Maximise Conversion Value is a bidding strategy for Google Ads that allows businesses to optimise their campaigns for maximum conversion value. This is achieved by automatically setting bids to maximise the total conversion value within a given budget.
In this series:
- Manual CPC Bidding in Google Ads: A Comprehensive Guide
- Enhanced CPC (eCPC) Bidding In Google Ads Explained
- How to Optimise Google Ads Using Target CPA Bidding
- How to Optimise Google Ads Using Target ROAS Bidding
- Google Ads Maximise Conversions Bidding Strategy Explained
- Google Ads Maximise Clicks Bidding Strategy Explained
- Google Ads Target Impression Share Bidding Strategy
- How and When to Use the Maximise Conversion Value Bidding Strategy in Google Ads
- Choosing the Best Bidding Strategy for Google Display Ads
- Every YouTube Ads Bidding Strategy Explained
- Bidding Strategies to Maximise Google Shopping Performance
- Manual Bidding vs Automatic Bidding: Which is Better?
Important Note: To get the most out of Maximise Conversion Value Bidding, you need to have enough conversion data for Google Ads to learn from. This means you may need to run your campaign for a few weeks or even months before seeing significant results.
You should regularly review your campaign’s conversion rate and optimise landing pages and the user journey through your website. Remember, Google Ads is an advertising platform – it is your website’s job to convert the clicks into leads or sales. Therefore, to maximise conversion value, you’ll need to optimise both your Google Ads campaigns and your landing pages.
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Who Should Use Maximise Conversion Value Bidding?
Maximise Conversion Value bidding is ideal for businesses that have a specific budget and want to maximise their return on investment. This bidding strategy is particularly useful for eCommerce businesses that sell products with different values, as it allows them to focus their advertising budget on maximising revenue from paid clicks.
How to Configure Maximise Conversion Value Bidding
- In Google Ads, select the campaign you want to optimise.
- Click on “Settings” and scroll down to “Bidding”. Click “Change bid strategy” and select “Maximise Conversion Value”.
- Make sure conversion tracking is set up correctly for the campaign. You can do this by adding a conversion tracking tag to your website or mobile app.
Maximise Conversion Value vs Target ROAS
Maximise Conversion Value (MCV) and Target Return on Ad Spend (tROAS) are two bidding strategies available in Google Ads. Both aim to optimise ad campaigns to achieve maximum conversion value, but they use different approaches to do so.
MCV is a bidding strategy that focuses on maximising the total conversion value rather than the conversion rate. This means that the strategy aims to drive as many high-value conversions as possible, regardless of the conversion rate. It’s suitable for businesses that want to achieve a specific conversion value target, such as a target revenue.
On the other hand, Target ROAS is a bidding strategy that optimises for the highest conversion return on ad spend. This means that it focuses on achieving the highest possible conversion value while maintaining a specific return on ad spend. This strategy is suitable for businesses that want to optimise their advertising investment to achieve a specific profitability target.
Imagine a business that sells luxury watches. The business has set a goal to generate $50,000 in revenue through their Google Ads campaigns. If the business chooses to use MCV bidding, the campaign will prioritise high-value conversions, such as sales of high-end watches, even if the conversion rate is low. On the other hand, if the business chooses to use Target ROAS bidding, the campaign will focus on achieving a specific ROAS, which means it will prioritise conversions that provide the highest return on investment, such as mid-priced watches that have a high conversion rate.
The main difference between MCV and Target ROAS is the focus on conversion value versus return on investment. MCV is suitable for businesses that have a specific conversion value target, while Target ROAS is suitable for businesses that want to achieve a specific return on ad spend target.
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Maximise Conversion Value vs Maximise Conversions
Maximise Conversion Value and Maximise Conversions are both bidding strategies that are designed to help advertisers drive more conversions through their Google Ads campaigns.
