One of the common downfalls related to smart bidding is that there is a lack of control and information. This means advertisers are unaware of which signals are actually leading to conversions. This is about to change though, as this information is now available within the bid strategy report. This information will highlight these signals which include but are not limited to, device type, the hour of day and location.
The bid strategy report is a section within Google Ads which highlights the overall performance of a given bid strategy. It also gives the option to exclude the learning period, which is the time for which the algorithm uses to learn which signals are best to optimise for. Google has said these signals will only show for Target CPA and Maximise Conversions. But there is hope that this will be expanded to the wider portfolio of bid strategies such as Target ROAS and Maximise Conversion Value.
We care about this feature because it can help shape our strategy and highlight potential keywords and audiences that we might not have thought to target in the past. If a specific keyword is performing well then this could be added to a search campaign in order to increase visibility in that area. Or, if a certain day of the week or hour of the day is a strong signal then this could potentially inform email send times.
Are you looking to get the most out of your smart bidding strategies? Contact us today to find out how we can help.