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Multifamily Marketers Can Level Up Their Paid Search Strategy
Performance Max is a newer goal-based campaign type that can show ads across all available channels of the Google Ads platform including, Search, Shopping, YouTube, Display, Discover, Gmail, and Maps. It targets all ad formats within a single campaign (wow!). With promises of a large conversion impact, our team tested Performance Max in multiple markets, across 14 properties throughout Q1 of 2023, with a range of budgets.
Google’s Smart Bidding combined with attribution technology determines the best options for your campaign and determines bids on the auctions that meet your goals. Google will mix and match the creative elements to come up with an ad depending on the placement. Amazing, right?
Google decides what your ad will look like, where, when, and to who it is shown to (basically, at the mercy of Google). This seems to be where Google is moving and claims to have better insight and produce better performance.
2. It’s A Black Box (Advanced Darkness)
There is limited insight into where the budget is being allocated, what channels it’s being served on, and what visitors (retargeting) are being shown the ads. What little we can see is placement by impressions and search term “themes”.
3. Broader Reach
Utilizing Performance Max on average increased our conversions by 81% and reached 120% more users with its large array of placements. Google handles most of the behind-the-scenes work with automation, you just need to be able to set it up for success (quality creative and conversion history). Viola!
The results of Performance Max did not disappoint with increases of 120% in impressions, and 81% more conversions with a 24% more efficient CPL! It's wide reach and simple setup allows us to capture a large audience with ease. However, with this increase we see the introduction of more bots, click farms, and other malicious clicks. Alongside that, the insight into the campaign is almost little to none.
We Recommend: Implementing this campaign strategy for larger lease-up deals that are in need of additional traction with a budget of a minimum of $1,000 a month. Keep in mind that Google will need conversion data points to learn what works and what doesn’t. Want to know more about Performance Max? Reach out to [email protected]
