Digital advertising is constantly evolving, introducing new tools and technologies. Google Marketing Live 2024 conference on May 21 announced a number of new products and updates that can significantly affect the effectiveness of the marketing campaigns. Anyone who missed this event can and should watch the recording here: Google Marketing Live 2024.
In this article, we’ll cover the main new features and updates, including AI Essentials, Performance Max, Demand Generative Ads, and the enhanced Power Pair tool.
AI Essentials and its capabilities: A powerful improvement for all Google’s tools
AI Essentials is a new Google Marketing Platform (GMP) tool designed to improve the effectiveness of marketing campaigns using advanced artificial intelligence (AI) technologies. Its purpose is to help advertisers optimize their strategies and achieve measurable results. AI Essentials integrates with all core GMP components, making it an indispensable tool for any modern marketing strategy.
One of the major features of AI Essentials is the optimization scale, which allows you to track the effectiveness of the marketing campaigns. The optimization scale scores campaigns from 0 to 100%, providing specific, accurate metrics to quickly assess the current status and possible improvements. AI-powered recommendations provide personalized tips based on real-world data from your account, allowing you to improve campaign results in just a few clicks. According to recent data, advertisers who increased their optimization score by 10 points saw an average increase in conversions of 15%.
AI Essentials’ integration with other Google tools is one of its biggest strengths. It allows you to easily combine data and use functionality from Google Analytics, Google Ads, Performance Max, Visual Search, and YouTube Shopping, creating a comprehensive ecosystem for the best results. This provides deep analytics, effective management of advertising campaigns, and improved audience interaction.
Performance Max: What’s new
The Google Marketing Live 2024 conference also introduced several important updates to the already popular Performance Max (PMax), which provides even better performance and flexibility in managing multichannel advertising campaigns. One of the biggest updates in Performance Max is the new Smart Budgeting strategy, which allows advertisers to control costs and optimize budgets for specific business goals more accurately. It offers automated bid adjustments based on real-time, helping to maximize return on investment and achieve better results.
The major features of Smart Budgeting include:
1. Automated bid adjustment. Smart Budgeting uses artificial intelligence algorithms to automatically adjust bids in real-time based on current market conditions and user behavior. This allows advertisers to use the advertising budget as efficiently as possible.
2. Optimization for specific business goals. The strategy allows advertisers to customize their campaigns for specific goals, such as increasing the number of conversions or revenue, or reducing the cost of customer engagement. Algorithms take these goals into account when allocating the budget.
3. Improved cost control. Advertisers can control their costs more precisely, as Smart Budgeting constantly monitors campaign performance and makes adjustments to remain within budget.
4. Maximizing return on investment (ROI). A more efficient resource allocation and quick response to market changes allow to maximize return on advertising investment more effortlessly. Smart Budgeting enables advertisers to significantly improve the performance of advertising campaigns by providing flexible and adaptive budget management based on real-time data and analytics.
Advertisers who use gross profit optimization at reasonable rates are reported to see an average increase in revenue of 15%. In addition, improving the quality and efficiency of ad image creation allows campaigns with high Ad Strength to be published 63% more often. At the same time, Ad Strength optimization allows advertisers to increase conversion by 12% when moving from “poor” to “excellent” advertising effectiveness.
Demand Generative Ads integration with YouTube and Display & Video 360
Google announced the integration of Demand Generative Ads (Demand Gen) with Display & Video 360 and Search Ads 360, largely expanding the opportunities for advertisers. Demand Gen allows generating, converting, and measuring demand on YouTube and all other Google platforms with Floodlight optimization. This tool allows to seamlessly manage Demand Gen campaigns alongside other Display & Video campaigns, enabling advertisers to evenly distribute ad budgets and scale performance. With new optimization capabilities, you can more effectively manage the frequency of ad impressions and achieve greater performance.
One of Demand Gen’s key updates is the improvement of Lookalike segments, which lowers the audience list threshold from 1,000 to just 100 users. This creates vast opportunities for both large and small businesses. In addition, the integration with YouTube Shorts provides a high level of connection, as users can use stickers to make the ads more interactive. Advertisers who added their product feeds to Demand Gen saw an average of 33% more conversions at the same CPA.
YouTube is the central platform for Demand Gen and reaches billions of users every month. YouTube Shorts ads that integrate vertical videos and stickers increase viewer engagement and increase views by 40%. YouTube has more than 70 billion short videos viewed daily, making the platform a key tool for visual storytelling and attracting new customers. The platform also allows the use of videos created by popular YouTube creators, which adds trust and increases the effectiveness of advertising campaigns.
Demand Gen’s integration with Search Ads 360 makes it easy for advertisers to customize and optimize Floodlight campaigns to engage customers through a variety of visual formats available on Google. Ads can be optimized for various marketing goals, such as sales, leads, and site traffic. The process of setting up campaigns in Search Ads 360 is simple and intuitive, allowing advertisers to effectively manage bids, budgets, and ad formats for maximum results.
Power Pair: Even more empowered to maximize campaigns
Google has introduced an update to one of its most powerful tools, the Power Pair, which combines Google’s search capabilities with Performance Max to bring the effectiveness of ad campaigns to a whole new level. Power Pair uses intelligent algorithms to deliver the best results by combining Broad Match and Smart Bidding in search campaigns. Now, advertisers can optimize their campaigns with less effort and achieve higher performance largely because of this powerful feature
Over the past six months, AI-driven improvements to Power Pair have increased Broad Match performance by 10% for advertisers using Smart Bidding. This allows you to expand your search reach and attract your best customers, no matter where they are. Advertisers who added Performance Max to their search campaigns saw an average increase in conversions of 27% at the same cost, highlighting the effectiveness of this tool.
The effectiveness of Power Pair can be confirmed by the results of advertisers’ efforts in various industries. For example, in retail, most advertisers using Performance Max already observe great results. Power Pair gives advertisers vast opportunities to achieve the highest results in search and Performance Max campaigns. The use of artificial intelligence and the integration of different advertising strategies allows you to get large benefits and increase conversions, making this tool essential for any modern marketing strategy.
Google Marketing Live 2024 introduced a number of important updates to tools such as AI Essentials, Performance Max, Demand Generative Ads, and Power Pair, which significantly increase the effectiveness and integration of marketing campaigns. Using these innovations allows advertisers to optimize their strategies, improve campaign results, and reach new heights in digital marketing, providing deeper understanding and control over advertising activities. See the full presentation here.
Take advantage of the enhanced capabilities of Google Marketing Platform and Google Ads with Admixer Advertising. Contact us to learn more about how we can help you integrate these innovations into your strategies.
