A campaign can be split into as many strategies as you need to test different approaches — think of strategies as similar to "ad sets" on other advertising platforms. Each strategy has its own budget, schedule, audience, placement, bidding, and creative, letting you run multiple targeting approaches side by side within a single campaign.
Adding a strategy
Open your campaign and go to the Strategy step.
In the left panel, click Add strategy + below your existing strategy list.
Give the new strategy a name, and configure its budget, audience, placement, bidding, and creative independently from your other strategies.
You can switch between strategies at any time using the same left panel, which lists every strategy in the campaign by name.
What can differ between strategies
Each strategy within a campaign can have its own:
Name
Budget — Daily or Lifetime (see Set a Budget for your Campaign)
Date Range
Audience — locations, in-market & interests, custom audiences, web audiences
Placement — Apps & Channels or Live Sports inventory
Bidding — Automatic or Manual
Creative — one or more videos, run at random if multiple are selected
This makes strategies useful for testing different audiences, creatives, or bidding approaches against each other, or for targeting different segments with tailored budgets within the same overall campaign. See A/B Testing for how to use multiple strategies to compare performance.