What do you do when simply submitting a shopping feed is no longer enough to succeed? One of our marketing experts shares 4 bidding strategies for rising above the Google Shopping competition.
The Shopping Feeds world is constantly changing. A couple of years ago, all you needed to do was submit your feed to Google--now running shopping feeds with Google requires an AdWords account, a budget and a serious bidding strategy.
For the new and even experienced merchant, knowing how to optimize bids can be daunting. We’ll go over 4 different bidding strategies that can be used alone or in conjunction with one another to get your products the best results.
Bid by brand, product type or other characteristicsWith the new Google Shopping campaign type, merchants can more easily segment their products into larger categories for bidding. For example, if you want to bid higher on one brand versus another, break out your campaign into those brand groups and then set a bid for each brand.
This can carry over into other types of segmentation. If you sell home goods, and you want to bid higher on sofas versus lamps, create a segment for sofas and another for lamps and set the bids separately for each. Just make sure your product information has either Google Product Type or Google Product Category filled in properly to allow for this segmentation.
Bid by SKUTo get even more granular than product categories, you can break out each of your product SKUs into its own bid; this is a great strategy if you know the margins on each of your products and want to have that full control. However, be aware that bidding by SKU is a very time-consuming process, especially if you have thousands of products. It is not recommended for most merchants, and may even hinder performance if done without a clear plan of action and knowledge of sales margins.
Break out top-selling SKUsCreating one campaign for your top-sellers is a hybrid strategy that will allow you to group your top sellers, and then break those products out further into their individual SKU bids. This will allow for control over products you want to bid on individually while saving you from having to manage individual bids on your full catalog of products. You can then create higher brand or category level groups for the rest of your products.
Product removalWith Shopping Feeds, it’s easy to see how each of your products are performing by looking in the Dimensions tab in your campaign, and then choosing to view search terms.
When analyzing this data, you may notice that some products are costing you money and not converting. If those are products that initially get people to your site and navigate around, then spending that money may be worth it. But if not, you can always remove those products from being submitted in your feed. This allows you to conserve your budget for higher-converting products and clicks.
Overall, remember that while bidding strategies impact your shopping feed success, the strength of your product information can also help determine when your products will show in the results. Watch this video for more information on optimizing your product data.