Conversion action sets are among the largest in the development of Google products. I am surprised that acceptance across the industry appears to be low. For this B2B marketing lover, my clients' funnels have never looked better. This is because I can control exactly which types of leads I want to generate from campaigns and control costs through automated bidding.
My colleague Suzanne wrote an insightful article with instructions When are conversion action sets used? but I would like to elaborate on that how to strategically create a funnel with conversion action sets and the resulting performance.
Imagine you have a brand with a long sales funnel and there are several types of account conversion promotions tracked:
- Video views
- Content downloads
- Lead form fills
- Phone calls
- Request a product demo
- Free trial version of the product
We know that the value assigned to a prospect watching a video is inherently lower than the value assigned to a prospect who raises their hand and requests a free trial of your product because the express intent is different. If you don't use conversion action sets, that knowledge won't be reflected in your strategy, and that's a problem.
This is especially true if you are using automated bidding. The algorithm is executed after the conversion action that is easiest to achieve. This may not be in the best interests of your client's business. Conversion Action Sets let you prioritize your conversions based on what will increase profitability. Here's a simple model to follow if you want to structure accounts with conversion action sets:
Now you can also choose your bid strategy based on the values associated with the conversion actions. For example, you can use Max Conversions for your awareness campaigns, but tiered Target CPA for medium and low funnel campaigns. In this example, target CPAs in the middle of the funnel can be $ 25. If the funnel was low, you would aim for a higher CPA given the higher lead content. A $ 100 CPA wouldn't be outrageous. You want to reverse engineer your target CPAs based on the value of the product.
This strategy is useful when you don't have post-conversion sales data for your customers. However, it becomes even more strategic if you have offline conversion data or the Salesforce connector in your account. This data will turn you into a powerhouse as you can use sales goals as conversion action sets.
Here is an example of how this worked in a campaign I tested it on. The aim was to optimize the campaign in favor of low-funnel conversions. I implemented the conversion campaign in favor of low-funnel conversions in week 38. You can see (weeks 30-38) that the campaign is only driving medium-funnel conversions. For a month after implementation, conversions increased on low funnels as conversions decreased on medium funnels. CPAs rose as the higher value leads rose. In the second month, all conversions in the middle of the funnel fell completely and CPAs for low funnel conversions were offset.
As expected, this strategy also had a positive effect on sales.
In the two months after this change in strategy, we were able to increase sales 160% in the last two months.
Setting up conversion action sets takes 10 minutes and can revolutionize the way your accounts are structured and managed.