17/04/2026
👀 Value-based bidding is meant to beat max conversions. The logic is hard to argue with: tell the algorithm which conversions matter more, and it'll guide itself better than a flat-value strategy ever could.
I've argued this principle myself, repeatedly.
Then I moved two campaigns in a plateauing account over to Maximise Conversion Value. Strong value differentiation, clean setup, the textbook case for it.
CPCs in the campaigns I'd switched jumped by over 60% in a month, and the high-value conversions I was actually chasing declined... and so did the lower-value conversions that had been doing fine without it.
The mechanism is the interesting part, and it's changed how I think about what to feed smart bidding in general. There's a precondition for VBB that's rarely discussed, and when it isn't met, the theoretical advantage becomes an active handicap.
Full breakdown, the data, and the two ways out in my latest blog post.
👉
Value-based bidding outperforms max conversions in theory. In one plateauing account, it didn't. Here's why, and what the mechanism tells us about smart bidding.