Google has introduced a brand new smart bidding strategy.
Maximise conversion value has now been made available to all advertisers within Search campaigns. The search engine explains that this new smart bidding strategy will make use of historical campaign data and couple it with the searchers ‘contextual signals’ to decide the optimal CPC bid at auction time.
As an advertiser, if you’re wanting to make the most of this new bidding strategy you need to make sure you’re using transaction-specific values and/or have different conversion values set for each different conversion type you’re optimising for from the conversion page.
Although manual bidding is still available, Google has made a huge push on steering advertisers away from it over the past few months. Smart bidding has been designed to identify which goals, settings, and metrics align each bid with each objective.