Using Value Metrics for Conversions in Google Ads

Google Ads reps have been more proactive in asking for us to use Conversion Values associated with each of our conversion actions. In this video, we'll talk through how to set those up, determining your values for lead generation campaigns, and discuss how using values can impact your campaign performance with automated bidding strategies.
1:06 - Options for Assigning Values to Conversion Actions in Google Ads
3:48 - Quick View of Where Dynamic Conversion Values Come From
5:42 - Figuring Out Static Values for Lead Generation Conversion Actions
10:46 - Sample Conversion Flows Provided by Google
12:13 - How Conversion Values will Impact Google Ads Campaigns
13:04 - Opting into a Target ROAS Bidding Strategy to Optimize for Conversion Value
14:10 - Volume Considerations for Target ROAS Bidding Strategies
14:52 - How Bidding Strategies & Target ROAS Goals Impact Volume
#conversionvaluegoogleads #googleadsconversionvalue #googleads
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[@LiliOrtiz-ht7mc]

Thank you sooo much for this video, finally a clear and straightforward explanation + the calculator page is a great resource to start with!

[@neumaninha]

You guys have the most complete and high-quality content for us specializing in paid media! Thank you for sharing this! :)

[@PaidMediaPros]

We appreciate the compliment!

[@matthews.6372]

Great content as always. Another way that this was communicated to me by a higher-level Google Rep was that you can use a 3-tiered point system and not set a "dollar" value. So for example, if contact form submissions are more valuable than phone calls, then you might set a value of "3" to the contact form submissions and a value of "2" to phone call leads. This will tell Google that contact form submissions are of higher value (and priority). From there, you wouldn't use a Target ROAS bidding strategy, but a Target CPA. I've used this in several accounts and it seems to work pretty well.

[@user-ie2hj3mh4s]

Great content as always, thanks for sharing your thoughts and giving an overview of the calculator!
Would be great if you could create another video around tROAS bidding adjustments across different scenarios.
Thanks!

[@kevinscott9745]

What's your thoughts on the following. When using the calculator it takes all the values based off the bottom of funnel value. Makes sense, but when you add all the conversions together for example a signup, qualified lead, and purchase the total value combined would be more than the purchase profit.
Does it makes sense to back out the values of the signup and qualified lead from the purchase since any purchase is going to hit all 3 conversions.
Maybe google is accounting for that already but if not wouldn't it be optimizing for values that are actually more than your profit. Optimizing for break even roas would actually be losing money. Im probably overthinking it and could just make sure the target cpa or target roas has more cushion.

[@TatianaBezruk]

guys, thank you for your great insightful videos!

[@PaidMediaPros]

Glad you like them!

[@swapnilgondkar]

extremely helpful thankyou !

[@PaidMediaPros]

Glad it was helpful!

[@RoryLees]

Great content as usual 🔥 question, I have proxy values setup for my lead form and I’m wanting to upload MQLs back into the system to help steer the algorithm. Can I just assign these MQLs with a higher value than the initial lead form? The number will be unrealistic (in terms of the revenue im making) but I don’t want to completely restructure my conversion actions. I hope this makes sense

[@darrenburn8087]

Great vid, my only question is whether Lead and MQL stage should be Secondary goals with Purchase the only Primary goal or whether they should all be set as Primary?

[@PaidMediaPros]

That's going to be different for every business. Some of our clients considers any collection of first party information as a primary conversion. Other clients think some forms like a newsletter is lower value and a secondary action. It really just depends on what the value is for your business.

[@anwareichelberger7201]

Checking if this works if we just want to prioritize form fills over Calls?

[@ogulubora]

Does your course based on google ads?

[@PaidMediaPros]

The course focuses on coming up with a lead gen strategy, and then figuring out which paid media channel is the best option for your goals. It's not specific to just Google Ads.