A bid strategy automatically manages bidding to achieve goals you specify.
For example, if you want to achieve a 6% effective revenue share (ERS) for a specific conversion on your site, you can create an ERS bid strategy, specify the conversion, and specify the campaigns, ad groups, and biddable items that drive traffic to the conversion. Search Ads 360 Smart Bidding will then automatically adjust bids to achieve your 6% ERS goal.
If you have other types of advertising objectives, instead of specifying conversions and revenue goals, you can create bid strategies that optimize spend for maximizing visits to your site or for displaying your ads in a range of positions. You can even create bid strategies that optimize for custom KPIs that you define in a formula column.