Bid caps can be used with Smart bidding by creating a portfolio per campaign for applying specific bid adjustments. The process involves several steps:
- Click on tools (location depends on the Google UI in use).
- Click on "Budgets and Bidding", located between "Bulk Actions" and "Business Data".
- Go to "Bid Strategies" and create a new one. Different bidding strategies will be displayed, including the distinction between TCPA/TROAS and running Max Conversions/Conversion Value.
- Apply desired settings and name your strategy. Note: bid caps under advanced settings will not be visible until a value is entered for TCPA or TROAS under Max Conversions/Conversion Value.
- Click "Campaigns" and navigate to the campaign where the bidding strategy will be applied.
- Under settings, state that you want to select your bidding strategy manually (hidden under "not recommended").
- Choose Portfolio Bidding strategy and select the strategy from existing strategies.
- Save to finish.
Bid caps can still be used with max conversion or max conversion value bid strategies, despite common misconceptions. This feature, although hidden due to UI "choices", is crucial for achieving profit and victory with Google Ads. Optmyzr customers can use the Rule Engine to adapt the bid caps automatically based on performance.
