It was reported a few weeks ago by Search Engine Land that Google had appeared to be testing, or slowly starting to roll out, a new AdWords feature called Campaign Groups. It wasn’t until September 6th that Google officially announced the release of Campaign Groups, which allows advertisers group campaigns with common targets to monitor performance against those goals.
Campaign Groups is accessible in AdWords, and can be found on the left sidebar. Setting things up is easy, as it’s possible to set up multiple Groups with distinct targets. Once you’ve added campaigns to a group, advertisers are able to choose to monitor performance based on either clicks or conversions goals. They can even set specific targets for metrics like average CPC or CPA, spend, and total clicks or conversions.
Campaign Groups is a strictly monitoring feature. It doesn’t have any management functionality at this point.