In a market as interchangeable as we see it now, we know it is extremely important for you to know how your products are price-positioned and then be able to react on behalf of that!
In this blog post, I would like to share some of our insights on how to work with our feed exports.
- Why use our feed tool
- How to make a supplementary feed - and cool ideas for it
- How to add it to Google Merchant Center
Why you should use PriceShape's feed tool
We know that the price is a significant factor in determining whether or not customers decide to buy from you. Using that data in your Google Shopping campaigns can give you a competitive edge.
- Find products where you are competitive
- Allocate your marketing spending better
How to make a supplementary feed - and cool ideas for it
Supplementary feed for e.g. Google Shopping
Please skip this part if you know how to make a supplementary feed. It will save you approximately 4-5 minutes. If you don’t know how to make a supplementary feed - don’t worry! We got you! We have made an in-depth guide to do just this for PriceShape users. You can find it here (only available after log-in).
How to differentiate your products in a feed
If you wish to utilize this even more, you can add Custom Labels, Tags, or Dynamic Tags to your products and have this data in your feed. The labels and two ways of tagging are a way of grouping your products on specific rules made by you.
It could be on the category level. Maybe some of the products in your assortment are very season-based? Add a tag to these in PriceShape and use that tag in the feed export.
Dynamic grouping of your products
Let me give you an example of how this could be done with a dynamic tag made in PriceShape:
Let’s say that you have a dynamic tag grouping the products where you have a high conversion rate and where you are also the price leader of the products. If you then want to exclude these from the bidding or maybe place your biddings more wisely on the products as they already have a reasonable conversion rate, you can have a feed with the exact products in this grouping and their price position in the market as well with the gross margin (note: this is only possible if you have cost price in PriceShape).
As it is a dynamic tag, the products will go in and out of the tag if the products live up to the settings made in the tag - this means that your feed will also be dynamic, and you will always have the accurate price position of your high conversion/price leader products.
How to add it to Google Merchant Center
Nevertheless! Once you have made your feed, you need to take the URL of the feed and put that into Google Merchant Center as a supplementary feed. A supplementary feed might sound super fancy, but it is pretty simple. You have your primary and supplementary feed with extra (supplementary) data to enrich the main feed.
A formula would look like this:
Have you uploaded the supplementary feed to Google Merchant Center? Great! Now, you have enriched your main feed with the data on how your products are priced in the market. You - or your marketing agency - can use this data to allocate your marketing spend to the products where you are most competitive. This way, you don’t spend on products that are not competitive, and you will use your money more efficiently.
