Can AdWords ValueTrack parameters be nested?

Question

Google provides ValueTrack as a mechanism for adding dynamic parameters to your advertising URLs. I have successfully used it for tracking clicks from their search network and content network in separate campaigns:

• utm_term={keyword} in a search campaign to pass the keyword the user searched for to my site
• utm_term={placement} in a content campaign to passe the site where the ad appeared

If I want want to combine the campaigns, can I somehow combine this tracking? I see that value track offers {ifsearch:[value]} and {ifcontent:[value]} options. Can the keyword and placement be nested inside of them like this?

utm_term={ifsearch:{keyword}}{ifcontent:{placement}}

Answer 1

Here is the tracking URL required by Infinity:

http://example.com/?infinity=gaw~Campaign~Adgroup~{creative}~{ifsearch:{keyword}}{ifcontent:{placement}}~{matchtype}{ifcontent:c} 

They are using nested ValueTrack exactly like I was envisioning. So it can be done!