Broad match drives higher revenue per conversion – but at a cost: Study

With speculation swirling that Google Ads may eventually kill match types, advertisers still need to optimize for today’s reality.

A new Adalysis study of 16,825 search campaigns shows broad match can unexpectedly deliver higher revenue per conversion, even though it often comes with higher CPAs.

By the numbers:

• Exact match remains the most efficient, delivering higher CTRs, conversion rates, and ROAS – but with fewer impressions.
• Broad match is inconsistent but powerful when paired with Google’s automated bidding signals. Under Max Conversion Value, it outperformed in revenue per conversion.
• Phrase match is the problem child. Despite decent conversion rates, it often underperforms on CPA and ROAS because Google applies weaker bidding signals compared to broad.

Zoom in: Ecommerce bidding

• Under Max Conversion Value, broad match shines for higher cart values, while exact is best for single-product buyers. Phrase trails badly.
• With Target ROAS, exact wins on efficiency, but phrase delivers surprisingly strong revenue when data volume is high. Broad also performs solidly thanks to Google’s signals.

Lead gen bidding:

• Max Conversion: Exact dominates; phrase has higher CPAs, broad delivers cheap clicks but questionable lead quality.
• Target CPA: Exact again leads, but phrase holds its own with enough data. Broad lags except when more volume is needed.

Other bid methods:

• Manual CPC: Exact rules, broad mostly used by smaller advertisers chasing volume.
• Max Clicks: Broad match captures cheap clicks and lowest CPAs, while phrase struggles.
• Target Impression Share: Exact dominates for brand and conquest campaigns; phrase often matches irrelevant queries.

Why we care. This study of 16,000+ campaigns shows how match types actually perform under modern bidding strategies. Broad match, often dismissed as wasteful, can drive higher revenue per conversion, while phrase match often underperforms – meaning the right choice directly impacts ROAS, CPA, and efficiency.

Between the lines. Broad match benefits from Google’s unique bid signals that other match types don’t get, which helps explain its surprising revenue gains. Phrase match, meanwhile, struggles because it lacks those signals despite appearing more “targeted.”

Bottom line. Start with exact match. Use broad if you want more volume – and can handle higher CPAs. Phrase is best reserved for larger accounts with enough data to stabilize performance.

The study. The complete match type performance study: The best match types by bid method