Digital marketing platforms like Google, Facebook have their own algorithm to show your products to the shoppers according to your predefined budget. Their algorithm is great to increase the engagement and sales of your products in your feed according to your objectives. The problem is that on average only ~15% of your products are getting substantial traffic on a daily basis from product listing ads - Google, Facebook etc. This means that the the most important way to optimize your spending for these kind of ads is defining prioritization for your products & changing the weight of your predefined budget across products accordingly.
This brings us to the product scoring which is a process of measuring and comparing the performance of your products for different objectives. For example if a product has high new user percentage, it may be beneficial to increase bidding for this product in your new user campaigns or if a product has competitive pricing but low roas you may consider to decrease the bidding for this product. It’s impossible to make these kind of adjustments manually, but don’t worry CRwizard has an automated solution for you to score your products everyday dynamically.
We’re combining all of your invaluable metrics from a variety of data sources such as Main feed, Google Analytics, Google Ads, Google Merchant Center to score your products. Our algorithm is scoring your products between 1 and 100 in 2 segments which are new user and retargeting. If a product score is close to 100, this means that there’s a higher chance to convert a user with that product profitably. Therefore action should be increasing the bidding. On the other side, if a product score is close to 0, this means that there’s a lower chance to convert profitably - decrease the bid or exclude this product.
Our algorithm is using below item level metrics to score the products.
Google Analytics -> Product Performance -> Revenue, Product Detail Views, Buy to detail rate to define general performance of your items.
Google Ads -> Shopping Report -> Cost to define the ROAS -ads profitability- of your items.
Google Merchant Center -> Price competitiveness report -> Benchmarked price to analyze if the price of your items is higher or lower than the market.
Main feed and additional data sources -> Stock, Variant availability to define inventory turnover of your items Color, size, product type, price range to analyse affinities of your items which do not have enough data.
Blackfriday is an excellent opportunity to increase your sales.
It’s really important to find out your hero products for this specific days as in product scoring. Since the budget is increasing hugely in special days, the importance of using your budget effectively is also increasing. By using product scoring, and adding specifically the last years’ special days data into the algorithm you may create the perfect rule for your shop during special days.
We’re here to help you manage your product feed for different channels & optimize your spending by scoring your products for different business objectives.