Price Competitiveness & Best Seller Integration Strategies
VersaFeed is taking custom label strategies to the next level by integrating with Google Merchant Center’s Market Insights retail data. Both the Price Competitiveness and Best Sellers reports are currently available within the Merchant Center under the Growth section after accepting the Terms and Service for Google’s Market Insights policy.
Through direct integration with these reports, VersaFeed is able to dynamically update a custom label value in product feeds based on customized logic and direction that leverages this real-time Google data. Here’s more information on each:
While Google positions this information to help drive re-pricing considerations, as marketers we know that is out of our control the majority of the time. VersaFeed has found a way to repurpose this report to help drive a campaign strategy allowing you to focus on your products that are priced lower/better than your competitors.
Example: Using this integration, you could target a standalone campaign to only show product ads on items priced at least 10% lower than competitors via Custom Labels. Note, the 10% threshold is completely customizable.
Google promotes the GMC Best Sellers Report as a way to help you make better assortment decisions. However, VersaFeed has uncovered how to leverage this information more strategically to improve ad performance. By filtering the Best Sellers data down to only look at products you actually sell, this opens the door to a next level “Top Performers” type approach that factors in relative demand across other retailers that promote the same items across Shopping ads and free listings.
Google ranks the relative demand of each product based on the following thresholds:
1. Very high: This product has 51-100% of the demand of the highest ranked product
2. High: This product has 21-50% of the demand of the highest ranked product
3. Medium: This product has 11-20% of the demand of the highest ranked product
4. Low: This product has 6-10% of the demand of the highest ranked product
5. Very low: This product has 0-5% of the demand of the highest ranked product
This ranking information can be incorporated into the feed via a Custom Label to identify products that fall into some or all of these categories.
Ready for a more advanced high-powered strategy? Ask us how to combine BOTH Competitively Priced AND Very High relative demand items for a Turbo-Charged Custom Label.