Out-think your competition with these five opportunities you may have overlooked.
Q1 of 2018 showed some interesting results in terms how Google Shopping was driving search ad spend. According to this report, 76.4 per cent of retail search spend was driven by Google Shopping Ads. The report shows that Product Listing Ads (PLAs) have become the most popular ad format for advertisers. Far exceeding text ads.
This poses the question as to how we can maximise our ROI without a huge increase in our advertising budget.
The answer is simple. Using something called “Competitive Search Intelligence“.
- Understanding where your spend will have the greatest impact,
- Identifying your strengths as well as your competitors’ weaknesses,
- Discovering hidden and more cost-effective opportunities,
- Eliminating waste.
As a search marketer, you can get a complete picture by doing a comprehensive competitive analysis across all categories, devices and ad types. This will show you your share of clicks vs. the competition in your search market. Gathering this information means you can now master your unique approach to channel your spending on the opportunities that garner the biggest return.
Small increases in Click Through Rate can result in a huge increase in revenue for many retailers. Identifying your niche opportunities and diffuse the impacts of an impending competitor will make a huge difference.
So without further ado, here are my top tips you as a retailer can optimise your Product Listing Ad spend in this hugely competitive environment:
- Keep your wits. Monitoring PLA trends on different channels and devices will pre-warn you if a new player emerges or makes a move in your PLA niche This will enable you to create a tailor-made strategy towards different threats when necessary.
- Go with the seasons. Seasonal shifts will create huge search opportunities almost overnight. Keeping an eye on the season’s trends is important but to gain more insight, focus on last seasons trends and data to identify gaps and find PLA winners before your competition does. Looking at your competitors’ product ads and performance can help you discover the specific ad characteristics — from images to copy to price point or details in the ad title — that will make your ads and PLA spend more effective.
- Take advantage of AI. Using machine learning for categorization is a must. The sheer volume and scale of keywords in a typical search campaign can make mapping out competitive terms by category or market niche nearly impossible to do manually, especially given the dynamic nature of search. Machine learning will provide speed and scale that is not humanly possible. Helping to identify valuable, revenue-driving search terms, categorize them within 1,500 AdWords taxonomies and do it quickly enough to find trends in real time.
- Reduce waste. Waste is very common in the PLA world. This means removing terms that are all but owned by a strong competitor or displaying products that respond to other categories search terms. Throwing money at these terms is what we call waste. A good analysis will give you an insight into where you need to focus your creative and grab that low hanging fruit.
- Location, Location, Location. Results of a listing can include up to 17 ads which means getting top positioning very important. There are some categories where achieving the top position will be impossible or cost the earth to get there. So focusing on your own niche or finding gaps in the market means you can dominate the search results page.
Identifying your problem areas and making the most of missed opportunities is paramount to
Getting your products onto Google Shopping is easy from any