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Feature: Bid Strategies for New Products
Do you know how many items there are in an average Google Shopping feed? We did some numbers crunching: an average product feed includes 36,000 products! That’s not all: we also analyzed product feeds of shops — from really small ones with only few brands to huge online-only retailers with countless categories and items. Of course, the bigger the shop, the more products are added on a daily basis. Our analysis showed that big feeds can easily include more than 1,000,000 products.
Tl;dr:
- You can now use the “New Products” selector to target new products in your feed
- Combine it with categories, brands or custom labels to set bids as precise as never before.
Managing a huge Account can be rough
Ok, now think about it: You’re managing your Shopping Campaigns and several hundreds of new products are added daily, how would you bid on them?
The easiest way would be, just to apply your existing strategy on these products. You already thought about it before, they fit perfectly into your existing account structure because you already have these brands or categories – easy. But does it make sense? Definitely not!
Bid Management is no guessing game
Finding the right bid is not a guessing game. You always should rely on hard facts aka historical data. But of course, you don’t have these historical data on brand new items. If your products are entirely new (or have very sparse performance data), Whoop! is looking for similar products, brands or categories (= their neighborhood) and calculates the best bid for them.
But maybe you have specific goals for your new products or they are just seasonal. Wouldn’t it be nice to treat these new products different to your already existing ones? That’s the reason why we added a new feature to Whoop!. Now you can apply individual bid strategies on new products (We call them Advanced Bid Strategies) which were recently added the last days. We’re happy to announce that we published the “New Products” selector. You can choose between:
- yesterday
- last 2 days
- last 7 days
- last 14 days
- last 30 days
Manage Google Shopping and your Feed with ease
Our “New Products” selector, enables you to adapt your strategy on an a-priori-assumption that new products will perform better or worse than other products. And this is just the beginning, we will continue to roll out new Advanced Bid Strategy Selection Criteria to give retailers more control over their Google Shopping Campaigns. For example, we will include Selection Criteria like “Sale-Status”, if you use the sale_price-Attribute in your feed, and much more.
Combine it with other filters
If you set up a new Advanced Bid Strategy, you’ll find the “New Products” selector next to the filter options. You can combine it with categories, brands or custom labels.
Once you set up an Advanced Bid Strategy with the “New Products” selector, any new matching products automatically get these predefined bids.
This is just another additional step to give you as much freedom as possible for managing your Google Shopping campaigns. With all these filter functions you can now place your bids as precise as never before.
Stay tuned for further updates!