Maximise Conversions is a bidding strategy that automatically sets bids to help get the most conversions for your campaign within your budget. It aims to maximise the number of conversions rather than the value of those conversions. This bidding strategy is ideal for advertisers who are focused on generating as many conversions as possible within their budget. Typically, Maximise Conversions might be more suited to a lead generation campaign, rather than an eCommerce campaign.
On the other hand, Maximise Conversion Value is a bidding strategy that automatically sets bids to help get the most conversion value for your campaign within your budget. This bidding strategy focuses on maximising the value of the conversions rather than the number of conversions. It is ideal for advertisers who want to maximise revenue, rather than profitability.
Imagine you run an online clothing store and you have two different campaigns running. One campaign is focused on selling T-shirts, while the other is focused on selling high-end leather jackets.
If you were to use Maximise Conversions for both campaigns, Google Ads would aim to get as many conversions as possible within your budget. So for the T-shirt campaign, it may bid more aggressively to get as many T-shirt sales as possible, while for the leather jacket campaign, it may not bid as aggressively since the jackets are more expensive and fewer conversions are needed to achieve your desired revenue.
However, if you were to use Maximise Conversion Value, Google Ads would focus on getting the most value from your ad spend for both campaigns. So for the T-shirt campaign, it may bid more aggressively for larger orders or higher-priced T-shirts to increase the total value of the conversions, while for the leather jacket campaign, it may bid more aggressively to get more high-value conversions.
Maximise Conversion Value is more suited to advertisers who want to optimise for revenue and ROI, while Maximise Conversions is more suited to advertisers who want to focus on driving as many conversions as possible.
Maximise Conversion Value vs Target CPA Bidding
Maximise Conversion Value and Target CPA are both bidding strategies that focus on achieving the most conversions at the most efficient cost. However, there is a key difference between the two – MCV focuses on driving revenue, whereas tCPA focuses on a profitable cost for each lead or sale.
Maximise Conversion Value bidding strategy optimises bids to get the highest total conversion value within your specified budget. This means that the bidding algorithm will prioritise clicks that are more likely to result in higher conversion values, rather than just more clicks at a lower cost.
On the other hand, Target CPA bidding strategy aims to achieve a specific cost per acquisition (CPA) goal by automatically adjusting bids based on historical data and machine learning. This means that the bidding algorithm will focus on achieving as many conversions as possible at the specific target CPA that you have set.
Imagine you are running a lemonade stand. Maximise Conversion Value bidding strategy would be like focusing on selling the most expensive lemonade at your stand, even if it means selling fewer cups overall. Target CPA bidding strategy, on the other hand, would be like setting a specific goal of making a certain amount of money by the end of the day and focusing on selling as many cups of lemonade as possible at a certain price to meet that goal.
In terms of which strategy to use, it really depends on your business goals and priorities. If your main priority is maximising the total value of your conversions within a set budget, then Maximise Conversion Value bidding strategy may be the best option. On the other hand, if you have a specific CPA goal in mind and want to optimise for the most efficient cost per acquisition, then Target CPA bidding strategy may be a better fit.
It’s important to note that these bidding strategies are not mutually exclusive and can be used in conjunction with each other. For example, you could use Maximise Conversion Value bidding strategy for one campaign and Target CPA bidding strategy for another campaign, depending on the specific goals and priorities of each campaign.
Maximise Conversion Value Best Practices
Here are some best practices for using Maximise Conversion Value bidding:
- Ensure your conversion tracking is set up correctly and that you have enough conversion data to support machine learning.
- Monitor your campaigns regularly to ensure they are performing optimally.
- Consider segmenting your campaigns by product or service to focus your advertising budget on your most profitable offerings.
- Test different bidding strategies to see what works best for your business.
The Importance of Conversion Rate Optimisation
When using Maximise Conversion Value bidding, it’s important to focus on conversion rate optimisation to ensure that you are maximising the value of each conversion. This can include things like improving website speed, simplifying the checkout process, and optimising landing pages.