Breaking News: Google Debuts “Pay for Conversion” Campaigns
Google’s given us one more treat before the end of 2018, and this time, it’s a new display campaign allowing advertisers to pay per conversion.
Here’s how it works:
Instead of charging businesses for ad clicks or impressions, Google has introduced new bidding options where advertisers are charged when a customer converts from an ad.
If you’re familiar with display campaigns, Pay for Conversion is similar: Google allows advertisers to default their campaign settings to set a CPA (cost per acquisition) that remains constant, so you’ll know exactly how much you’ll spend each time a user converts. Google uses the same algorithm as their cost per click campaigns, so you’ll never pay more as you acquire more leads. You simply will generate as many conversions as you can at your pre-set price.
Who can use it?
Advertisers who typically launch high-volume campaigns that feature products and services with similar margins will benefit from this program. They’ve also created a CPA limit, so you’ll never pay more than $200 for a conversion.
In order to be eligible for this new campaign functionality, your Google account must have more than 100 conversions within the past month and the time between click and conversion must be less than 7 days for a minimum of 90% of those conversions. Google also allows advertisers to use the pay for conversion feature for Smart Display campaigns, as long as you have reached 50 conversions in a monthlong period.
How to Get Started
For ways to incorporate this bidding strategy into your overall paid advertising strategy, talk with Spectrum. As a Google Premier Partner, we enjoy exclusive perks from Google, such as early entry into new programs, and are expertly trained in Google’s paid advertising platforms. While this should never replace your current advertising strategy, our team can incorporate this new functionality into your existing operation to create a more effective marketing system.