The Hour of the Week tool aggregates hourly performance data and allows you to see which day of the week and hour of the day gets you the highest traffic and conversions/sales. Based on this data, you can increase bids for time slots that are profitable and use ad scheduling in AdWords to not show ads during time slots that are wasting money.
You can download the report in a CSV format to analyze the data in Excel.
Yes, you can use the Hour of the Week Bid Modifier optimization to do this.
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