This post was sponsored by Invoca. The opinions expressed in this article are the sponsor’s own.
In today’s marketing world, AI is more than a buzzword — it’s a necessity.
Nearly 90% of marketers plan to increase their investment in AI this year, primarily focusing on boosting their Return on Ad Spend (ROAS).
If you’re not using AI to maximize your ad budget, chances are your competitors are, which could leave you behind.
But don’t worry — there are plenty of AI tools to help you get more from your campaigns, boost productivity, and drive revenue growth without spending more on ads. One of the most impactful marketing tools is Google Ads Smart Bidding.
In this post, we’ll break down five essential Smart Bidding strategies that can help you drive more revenue.
Want the tips without reading? Check out the video series >>>
In This Article
1. Align Your Bidding Strategy With Revenue Goals2. Use Advanced AI Tools To Reach More Customers3. Use Revenue Execution Platforms To Supercharge Smart Bidding4. Optimize Retargeting With Rich Data Insights5. Detect & Solve Call Experience Issues
We’ll also explore how pairing Google’s AI with a revenue execution platform can elevate your ad performance.
What Is Google Ads Smart Bidding?
Google Ads Smart Bidding is an AI-driven tool that automatically adjusts bids in real-time to help you hit your campaign goals.
Its strength lies in its ability to analyze patterns and trends far quicker than any human could.
By optimizing your budget and freeing up your team for other high-value projects, Smart Bidding helps you focus on what matters most: growing revenue.
5 Tips to Drive Revenue With Google Ads Smart Bidding
Want the tips without reading? Check out the video series >>>
1. Align Your Bidding Strategy With Revenue Goals
Google Ads Smart Bidding offers multiple options tailored to different campaign objectives. Choosing the right strategy depends on your specific goals and budget. Here are a few:
Maximize Conversions: This Smart Bidding strategy sets bids to maximize the number of actions taken by users, such as sign-ups, purchases, or form submissions. It is ideal if you want to drive more actions like form fills, sign-ups, or purchases.
Target CPA (Cost Per Acquisition): With the target cost per acquisition (CPA) strategy, you specify the amount you’re willing to spend to acquire a customer. Google Ads then automatically sets bids to achieve that desired CPA. This strategy is best for maintaining cost efficiency by acquiring customers at a specific price.
Target ROAS: The target ROAS strategy allows you to set a specific ROAS goal, and Google Ads adjusts bids based on expected conversion values. If maximizing revenue while maintaining a specific ROAS is your priority, this is your go-to strategy.
Enhanced Conversions: You can use Enhanced Conversions to optimize for specific actions or events that hold significant value for your business. This strategy leverages machine learning to predict and adjust bids based on the likelihood of driving valuable conversions, improving the overall return on ad spend, and enhancing the efficiency of your marketing campaigns. According to Google, marketers who use this strategy see a 5% average conversion rate improvement on Search.
The key is continuously monitoring performance and adjusting to hit your revenue targets.
2. Use Advanced AI Tools To Reach More Customers
Google offers new AI tools to take your Smart Bidding strategy to the next level, helping you expand your reach. You can pair these tools with your desired bidding strategy.
Here’s what they are and how they work:
Broad Match: Use this tool to capture a wider audience by covering related searches and synonyms. Craft a comprehensive keyword list, incorporating broad-match keywords to increase visibility and attract potential customers who may use different search terms. According to Google, marketers who use Broad Match in Target CPA campaigns see 35% more conversions, on average.
Performance Max: This AI-powered tool optimizes your campaigns across all Google networks (YouTube, Google Maps, etc.) and ad formats to maximize results. With Performance Max, the AI technology automatically adjusts bids to achieve the best possible results, making it ideal for driving conversions and optimizing ad spend across Google’s expansive network. According to Google, marketers who use Performance Max achieve 18% more conversions at a similar cost per action. By pairing Broad Match with your chosen Smart Bidding model, you can maximize your query coverage on Google search.
By combining Broad Match with Performance Max, you’ll significantly increase your reach and boost conversions.
3. Use Revenue Execution Platforms To Supercharge Smart Bidding
AI is only as good as the data it’s fed, and many marketers miss a crucial piece of the puzzle: phone call conversions.
This can be a significant problem, as our research shows that 20-50% of conversions come in over the phone in many high-stakes purchase industries like healthcare, home services, automotive, and telecommunications.