If you’ve tried to set up Google Ads to promote your pest control business, you probably have a few questions like, “what is conversion value in Google Ads?” Have you seen your competitors using the concept to their advantage and feeling a bit left out of the loop? Don’t worry — by following a few simple steps, you can start leveraging conversion value for your Google Ads.
In this guide, our digital marketing specialists demystify this advertising metric and how it can make or break successful campaigns for companies just like yours.
What’s a Conversion Value for Google Ads?
A conversion is any action that a customer takes that results in revenue for your pest control business. For example, booking a service is a conversion.
A conversion value is the monetary value you assign to a particular action. It could be making an e-commerce purchase, signing up for your newsletter, or even just completing a contact form. When a customer takes these actions, you count them as “converted,” and the conversion value is how you measure their contribution.
Why Does Conversion Value Matter?
Without knowing your conversion values, you’re basically shooting in the dark with every Google Ad you run. You’ll have no way of knowing whether or not you’re meeting your goals, and you won’t be able to make informed decisions about which campaigns deliver the best ROI.
By assigning conversion values, you can compare performance across different marketing strategies — bringing powerful insight into where to best spend your budget.
Deciding on Conversion Values
Since no two businesses are alike, there is no one-size-fits-all approach to determining a conversion value. Let’s say that you made 100 sales last month that amounted to $100,000, or $1,000 per sale. In the same period, you made 500 conversions — 100 from phone calls, 250 from quote requests, and 150 from appointment form submissions.
With this information in mind, you can estimate the values of each conversion action:
- Phone calls = 20% = 20 sales = $20,000
- Quotes = 50% = 50 sales = $50,000
- Appointment forms = 30% = 30 sales = $30,000
Now that you know quotes offer the best return on investment, you can focus your efforts on that area.
3 Steps to Set Up Conversion Values on Google Ads
So what is conversion value in Google Ads? You can apply this same concept to Google Ads! When you create a campaign, you assign a target value to your ads. This becomes the benchmark for success, as the platform tracks performance and assigns cost-per-click (CPC) rates accordingly.
Here’s a general guideline of the process to start you on the right track.
1. Establish a Conversion Action
First, you’ll need to create conversion actions in your Google Ads account. Here’s how:
- Sign in to your account
- In the upper right corner of the screen, click the tools icon
- Under “Measurement”, click “Conversions”
- Create a new conversion or click the name of an existing action you want to change
2. Decide the Type of Value
With a static value, you set the dollar amount, which remains constant regardless of the conversion. This could be useful when managing multiple campaigns that have the same goal. You can select the “Use the same value for each conversion” option to set this up.
Alternatively, a dynamic value will adjust depending on each individual conversion action — for example, based on the price of a service. It’s a little more complicated to set up, so we recommend working with a pest control digital marketing agency.
If you prefer to do it yourself, select the “Use different values for each conversion” option and enter a default value. Next is the hard part: adding or modifying the tag in your website’s code. You have to ensure that the page where you apply the code snippet is the exact one a customer sees after a conversion.
What About Promotions That Don’t Directly Generate Revenue?
Some conversions, like free inspections or newsletter sign-ups, don’t produce an immediate tangible benefit. Fortunately, Google allows you to still assign values to them with the “No currency set” option.
These values are key performance indicators (KPIs). You may want to assign a higher value to any KPIs on the lower part of the conversion funnel — like a consultation request or quote request. Then you can adjust the budget accordingly.
Optimize Your Campaigns
Once you establish your conversion values, you can choose to automate your bid strategy for your target return on ad spend (ROAS). This involves setting up bid strategies that prioritize ROAS and ensure you achieve your objectives. Here’s how:
- Select the campaign via the checkbox on the left and then select “Edit”
- Click the “change bid strategy”
- Select “target ROAS”
- Input the desired ROAS value
- Press “Save” to finalize your settings
Using Conversion Values to Stay Ahead of the Curve
With your Google Ads conversion value set, you can attribute sales values against keywords, landing pages, ad groups, and more. This allows you to zero in on valuable customers and target them with ads tailored to their interests. Google even has a Smart Bidding option that automatically adjusts your bids based on your inputted values.
While this automated system is convenient, having an expert team of digital marketers on your side can take it further. This is where we come in!
Your Trusted Digital Marketing Agency
At MarketingPests, we understand it takes more than just a few clicks to effectively connect with prospective customers. We excel in creating campaigns catered for pest control businesses that follow digital marketing rules — from establishing conversion values to optimizing ad performance. When you partner with us, expect:
- Dedicated account managers to help you navigate the process
- Comprehensive strategies customized for your business objectives
- Seamless execution of campaigns with maximum efficiency and accuracy
- Proven results-driven approach that will make your budget work harder for you
Do you have more questions like, “What is conversion value in Google Ads?” Book a strategy session to learn more and set your business up for success with a comprehensive marketing package!