Flexible Bid Strategies automatically set bids to optimize for certain goals across set campaigns, ad groups and keywords. Flexible bid strategies are great for improving performance in ad auctions.
Once you have created a strategy, it will be shared in your Shared Library in Google AdWords, making it accessible from one spot and making performance tracking easier. You can apply the strategy on the campaign, ad group or keyword level from each respective tab.
The chart above is a quick overview of what the various flexible bid strategies are and when to use them.
Measuring success will depend on which of the flexible bid strategies you employ. Reviewing the data will tell you if something is working or not. Since these strategies can be applied at different levels and you will be adding them with different goals in mind, be sure to go over the data thoroughly and make sure the numbers reflect your goals. Also check whether the leads and sales you are receiving are of the same caliber you were receiving (or better) than before you started using flexible bid strategies. This will help you define success.