The fourth important step to securing your online success is optimising your performance at a product level to ensure maximum profitability.
It's one thing to get your product content optimised and live everywhere your consumers are browsing, but it’s a totally different ballgame making sure that each product listing is driving revenue and performing in line with your specific success metrics - and this is especially true if you have hundreds or even hundreds of thousands of product SKU’s!
If you only have a few products you can, in the short-term, manually optimise each of your products individually. But this only works when you have a very small catalogue, using a couple of different channels.
For mid to long term success you will need to automate this process, or only pick a few products (some retailers just choose their best performers) and optimise those, leaving the rest of your catalogue untouched.
If you already have a medium-to-large catalogue, the following issues will need to be addressed in order to close the gap on lost revenue at a product level:
- How are your CPC bids being set? If they aren't being set at individual product level, you could be paying far more than you need to.
- How do you decide what is the right amount to bid? Is it at the discretion of whoever is doing the manual bidding?
- How do you identify products that are "vampires" - sucking the budget dry and shaving your margins ever thinner?
- How do you keep up with knowing those "sweet spots" for your bids when the trends and seasons change?
- How are you going to scale up or down depending on the future of your business?
The Intelligent Solution:
The Intelligent Reach platform starts by tracking every click on each product across all online channels - so we know how much each click costs and ultimately how much revenue it is driving.
Then, our complex algorithms ensure that your products are optimised in line with your specific performance metrics, be they margin, Cost of Sale (CoS%) or another specific metric.
Additionally, when a product/channel combination exists that is not in line with your specific goals, the product will be removed from that specific channel, while remaining live on other channels that are performing.
Intelligent Reach optimises every single product, ensuring no revenue is lost and increasing your product profitability.