Earlier this month, Google announced that conversion estimates had been added to the Keyword Planner tool in AdWords. If you missed the memo, we have the scoop for you.
Google plans on using your account’s historical conversion data, but if you don’t want to use this data, you can enter in your own conversion rates and values to determine how bid changes could impact metrics. Metrics that may be affected include estimated conversion, conversion value, ROAS, and Average CPA for mobile and desktop.
When using the feature, you’ll be able to see the conversion estimates broken down into various categories, including ad group, keyword, device, and location. To get a closer look at each one, simply select the appropriate tab. To get started, choose the “Get traffic forecasts for a list of keywords” from the Keyword Planner home page.
The purpose of conversion estimates is to better understand how your bids will impact conversion rates. Let’s say that you are gearing up for the holiday season and you have a cost-per-acquisition target of $25. Using the Keyword Planner tool, you can see how varying your bids can impact your average cost-per-acquisition based on the conversion rates and values that you entered.
If you find that people who search on their mobile devices are twice as valuable to your company as those searching on desktops, you can make better decisions when changing bids. This will help you get the most ROI from your campaigns. It’s no surprise that advertisers and developers are excited about this feature and hope to see it included in APIs, according to Google.
For more information about conversion estimates and how to understand the data presented, visit support.google.com.