Online businesses and businesses that employ the internet to spread their business must be wary of Conversion Value. It helps the businesses understand how much returns they are getting by adopting different marketing measures. When businesses employ different measures, each one of them produces different results. The ones that are substantial to the business are then promoted and made efficient to enhance the overall marketing strategy.

What does Conversion Value imply?

It is a numerical value attributed to a specific conversion to assess the impact of that conversion on your business. Through this method, you can track the Return on Ad Spend for studying the effects of marketing measures already in use. For example, if a user clicks on an appropriate ad and downloads a document from your website, and that creates an impact on your business, you could assign a value to it. Every time someone downloads a document from your website, the conversion value will be reflected in your account.

Target Return on Ad Spend can be set up to maximize conversions. Setting up conversions helps in receiving more information regarding specific keywords, campaigns, and other forms of advertisements, etc that help in gathering more attention and customers. This information can be used in making better results regarding business and business strategies.

How do you assign a Conversion Value?

Conversion Tool is free to use and businesses or individuals who wish to set up a ‘conversion value’ can follow these steps:

• In the Ads account, there is a section titled ‘Value.’ Under this section, users can assign a uniform value to a specific conversion. Users also have the option to assign different values to different actions as not every conversion needs to carry the same value. Setting up of same value for each conversion can be made through assigning ‘static value’ while ‘dynamic value’ is used in the other case.
• The next step involves adding or modifying the website’s code. A tag has to be inserted on the page that the visitors will see after a conversion takes place. The tag involves the input of the value of conversion and its currency. If you are unable to perform this step, you can consult a web developer to aid you in setting up conversion codes.
• As soon as the necessary modification is made, every time a conversion takes place, the required information is relayed back to the user’s linked account and is reflected as ‘Return on Ad Spend’ for convenience.

On the other hand, if users have an active conversion tool and find the need to make necessary edits, they can follow these steps:

• In your account, you will have to visit the ‘Tools & Settings’ section.
• Under this head, you will find a section titles ‘Conversion.’ After clicking on it, and selecting the conversions that need to be edited, choose the ‘Edit Settings’ option.
• Follow the above-mentioned steps to add static or dynamic values to these conversions.

How to set targets?

Users will have an option to manually set their bid strategy after assigning conversion values to each action. Bid strategies can be set in case of both, static and dynamic values. Users have to click on the appropriate Campaign through the checkbox next to it and then click on ‘Edit.’ After clicking on edit, you will have to choose the ‘Change Bid Strategy’ option and set it to Return on Ad Spend. This will help in maximizing the output.

Why should you use conversion values?

The use of conversion value depends entirely on your nature of business and marketing strategies. Your business needs to have diverse actions and multiple marketing strategies for this tool to effectively do its job. If the online forms of advertisements result directly in well-defined sales or purchases, it becomes easier and convenient to use this tool. E-commerce websites list different products in their offerings. If each product is assigned a single value on the conversion tool, it will not provide accurate and proper results. Assigning transaction-specific values through ‘dynamic conversion’ will help in optimizing the account. Similarly, if certain keywords are attracting more customers or are leading to more sales, assigning a value to them will help in the optimization of marketing strategy. Some keywords attract customers while there are keywords that make them buy more. It is important to understand the difference between them as different businesses might find different needs for these and may assign a higher value to either one of them.

Thus, conversion values are essential to a business as they help in tracking the impact each marketing measure has on your business. If an advertisement does not result in a sale or purchase, a valueless conversion can be assigned to it to know its impact. Therefore, the Conversion Tool helps a business in making informed decisions regarding marketing strategies and in improving their online presence.