DataFeedWatch Price Monitoring 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.
You will find Price Monitoring in the sub-navigation on the left, when you click the 'Channels' button for any given store. First we need to connect your Google account:
DataFeedWatch will connect via oAuth, so first you need to choose a 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!!
Then approve the access for DataFeedWatch
and we'll start ‘harvesting’ all competitive pricing info for your products.
How to Review the Price Monitoring data
You may have data for thousands of products, so there are various tools to review the data:
- COLUMNS: add or remove columns top your view
- FILTER enables you to view only the most important products
- DOWNLOAD lets you download all data into a csv
How to Use the Price Monitoring data
a) Modify the prices in your store
Once you know how competitive your prices are, you can change them in your store to be more competitive. This is a manual job, so it makes sense to focus on the products that contribute the most to your bottom line.
b) Change your bids based on price-difference
Your bids on Google Shopping should differ based on how competitive the price is. You can change your bids by using a custom label for price difference. You can achieve that in 3 steps:
1. Create internal fields for price difference
The price difference between you and the cheapest competitor:
The price difference percentage between you and the cheapest competitor:
2. Create custom_labels to group the price differences
The next step is to create a custom label in your Google-feed. You use the internal field for price_difference_% to create the different labels. Create your own groups; in the example below we created labels for price difference of more and less than 10%.
Pay attention to detail because it is very easy to make mistakes here. When you are done, do check a number of products to see if the price difference is categorized properly.
3. Change your bids based on the price difference
Open your Google Shopping campaign and use the custom labels to change your bids. Examples:
Cheaper products: If your product is a lot cheaper, you can afford to bid less than the competition; Google will show your product-ad anyway, because they know that the consumer is very interested in a low price. This is how you can 'earn back' some of the lost margin by saving on the click price.
Expensive products: If your product is more expensive, you may need to outbid the competition (or lower your price). Another strategy can be to lower the bids on these products, because the consumer may click your product ad, but ends up buying the competitor's product - so why even pay a high price on clicks?
c) Exclude uncompetitive products
If you are advertising products that never get sold because they are so much more expensive than your competition, you can also consider to stop advertising them completely. This can be done with a simple exclude rule:
Before you get started, please note these practical issues:
Google account with Admin rights
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 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. Having GTINs for every product is key. If you have no GTINs in your data feed, we are unable to provide you with pricing data.