Google announced that its giving advertisers new bidding strategies for Shopping Campaigns, which will help them "go go beyond manual max CPC bidding to deliver specific bids for each auction, tailored to people’s context."
Under Bid Strategies, you'll now find Maximize Clicks, Enhanced CPC, and Target Return on Ad Spend (ROAS).
Maximize Clicks is for those looking to get as much traffic as possible within their budget, as it automatically adjusts bids. The company says it's a great way to promote doorbusters on your website or in-store with loal inventory ads.
"If you want to manage your own bids or use a third-party bidding platform, enhanced CPC is your best bet," says Google Shopping product management Dimitris Meretakis. "It dynamically optimizes on top of your bid in real-time so you get more conversions or sales at a similar cost. We’re seeing advertisers get as many as 7% more conversions at the same cost with eCPC!"
"If you don’t have time to manage your bids manually and are revenue-driven, let target return on ad spend (ROAS) do the heavy bidding lifting," Meretakis adds. "With target ROAS, you choose your desired ROAS and it’ll dynamically bid so products that’ll drive more revenue will get higher bids."
That option is actually in beta, and is only available to a small group of retailers, but those interested in using it can apply to be an early adopter. There's a form here.
Google says it will be looking for and investing in more ways to make campaign management and bidding more effective, so look out for more on that front.
Images via Google