During this time of economic uncertainty, where consumers’ pockets are tightening, growing an eCommerce business can be challenging. We want to help, which is why we recently assembled a panel of experts to discuss useful Pmax methods.
We were joined by: (1) Johnny Bott, an Account Director at DemandMore, who has worked with leading retailers like Nike to drive their paid media performance, (2) Sri Sharma, the CEO of Increasingly, a product bundling platform, and (3) John Cave, the Managing Director of feed optimisation platform Shoptimised.
The three specialists shared their opinions regarding strategies that retailers can use to leverage their PMax campaigns, the topic that this second blog of three will cover.
Controlling PMax Settings
The majority of retailers and advertisers have accepted the automatic switch from their Smart/Standard shopping campaigns to PMax, believing that they are no longer in control of the budget split. Overall, less budget is dedicated to shopping ads, instead divided through various other channels.
However, John asserts that you can obtain a level of control over your Pmax Campaigns through adjusting certain settings. For example, you can skip adding assets and switch off final URL settings. This can take PMax campaigns from 85% shopping traffic to around 95%, and, in some cases, around 100%.
It is something that John encourages retailers to do, as other channels, such as search and display, can still be managed through other campaigns.
Therefore, whilst PMax campaigns do produce a ROAS that is, on average, 20% greater than Shopping campaigns, many retailers do not realise that they have lost shopping traffic. This also means that they are missing further opportunities to grow.
Products Missed By PMax
PMax campaigns work by optimising towards the best performing products, with around 5% of products receiving 90% of the spend. Whilst this drives profit, it can also block the growth of the retailer, as the majority of products are not being served. Johnny encourages retailers to identify non-converting products, and make subsequent adjustments accordingly. For example, you can focus on:
- Changing the pricing of products
- Trying different titles
- Switching product images
- Testing different styles of landing pages
- Increasing the speed of landing pages
You can also label non-converting products, setting a rule to push them through a test campaign, which then forces traffic through those products. Extra revenue and profit may then be obtained from this method. This is an opportunity that is often missed as PMax is significantly automated.
Google Shopping Bundling
Sri focuses on the concept of increasing your inventory, particularly through an Increasingly tool called ‘Google Shopping Bundling’. This tool works in the following ways:
- It runs the retailer’s inventory through algorithms to identify which items are likely to be interesting and clickable, or likely to be purchased together. The latter is recognised through the algorithm of attachment.
- Computer vision then cleanses the imagery of each separate product, and groups the products together.
- Stock availability is then considered, and the retailer is provided with a second feed. They can run this new campaign in addition to their existing one.
- It is also combined with a specific landing page, where customers can purchase these products in one go.
Google Shopping Bundling won a DRUM award for ‘Best New Technology For Search’ last year, and its results are undeniably impressive. One retailer achieved 13% incremental revenue, 15% higher AOV, and 39% higher ROAS in their standard campaign.
Keep up-to-date with the latest in digital marketing through our resources of blogs and webinars, which you can find here.
The post Part 2 Of Our eCommerce Strategies: How To Leverage PMax appeared first on DemandMore.
