime, keep an eye on our CZcams channel, and the answer may be featured in a future video. Thanks for watching!