This article explains what conversion values are, the benefits of using them and how they are reported. To set or edit conversion values or to change the currency in which your conversion values are reported, follow the steps in the article Set conversion values.
Not all conversions are equal – some are worth more to your business than others. If you assign values to your conversions, you'll be able to see the total value driven by your advertising across different conversions, rather than simply the number of conversions that have happened. And you'll be able to identify and focus on high-value conversions.
When you use conversion tracking, you can assign the same value to all conversions of a certain action or let each conversion have different values (transaction-specific).
Conversion values help you track and optimise your campaigns' return on investment (ROI).
You can use the Target (ROAS) bid strategy to help maximise your conversion value while averaging your target return on ad spend.
If you don't have a specific return on ad spend target, you can use the Maximise conversion value bid strategy to maximise the total conversion value of your campaign within your specified daily budget.
Here are some other benefits of using conversion values:
- Better insight: You can measure the total conversion value generated by your campaigns' conversions. This also helps you track your campaigns' ROI by using the 'Conversion value/cost' column. You can use this data to identify keywords, ad groups and campaigns that show a high or low return on investment and manually change bids, budgets and targeting.
- Smarter bidding: Once you set up your conversion values, you can use either the target ROAS or Maximise conversion value bid strategy. Automated bid strategies automatically set bids to optimise for your performance goals across specific campaigns, ad groups and keywords.
- With target ROAS, bids are set to maximise conversion value, such as sales revenue or profit margins, while trying to achieve your target return on ad spend (ROAS).
- With Maximise conversion value, bids for each auction are optimised to maximise conversion value.
About conversions with the same value
For some conversions, the value can be kept the same. You might want to use conversion values that are the same if you are tracking several conversion actions. You can capture separate values that way, say for phone calls and sign-ups. Seeing the separate values allows for useful comparisons between two different conversion actions. If you value calls at $5 and sign-ups at $20, this means you value your sign-ups four times more than calls.
Some other examples of actions that customers take that could be valuable to your business are: submitting forms, price quotes, arranging test drives, callback requests or looking up a shop location.
About transaction-specific conversion values
A transaction-specific value is one that could be different each time the same conversion happens. If you own an online shop with a shopping basket, for example, one purchase conversion might be worth $25, while another is worth $500.
You might want to use transaction-specific conversion values for your business if each of your sales has a different conversion value and you'd like to:
- Track and optimise your campaigns' return on investment.
Use Smart Bidding strategies, such as target return on ad spend (ROAS). We recommend that you select 'Every' in your conversion counting settings if this is the case. If you select 'One', only one value is counted, even if a customer converts more than once.
ExampleYou own a travel booking site used to reserve both hotel rooms and hire cars. You'd like to see how your ads drive each type of booking, so you choose to count every conversion. When someone travelling to Melbourne, Geelong and Katherine books one hotel reservation in each city (3 hotel reservations) and hire cars only in Melbourne and Geelong (2 car reservations), this conversion setting will count 5 conversions.
Setting up a transaction-specific value requires the support of a web developer, someone who can integrate transaction-specific values with the
google_conversion_value variable within the conversion tracking tag.
Set up transaction-specific values
To set up dynamic values, follow the steps in this article on tracking transaction-specific conversion values.
Find conversion values in reports
Once you've set up conversion tracking, you'll have access to conversion value data, like the total of all conversion values for all your conversions. To see all your conversion value data at a glance, you'll need to add columns to your statistics table.
Conversion value currency
Conversion values will always be reported to you in your Google Ads billing currency. However, you can assign a different currency to the value of each conversion.
Conversion value currency for cross-account conversion tracking
If you use cross-account conversion tracking – managed in a manager account (MCC) – with multiple Google Ads accounts, the conversion values will use the currency of the manager account unless you specify a different currency for the default value or provide a currency code in the conversion tag. However, if the Google Ads account driving a click that converts has a different billing currency, the conversion value will be converted to that account's currency using the average daily foreign exchange rate.
Tracking conversions without a monetary value
If you're tracking conversion actions without a real monetary value but still want a way to measure relative values of different conversion actions, you can choose not to assign a currency. These values are often referred to as 'key performance indicators' or 'KPIs'. Even if your tag includes a currency code, it will be ignored if you've selected no currency for the default value of that conversion action. This lets you control whether your conversion values are measuring monetary values or KPIs without updating the conversion tracking tag on your site.
Values and bidding strategies
Once you set up your conversion values, you can use either the Maximise conversion value or target ROAS automated bid strategies. Automated bid strategies automatically set bids to optimise for your performance goals. To help improve your performance, these strategies incorporate real-time details such as device, browser, location and time of day to adjust your bids during each ad auction.
Target ROAS maximises conversion value while trying to reach an average return on ad spend that you set. In other words, it's the average conversion value (such as sales revenue or profit margins) that you'd like to get for each dollar you spend on ads.
Maximise conversion value bidding automatically finds an optimal bid for your ad each time it's eligible to appear in order to maximise conversion value within your daily budget.