Google Marketing Live 2023: New Announcements for Digital Marketers
Google Marketing Live is an annual event where Google showcases its latest innovations for advertisers. This year’s event, held on May 23, 2023, was no exception. Google announced a number of new features and tools that will help digital marketers reach their target audiences more effectively. In this blog, we’ll take a look at some of the key announcements from this event.
Top Takeaways from Google Marketing Live 2023
Here are some of the main announcements from Google Marketing Live 2023:
1. New AI-powered tools for Search and Performance Max campaigns
Google is introducing new AI-powered features for its Search and Performance Max campaigns. These features will help marketers create more effective campaigns, scale their creativity, and improve their results. The main objective of these features is to supercharge your ability to keep up with the speed, demands, and unpredictability of consumers like never before.
Google is looking to offer a new conversational experience in Google Ads. The new solution is powered by a large language model tuned specifically from Google Ads data to make campaign construction easier than ever for Search ads. Digital marketers will be able to have a natural language conversation with Google Ads, helping them create keywords and assets that drive better performance.
2. New omnichannel and store-centric features for Performance Max
Google is also adding new omnichannel and store-centric features to Performance Max campaigns. These features will help marketers reach their customers across multiple channels, including online and in-store.
Google has announced two new optimisation goals for Performance Max. One is around acquiring customers who have a high lifetime value, and the second is around acquiring customers who have just not been paying much attention to you recently. With this new feature, you’ll be able to guide Google AI to bid more for both of these categories of users.
3. New ways to measure product profitability
Google is introducing new ways to measure product profitability for Performance Max campaigns. These new metrics will help marketers make more informed decisions about their product mix and pricing.
The new metrics include:
- Product margin: This metric shows how much profit each product generates. This can help marketers identify which products are most profitable and focus their marketing efforts on those products.
- Product return on ad spend (ROAS): This metric shows how much revenue each product generates for every dollar spent on advertising. This can help marketers identify which products are generating the most revenue from advertising and adjust their budgets accordingly.
- Product conversion rate: This metric shows the percentage of people who see an ad for a product and then take a desired action, such as making a purchase. This can help marketers identify which products are most likely to convert and focus their marketing efforts on those products.
4. Revamped asset creation flow in Performance Max
With the revamped asset creation flow in Performance Max, you can create and curate best-in-class assets easier than ever. All you have to do is enter your website, and your Google AI will start learning about your brand, pulling in details such as your product descriptions and your logo. It will use these insights to better understand your brand’s unique qualities. As a result, your campaign will be populated with your text and other assets relevant to your brand. It will even suggest new images generated just for you.
5. New Merchant Center Next experience
Google is also rolling out a new Merchant Center Next experience. This new experience will make it easier for marketers to manage their product listings and data. Businesses will be able to use Google’s simplified experience to automatically connect product information from their website. You will have control over how your products appear on Google without the hassle of manually uploading a feed.
6. Product Studio
Google is also introducing a new tool called Product Studio. Product Studio is a generative AI tool that can help marketers create new product images and videos in minutes. This tool is a part of Google’s ongoing efforts to make it easier than ever for retailers to showcase their products.
Product Studio can be used to create a variety of product imagery, including:
- Custom product scenes: With this feature, a product can be uploaded without a background, and AI will do the rest. With a few prompts, backgrounds can be added to the product to make it more eye-catching. For example, a skincare company used Product Studio to add AI-generated peaches with tropical plants in the background to a plain product photo.
- Product variants: This feature can be used to create variations of a product image, such as different colours or sizes. This can be helpful for merchants who want to show off all of the different options available for a particular product.
- 360-degree views: This feature allows merchants to create 360-degree views of their products. This can be helpful for merchants who want to give customers a closer look at their products.
7. Google Analytics 4
To deliver measurement and insights that businesses can use to grow customer lifetime value, Google is working on Google Analytics 4 (GA4).
Google Analytics 4 is a tool that makes Google AI available for everyone and helps you better measure your impact in a privacy-safe and durable way. It’s a new version of Google Analytics that uses machine learning to provide more insights into your website traffic and customer behaviour.
GA4 is designed to be more privacy-focused than Universal Analytics, the previous version of Google Analytics. Here are some of the key features of GA4:
- Cross-platform tracking: GA4 can track users across multiple devices and platforms, giving you a more complete view of their behaviour.
- Automated insights: GA4 uses machine learning to automatically generate insights into your data, so you can quickly identify trends and opportunities.
- Privacy-focused design: GA4 is designed to collect data in a way that protects user privacy. For example, it uses aggregated data and differential privacy to help protect the identity of individual users.
Leverage These New Features with a Digital Marketing Agency in Hong Kong
There’s an enormous opportunity for the future of marketing with cutting-edge AI-powered solutions. Thanks to Google’s latest features, marketing has a chance to become a true engine of business growth.
If you’re a business in Hong Kong, you can take advantage of these new features by working with a digital marketing agency. A good online marketing agency like Digital Nomads can help you:
- Set up and optimize your Google Ads campaigns
- Use the new AI-powered features to create more effective campaigns
- Track your results and make adjustments as needed
- Help you reach your target audiences more effectively
- Set up your GA4 property and configure it to collect the data you need
- Migrate your data from Universal Analytics to GA4
- Train you on how to use GA4 and interpret the data it collects
If you’re looking for a digital marketing agency in Hong Kong, please contact us today. We would be happy to discuss how we can help you take advantage of the new features from Google Marketing Live 2023. Request a free consultation now!