For those of you who still haven’t hear what PromoteIQ is, it is an advertising tool that enables retailers to work directly with their brand partners to promote their products on-site. Acquired by Microsoft some time ago, PromoteIQ is growing fast and shaping the future of e-Commerce quite significantly. A few weeks back, we explained to you how promoteIQ was a game-changing revenue generator for Home Depot. If you would like to read that article, click here.
PromoteIQ will run your products as pay-per-click advertising solutions and increase your clickthrough rate and the self through rate of the products on the hosting site. The benefits of this are;
- Increase in sales.
- Increased visibility of products on highly relevant pages.
- Increased shopper interactions with the products.
PromoteIQ offers several placement options for your ads on multiple pages of the same site, such as:
- Search results
- Browse results
- Product information pages
- Order confirmation pages
- Cart page/checkout pages
- Category pages
The all-new In-Grid placements are gaining popularity due to their ability to be placed on more devices.
What are the things you should consider before launching a successful campaign?
- Budget and flight dates
If your budget is too low, or if your campaign duration is too short, chances are, you might not receive your expected outcome. Therefore, it is quite important to enter a budget that can cover the number of products you’re promoting. We recommend $500 per week for a start. Make sure your campaigns run at least 6–8 weeks to receive enough visibility. Also, your campaign must run continuously without any hiccups.
2. Product selection
To take full advantage of all the featured tiles on the site, you should select 5–8 OMSIDs per category or more. Selecting best selling products or new/seasonal items could also increase your sales. By avoiding the advertising of slow-selling products, you can minimize the risk of getting lower campaign performance.
Make sure your products are eligible for auction, and they’re competitive against other brands who run campaigns alongside you in the same category. Your bid needs to be above the minimum bid, and you need to bid within the suggested bid range. Also, double-check whether your bid is overpriced for significantly low-priced items.
Reviewing your targets to ensure your promoted products are displayed in front of the shoppers you want to reach is quite important. Review the suggested targets and if they’re not relevant, contact support and let them know. If your goal is to reach shoppers with higher purchase intent, you can simply deselect the Homepage. For broader visibility, keep the homepage selected.
How can you drive performance through reporting?
- Preset reports
These allow you to select reports with already selected fields, where you can get your insights quickly. Under preset reports, there is a range of reports you can generate.
A. Campaign Summary Report
Using this report, you can download specific metrics related to your campaigns such as views, engagement, and sales. Impressions, clicks, average CTR, average CPC, total sales, and ROAS are some of the insights you can access.
B. Detailed Campaign Performance Report
Using this method, you can get a breakdown of the performance of your promoted products. Share of impressions, clicks, spend, and sales from each promoted product are some insights you will be able to access through these reports.
C. Sales Report
This report provides you the products that were purchased as a result of your campaigns. Using these, you can track what products are being purchased more/less. You can also uncover shopper insights and purchasing behaviors of your buyers.
What are the benchmarks you can measure?
- Program Performance Benchmarks
A. The average Click Through Rate needs to be 0.25%-0.35%
B. ROAS needs to be 300%-500%
C. The average Cost Per Click needs to be $0.50-$0.75.
These are just numbers we have determined for ourselves as a standard, but these may vary depending on the category.
You can still have a lower CTR and higher ROAS if your conversion rate is higher. And if you’re promoting slow sellers or new items with lower awareness, your ROAS could be lower. Also, categories with higher prices will have a higher average cost per click than the ones with lower prices. Therefore, you need to understand that these benchmarks could or could not apply to your campaigns.
PromoteIQ, just like any other advertising tool might look difficult at the beginning, but once you familiarize yourself with the platform, you can easily generate more sales and increase your brand awareness by utilizing its unique and popular features.
With all these in mind, we have prepared a set of frequently asked questions for you. These will be our focus area of the next blog. Stay tuned!