Targeting settings (Audiences, location)
If your campaign is targeting a smaller subset of users with very specific keyword themes, location, ad schedule, or language settings, it may also be more likely to have performance fluctuations. More granular targeting means there are fewer eligible auctions that your campaign is eligible to enter at any given time. You may notice larger changes in spending or serving if the competition increases or decreases in this smaller set of eligible auctions, because there are fewer auctions the system can enter and win to improve performance.
What you can do
Consider expanding your campaign’s targeting to increase the number of eligible options and improve the potential reach of your ads.
Targeting overlaps with other campaigns or ad groups
You may have multiple Smart campaigns in your account that are eligible to enter overlapping auctions due to similar keyword themes or other targeting. If there is overlapping targeting, traffic may primarily go to one of your campaigns.
Example
If you have multiple keyword themes from the same account that match a search, only one will be entered into the auction.
What you can do
Review your campaign’s targeting and consider updating the targeting so it doesn’t overlap with other campaigns in your account
Need something else?
Check other common reasons why your campaign performance is fluctuating.