Competing on Google
Competing on Google Shopping has become very difficult and highly competitive. Google Shopping users are now able to see price comparisons of products and are able to find the best deal within minutes of searching on the platform.
The reason why Google Shopping is starting to be a lot more competitive Is because businesses are lowering their profit margins so they can sell products for the lowest price possible and the outcome from having the lowest price on Google is that their business will sell larger quantities than any of their competitors. This results in a lower profit per product sold but it will result in selling more which will level up to increasing the total revenue.
Creating a competitive strategy
If you want to be a successful retailer on Google shopping you will need to make sure you have a successful strategy. The main elements which you will need to follow are keeping your prices highly competitive as its very easy for a customer to compare prices. From research we have found that keeping your pricing competitive is critical to success. By pricing your products more competitively they will generate significantly more clicks and conversions.
Testing & Adjusting Bids accordingly
Bidding on Google Shopping is completely different to Google Search. The reason why the two platforms are different is because a lot of the users on Google Shopping are optimising their product bids due to performance. Whereas on Google Search you will adjust your bids based on the average position and this doesn’t change as often.
Adding New Keywords To Your Product Title
From research, we have found that by changing product titles its known to be one of the most important parts of your product feed to optimise. This is by adding new keywords to the title this will result in increasing the CTR and generate more impressions.
Segmenting By Product ID
Segmenting by product ID can be very beneficial as by arranging all products by different product margins you can define what products you can additionally increase the bids on. By having the products put into categories by profit margins you are able to understand how much you can increase the bids by.
If you divide your products into three groups for an example you can have all the products which are low profit to the organisation under the ad group “Low”. Then products which are in the middle which are in between high and low profit margins which you can call the next ad group “Medium”. Lastly for the products which generate the largest amount of profit you can have that saved as “High”. From having these groups you are able to optimise the account in the most advanced way possible.
