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Hello
I have a Perf Max campaign that has been running for 2 weeks, it is starting to optimize, currently I am at $700 spent for 1.4K (15 conversions).
My questions are :
Do I need to increase the budget (which is $50/day)? If so, by how much?
2. Google is suggesting I go to target ROAS, is this the time or should I wait?
3. I would like to target my competitors' visitors + Retargeting.
Is it better to create other groups of items in this Perf Max campaign, or create a whole other Perf Max campaign with these two audiences?
Thanks
Is Google suggesting that your campaign is limited by budget?
Create a campaign for re-targeting.
2 more weeks, make it 4 weeks. 2 things to do.
1. Is shift the campaign to ROAS, and second is to create or duplicate this campaign.
Hello! I'll be happy to help you with your questions regarding your Perf Max campaign. Here are the answers to your queries:
Increasing the Budget:
Based on the information you provided, your campaign has generated 15 conversions with a spend of $700 over a period of 2 weeks. To determine if you should increase your budget, consider the following factors:
Check if your campaign is limited by budget: If your campaign's budget is frequently exhausted, it may indicate that increasing the budget could yield more conversions.
Evaluate the campaign's performance: Analyze the cost per conversion (CPA) and the return on ad spend (ROAS). If the campaign is generating conversions at an acceptable CPA and your overall ROAS is satisfactory, increasing the budget could be beneficial.
If the campaign is performing well and you believe there is room for additional conversions, you can consider increasing the budget. The specific amount by which you should increase the budget depends on your advertising goals, profit margins, and the potential for scaling. You can gradually increase the budget by monitoring the impact on campaign performance.
Target ROAS:
Google is suggesting you switch to target ROAS (Return on Ad Spend) bidding strategy. Target ROAS is designed to optimize your campaign to achieve a specific ROAS goal. Whether you should make this switch depends on your advertising objectives and the performance of your campaign. Here are a few things to consider:
Evaluate your current bidding strategy: If your primary goal is to maximize conversions within a specific budget, the Perf Max bidding strategy can be effective. However, if your objective is to achieve a specific ROAS target, switching to target ROAS bidding might be worth considering.
Assess your campaign's historical data: If your campaign has enough historical conversion data (typically 15-30 conversions in the last 30 days), you can use target ROAS bidding effectively. This bidding strategy leverages past performance to optimize for the desired ROAS.
If your primary goal is to achieve a specific ROAS target, and your campaign has enough historical data, you can consider switching to target ROAS. Remember to monitor and evaluate the impact of the bidding strategy change on your campaign's performance.
Targeting Competitors' Visitors + Retargeting:
To target your competitors' visitors and implement retargeting, you have two options:
a) Create additional ad groups within your existing Perf Max campaign: This option allows you to keep all your performance-oriented campaigns under a single campaign structure. You can create separate ad groups for competitor targeting and retargeting. This approach simplifies campaign management and ensures consistent performance tracking.
b) Create a separate Perf Max campaign: Alternatively, you can create a new Perf Max campaign dedicated to targeting your competitors' visitors and implementing retargeting. This approach allows for more granular control and easier optimization of these specific audience segments.
Choosing between the two options depends on the complexity of your campaign structure, the scale of your competitor targeting and retargeting efforts, and your preferred campaign management approach. Consider the level of control and reporting you require for each audience segment and make a decision accordingly.
Remember to closely monitor the performance of your campaigns and make adjustments based on the results you observe.
I hope this helps! Let me know if you have any further questions.