How can advertisers use conversion tracking to identify new audience segments in Bing Ads?

Conversion tracking in Bing Ads provides valuable insights into how users are interacting with your ads, enabling advertisers to identify and refine new audience segments for more effective targeting. Here's how advertisers can use conversion tracking to identify new audience segments and improve their campaigns:

🔍 1. Analyze Conversion Data to Discover High-Performing Segments
By examining conversion data, advertisers can identify trends and characteristics that lead to higher conversion rates. These insights can be used to define and target new audience segments more effectively.

Steps:
Track Different Types of Conversions:

Use UET tags (Universal Event Tracking) to track multiple conversion actions (e.g., purchases, sign-ups, leads, etc.).

Monitor which segments (such as demographics, device types, or geographic regions) perform the best for each type of conversion.

Analyze Audience Behaviors:

Review conversion data in Bing Ads reports, breaking down the performance by parameters like age, gender, device, location, and time of day.

Identify patterns of high-converting segments, such as specific age groups, locations, or even users who interact with certain types of content (e.g., video vs. display ads).

Use Segmentation Features:

Leverage built-in features in Bing Ads, like demographic segmentation or device targeting, to find high-performing segments. For instance, you may find that a certain age group or users from a particular city have a higher conversion rate.

Outcome:
You'll be able to identify the audience groups that are converting most effectively, such as certain age groups, locations, device types, and user behaviors, allowing you to target these segments more specifically in future campaigns.

🎯 2. Create Custom Audiences Using First-Party Data
You can use your own first-party data (from CRM, website, or app) to create custom audience segments for more precise targeting, based on past conversions.

Steps:
Export and Segment CRM Data:

Export customer data from your CRM system, and upload it to Bing Ads to create custom audiences (e.g., recent buyers, past leads).

Define Segments Based on Conversion History:

Use the conversion tracking data from Bing Ads to segment users by the actions they took. For example, you can create audiences based on users who converted on a specific product or service.

Create Lookalike Audiences:

Use lookalike audience targeting based on existing converters to identify new, similar customers who are likely to convert. Bing Ads will analyze your first-party data and find new users who share similar characteristics.

Outcome:
This allows you to create hyper-targeted segments that are based on actual customer data, increasing the likelihood of engaging high-value prospects who are more likely to convert.

🧠 3. Utilize Remarketing Lists for Search Ads (RLSA)
RLSA lets you use the remarketing lists built from users who have previously interacted with your ads or website, allowing you to target these segments with tailored ads, increasing your chances of driving conversions.

Steps:
Set Up Remarketing Lists:

Use UET tags to track users who have visited your website or interacted with your ads but haven't converted yet.

Analyze Remarketing List Performance:

Analyze the performance of different remarketing lists, paying attention to the conversion rates from people who have previously shown interest but didn't complete a conversion.

Expand Remarketing Lists Based on Conversion Insights:

Expand your remarketing lists to include users from similar segments or behaviors that indicate higher conversion potential (e.g., specific pages visited, actions taken on the site).

Outcome:
By using RLSA, you can re-engage users who have shown interest in your products/services but haven't converted, targeting them with specific messaging and offers that encourage them to take action.

🚀 4. Use Audience Targeting and In-Market Audiences
Bing Ads provides in-market audiences—users who are actively researching products or services similar to yours. Combining conversion data with in-market audiences can help you identify and target new segments with a high likelihood of converting.

Steps:
Review In-Market Audiences Data:

Analyze the conversion performance of users who fall into in-market audience segments, such as home improvement, travel, or automotive.

Combine Audience Insights with Conversion Tracking:

Cross-reference the in-market audience data with your conversion tracking data to see which segments are most likely to convert based on their actions.

Create Targeted Ads for High-Performing Audiences:

Use the insights to create more targeted ads for these high-converting in-market audiences, ensuring that your ads reach the right people at the right time.

Outcome:
You can identify new, highly-qualified audience segments based on both their behavior (via conversion tracking) and their stage in the purchase cycle (via in-market audiences).

📊 5. A/B Test Ad Creative to Discover New Segments
A/B testing various ad creatives can help reveal new segments that respond better to specific messaging or offers.

Steps:
Test Different Ad Creatives:

Create variations of your ads (e.g., messaging, calls to action, images) and test them across different segments (e.g., location, device, demographic).

Monitor Conversion Data:

Track which ad creatives drive the most conversions in different segments, and see if certain groups respond better to specific messaging or visuals.

Iterate Based on Results:

Use the results of the A/B test to adjust targeting and creative strategies to focus more on high-performing segments.

Outcome:
By testing and refining ad creatives, you can uncover new audience segments that convert better with certain messaging or offers.

🔐 6. Use Demographic and Geographic Targeting
Leverage demographic targeting (age, gender, income) and geographic targeting (location) in combination with conversion data to identify untapped audience segments that may have a high conversion potential.

Steps:
Examine Demographic and Geographic Data:

Use conversion tracking to analyze how different demographics and locations are performing in terms of conversions.

Refine Demographic & Geographic Segments:

Create new audience segments based on the top-performing demographics or regions.

Tailor Messaging for Each Segment:

Develop specific messaging or offers for these new segments, ensuring the ad resonates with their unique needs and behaviors.

Outcome:
This helps you discover and target new segments that may be underserved, improving the overall reach and performance of your campaigns.

📈 Key Benefits of Using Conversion Tracking to Identify New Audience Segments:
Improved targeting: Understand which audience segments drive conversions and target them more effectively.

Optimized ROI: By focusing on high-performing segments, you can maximize the return on your ad spend.

Increased customer engagement: Tailor your messaging and offers to the needs and behaviors of your most valuable audience segments.

Continuous growth: Regularly analyze conversion data to discover emerging audience segments, helping to scale your campaigns.

By leveraging conversion tracking data effectively, you can uncover hidden audience segments, refine your targeting strategy, and drive more relevant and profitable interactions with your ads.