Google’s maximize conversion value, which was first announced at Google Marketing Live (GML) in May, is now available in all Search campaigns. The aim of maximize conversion value is to optimize for the greatest conversion value within budget.
Just like maximize conversions, it will try spending your budget, so make sure you set up your budget for it to be spent. It seems that Google will show an option to lower your daily budget based on your actual daily spend.
According to Google, maximize conversion value uses historical campaign data as well as the searcher’s contextual signals in order to determine what the “optimal CPC” bid is at auction time.
If you would like to use or test maximize conversion value, you have to be using transaction-specific values or have set conversion values for the conversion types you’re optimizing for from the Conversion page under Tools.
Conversion value rules were teased at GML by Google in order to give advertisers more flexibility in assigning value to conversion actions. Once it has become available, rules will be able to be set based on characteristics like location, devices and audience.