It’s important to understand how and why Smart Bidding is working for you. The bid strategy report can help you better understand what Smart Bidding is doing on your behalf, and if it’s helping you reach the business goals you want to achieve.
Use the bid strategy report
The bid strategy report shows how your campaign is performing compared to your set performance goals. You can also view your bid strategy’s status, performance trends over time, and insights like conversion delay reporting. Recommendations can also help with ideas on how you can improve performance across your campaigns.
Understand top signals being used by Smart Bidding
Within the bid strategy report, you can see the top signals being used by Smart Bidding. This shows some of the factors Smart Bidding is using in real-time in order to hit your goals. Top signals can include:
- Audience List
- Day of Week
- Time of Day
If you know how Smart Bidding is working, you can use those business insights elsewhere.
Optimize your targets
As your business goals evolve, a great next step is to adjust your targets to meet your changing marketing objectives. To do this, you can use Target CPA and Target ROAS Simulators. Simulators help you understand the number of conversions your ads might have received if you had set different CPA or ROAS targets. You can use simulators to identify incremental conversion opportunities, and adjust your targets as you scale your usage of Target CPA and Target ROAS bidding.
Frequent or large target changes won’t negatively impact the performance of your bid strategy, and you don’t need to worry about a strategy resetting what it’s already learned about your account after changing your target. Smart Bidding is always learning from new data in the auction or your account, and can perform well with rapid target changes.
Smart Bidding reacts to target changes quickly, and will start optimizing to your new goal within minutes. Keep in mind that after a target change, it can take 1-2 conversion cycles to achieve the new target because of the delay in conversions. Because of this, it’s recommended to wait 1-2 cycles before assessing performance. For most advertisers, these conversion cycles are typically short.
Understand conversion delays
Consider conversion delay while assessing performance. For example, if it typically takes 7 days for users to convert after viewing an ad, do not include the most recent week of data when evaluating performance. This is because your data will still be missing conversions from those 7 days.
Smart Bidding can be a simple and powerful solution to the often complex challenge of finding the right bid for each individual auction. It may be a useful addition to your own account as well.
To get started, decide which strategy is right for your business and then test it out. If it’s working right, you’ll see better results while saving hours and days of management time in the long run.
The final goal, of course, is driving the clicks, conversions, revenue and profit you want at the price that makes the most sense for your business.