Google Ads Updates 2024: Key Takeaways from Google Marketing Live

The 2024 edition of Google Marketing Live was packed with updates and insights that every Google Ads user should be aware of. For those unfamiliar, Google Marketing Live is Google’s platform to showcase its latest advancements and product roll-outs. It’s a one-way communication event where Google reveals its latest innovations.

I attended the event in Sydney, so you don’t have to watch the entire 90-minute keynote. Here, I’ll break down the top five announcements that will impact your Google Ads campaigns for the remainder of 2024. As always, I recommend a cautious approach to implementing new changes and recommendations.

1. Enhanced Focus on Broad Match Keywords

Google has doubled down on broad match keywords, highlighting the improvements in their AI models. According to Google, these new models are 100 times more efficient than those from 18 months ago, capable of distinguishing between terms like "milk chocolate" and "chocolate milk." This is a notable advancement, but remember that Google previously made similar claims last year.

What's particularly relevant is the growing trend of longer search queries:

• Queries with five or more words are growing 1.5 times faster.
• People are searching in new, more complex ways.

A strategy I’ve recommended over the past nine months is to use 2-3 long-tail broad match keywords with at least 3-5 words. From there, you can build out your negative keyword list and exact match keywords.

2. The Power Pair: Performance Max with Search or Shopping

Google introduced the concept of using Performance Max with Search or Shopping campaigns, touting a 27% increase in conversions. While the exact details behind this statistic are unclear, the strategy itself holds merit.

Here’s how to implement it:

• Start with Search (or Search & Shopping if you’re in eCommerce).
• Once you achieve 30 conversions a month, introduce a Performance Max campaign targeting new customers only, excluding your brand name.

This approach allows your Search and Shopping campaigns to focus on high-intent searches, while Performance Max attracts new traffic.

3. Performance Max: Placement Level Reporting & Exclusion Options for YouTube

Google announced upcoming enhancements for Performance Max campaigns, including placement level reporting and exclusion options for YouTube. Although details are sparse, this update promises more granular data across networks like Display, Search, Gmail, and YouTube.

Additional reporting options will allow for better campaign performance analysis, similar to the benefits seen with asset group-level data reporting.

4. Gross Profit Bidding

One exciting new feature is gross profit bidding, particularly useful for eCommerce campaigns. This allows you to input cost of goods sold (COGs) data at the product level, enabling more accurate bid adjustments based on profit margins.

For example:

• If you have two pairs of sunglasses priced at $100 each, with one costing $50 and the other $20 to produce, gross profit bidding will adjust bids to favor the higher-margin product.

5. Demand Gen Updates

While Demand Gen isn’t new (launched in 2023), it’s worth noting Google’s recent update: reducing the required lookalike audience size from 1,000 to 100. This could potentially make Demand Gen more accessible for smaller brands, though it remains best suited for those with larger budgets.

Previously, I recommended using Demand Gen only for brands spending over $100k a month, allocating 5-10% of the budget. This new change might alter that advice, but further testing is needed before making a definitive recommendation.

Conclusion

These top five takeaways from Google Marketing Live 2024 offer significant insights and opportunities for your Google Ads campaigns. As always, be cautious with new implementations and focus on strategies that align with your campaign goals and budget.

Stay tuned for more updates, and don’t forget to subscribe and turn on notifications to ensure you never miss any important Google Ads news. If you have any questions or if I missed something from GML, drop a comment below!