Optimizing your Google Shopping campaigns
It is becoming easier for buyers to find the best deals thanks to the presence of the Internet and tools like Google Shopping. So how can you increase the profitability of your Google Shopping campaigns and optimize their results?
Through a simple search on Google such as “Apple iPad Mini”, not only the websites that have to do with search words are shown, but also a series of sponsored links from various online stores that have the photo, name and price of the same product.
This shows how important it is to offer an image of competitiveness in sites such as Google Shopping, since buyers have it really easy when comparing products and select the option that suits them in each case. Here are 4 ways to improve your campaigns on Google Shopping.
Steps to increase the profitability of your Google Shopping campaigns
Analyze your product catalog and your competitors’
First and foremost, you need to know more about the similarity between your catalog and the one of your competitors. It is not the same to control the performance of products for which there is no competition in the market than for those where competition is very high.
To find the products for which you need to pay more attention to, you will have to analyze your catalog first and keep the answers to the following questions in mind for the next steps.
What are your star products?
Are they the same as those of your competitors?
Do you stand out on any product for which there is no competition in Google Shopping?
Check prices in the sector and your positioning
You already know which products have more or less competition in your sector. With this information, it is time to check the status of your prices in each of them.
Products in which the level of competitiveness is higher will require a more thorough analysis of the prices of your competitors.
You must contrast the magnitude of the price dispersion in each case and act accordingly. If these acquisition costs, do not allow you to make further reductions, you will have to take some action with other products in order to avoid a greater loss of profit.
On the other hand, through a thorough analysis of the market, you can observe at what prices your competitors sell and contrast those prices with yours in order to have a clearer vision of the margin you are working in and how far you can go, which can also lead you to rethink if you can negotiate better terms with your distributors.
Redefine your pricing strategy
In a market as transparent and competitive as today’s, you cannot simply rely on intuition when fixing prices. Whether you calculate your prices based on the acquisition costs or on other factors such as logistics, you cannot ignore the actions of your rivals in the marketplace.
Be very aware of what limits pricing and where you can stretch or shorten your profit margins more.
The arrival of Google Shopping has made it very easy for buyers to compare, and, on the other hand, has forced online marketers to be more than ever up to the day of the prices of their competition.
Invest money in the right products
You already know the investment of cost-per-click campaigns. In the case of Google Shopping, if you do not analyze in detail the products of your competition and their prices, and simply send all your product catalog without making a previous selection, you risk to appear as the most expensive option for certain products in some comparisons made by consumers.
However, to control all the prices of your competition and ensure that you only send to Google Shopping those products in which you are below their prices or at a similar level can become a titanic task if you do not have the adequate means of management. Spending long hours doing this task manually is a very unproductive option if you want to take full advantage of your resources and optimize your competitive strategy.
That is why it is so important to invest in solutions that will speed up this process by automating them and offering more accurate results.
Solutions to optimize the management of products sent to Google Shopping
The solutions that go through using manually updated Excel sheets are an impractical option if you want the time spent in the management of pricing optimized to the maximum. For this reason, there are now online platforms for the management of competitive prices that have undoubtedly become an indispensable ally in the daily pricing of many e-commerce sites. We are referring to the software for price analysis.
To what extent can price analysis software help?
In the first place, the price analysis software collects the entire price information of the competitors in which you are interested. In other words, these platforms, which we also call price intelligence software, allow you to access all the price data of your competitors from one place.
Save time by means of automation and invest in other critical goals for your business.
Through automatic data management you can save yourself all the time that you used to go from web to web by checking prices and invest in other goals like improving your pricing policy.
Additionally, price analysis software is not only practical in terms of overall data management about competitors and time savings. It is also very useful when managing all this information internally and automatically send it to Google Shopping.
How is the information sent to Google Shopping treated?
From all the data collected by the crawlers and stored in netRivals’ databases, the platform analyzes the state of each of your products with respect to the competition and groups them into three groups: cheaper, more expensive or similar price.
Is this useful? Yes, and significantly, since it will allow you to search products by specific filters and, with those same filters, you can create dynamic and personalized data feeds that only include those products in which you are more competitive or have a price similar to the competition.
The good thing about this is that you will not have to constantly select products that comply with these conditions manually because once you have established these criteria; the software will automatically search for this information. In short, one of the great advantages of such a tool is based not only on the aspect of data capturing, but also on its interpretation for the final user.
on collected data
Results on state of
The information about prices, stock, and positioning combine to offer calculations about your state of competitiveness with respect to the market average, as well as your positioning in respect to your competition and to what extent you are more or less expensive.
All with the aim of automating to the maximum the most repetitive steps of the price management and optimize the selection of products sent to Google Shopping to get the most out of your CPC campaigns.