How much do your competitors charge for the products that you are selling? A daily check of your biggest competitors’ websites will give you an idea of your competitiveness, but how do you keep track for thousands of products on an ongoing basis?
DataFeedWatch Price Watch shows you the competitor(s) with the lowest prices. So you know your ‘price-position’ for each of your products: Do you have the best price or not, who is undercutting you and by how much? This is a goldmine of information that will help you boost your ROI.
The best way to ensure that you are comparing the same products, is to check on Google Shopping: GTIN is the unique ID that enables comparison and Google has already checked that the prices on Google Shopping are indeed the prices that are charged in the store.
So first you connect your Google account. This only works if that Google account has admin rights to both your AdWords account and your Google Merchant Center (GMC). MCC-access will not work!!
Next, we ‘harvest’ all competitive pricing info for your products. You will subsequently see the overview of all your prices in DataFeedWatch:
You may have data for thousands of products, so there are various tools to manage the data:
The performance data is updated every day; the pricing data is updated every week. More frequent updates are expected in next versions of Price Watch.
Knowing your price position for every product will help you in two ways:
For some products, your competitors are offering a better price: you may want to lower the price in your own webshop. For others, you may find that you are way cheaper than everyone else; in that case you can consider raising the price and make a bigger margin!
There are a few ways to do this:
You only change the prices of the products that are generating most of the revenue or traffic. Use a filter to find them and limit the manual labor to a small number of important products
You can download a CSV with pricing data for all products and add new prices to that list by adding or subtracting x%. This new price-list can easily be uploaded into your online store, as a bulk-upload.
You can change your campaign on e.g. Google Shopping based on your price position. Set a different strategy, depending on the kind of products:
Why even advertise them? People may click your ad, but they will probably end up buying the same product from a cheaper competitor. Keep that money in your pocket and remove these products from your feed.
Use the list with all pricing data to create a CSV with these very expensive products and make an exclude-rule in DataFeedWatch with “is-in-list”.
If the difference is small, it will not affect your campaign much, so you might as well kep things as they are.
Google wants to make its visitors happy. So they will always show a product ad that has a much better price. Even if the bid is lower than others offering the same product for a higher price. So lower your bid: Google will continue to show your ad. You are giving up some of your gross margin to offer a low price – now you can earn some of that back by paying less for a click!
It is free. Yes. Really. It is a free add-on to our data feed tool.
Before you get started, please note these practical issues
This only works if you grant us access using a Google account with admin rights to both your AdWords account and your Google Merchant Center (GMC).
MCC-access does not work
You can also create a (new) Google account that you assign admin rights to for AdWords and your GMC.
The comparison is done based on GTIN. If you have no GTINs in your data feed, we are unable to provide you with pricing data.
DataFeedWatch is data feed optimization and management software that enables merchants on Magento, Shopify, Volusion, 3Dcart, BigCommerce, WooCommerce, OpenCart, VersaCommerce, and numerous other shopping carts to optimize their product data feed for Google and 1000+ Shopping Channels in 50 countries. The most intuitive and easy data feed management and optimization tool on the market. Free trial and live demo available.