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Pinterest Ads vs. Facebook Ads: ROI in 2023 (for Online Sellers)
MarketingPinterest Ads vs. Facebook Ads: ROI in 2023 (for Online Sellers)Everyone knows that Facebook is the preferred advertising platform when it comes to e-commerce—it's one of the most popular social networking sites, but also one of the most visited sites on the world wide web overall. But what most people don't know is that Pinterest actually has quite a few of its own unique advertising benefits and features. Let's explore this below. » New to e-commerce ads? Read this ultimate guide to effective e-commerce ads Pinterest Ads According to Pinterest, "... 433 million people use Pinterest every month to find ideas and inspire their next purchase." While this stat may make you think Pinterest ads are worth it, you must first understand Pinterest's advantages and disadvantages because if you decide to add it to your marketing strategy, you can be sure you're using it for the right reasons. Advantages Longer running ads Pinterest ads stay in your feed long after your advertising campaign has ended. This helps you to build your brand presence while, at the same time, getting more value for the money you spend on advertising. Increased brand awareness and engagement Pinterest, as another contender in the social media advertising space, will add an extra dimension to your advertising campaigns, resulting in significantly enhanced brand awareness and engagement. Easier traffic management It's easier to direct traffic to external business sites because Pinterest has the traffic-driving ability of a visual search engine PLUS the social interaction of a social media platform. » Think Pinterest ads are for you? Plan your Pinterest ad strategies for 2023 Disadvantages Original pin images The pin images you use must be your own. If you share an image that was posted by another user, without the author's permission, you may be liable for infringement. Complicated calls to action It's more complicated to encourage your users to take certain actions because of how Pinterest curates content. It isn't a single-feed layout like other social media platforms, so you'll have to be extra smart and creative when developing effective calls to action.Very specific audience People who frequent Pinterest are looking for new, fresh ideas, but can be quite particular. Therefore, such a critical audience could be either a pro or a con depending on your target market. Facebook Ads A whopping total of 1.62 billion users visit Facebook every day on average. It may seem like a no-brainer to you, but Facebook ads have advantages and disadvantages too. Let's take a look: Advantages Bigger reach Facebook is the largest social media platform, giving you access to the biggest audience and a wider range of people.Targeting and retargeting capabilities The point of targeting and retargeting is to gently nudge users from being interested in your products to actually finalizing a sale. Facebook is the ideal platform to achieve this because of its varied functions to customize audiences.Effective ads manager tool Facebook Ads Manager makes data tracking and analytics easy. This will help you understand your customer better, thereby moving closer to giving them exactly what they want. Disadvantages Waiting time If you're impatient and deadline-driven, you may dislike that there are sometimes delays in the approval of ads. Strict competition With such a large user base, comes serious competition. You'll need to make sure you use spectacular Facebook ads strategies for e-commerce to stand out. Engagement ends with campaign Since competition is so stiff, you may find that you lose engagement soon after ad campaigns end. The problem is that Facebook has so much content to promote, and users' feeds are already overcrowded. » Concerned about your ad budget? Consider using Facebook's campaign budget optimization Key Metrics to Take Into Consideration There are several essential metrics you must consider when you're contemplating which marketing channel will be best suited to your e-commerce store. Average Cost Per Click (CPC) Pinterest: $1.50Facebook: $0.97 Average Cost-Per-Thousand Impressions (CPM) Pinterest: $30 per 1 000 impressionsFacebook: $7.19 per 1 000 impressions Average Click Through Rate (CTR) Pinterest: 0.28%Facebook: 0.90% Average Conversion Rate Pinterest: ranges from 1.5% to 8.5%Facebook: 6.57% Average Return on Ad Spend (ROAS) Pinterest: 2.7Facebook: 10.68 Sidenote: A good ROAS for e-commerce is around the 4x or 400% mark. Average Return on Investment (ROI) Pinterest: According to Pinterest, Promoted Pins typically earn $2 in profit for every $1 spent. Facebook: According to a study by Social Media Examiner, the average ROI for Facebook ads is about 200% Sidenote: A good ROI for e-commerce is 25% to 50%. » How do ads on other platforms compare? Discover if TikTok ads vs Facebook ads are better The Final Say... Unfortunately, there's no one-size-fits-all answer. Your industry, the products and services you sell, even your geographical location, must be taken into account before you make your final decision. The point is to utilize platforms that will help you reach your target audience. Don't waste resources on a platform that doesn't provide you with a good ROI, either because your audience doesn't use that platform or they're just too bombarded with content. To ease your stress, there are many handy tools you can use—like BeProfit's profit calculation app—to help you achieve a high ROI in 2023. » Curious about BeProfit? Schedule a demo
How to Bundle WooCommerce Products to Maximize Your Profits
Profit optimizationHow to Bundle WooCommerce Products to Maximize Your ProfitsNot only do WooCommerce product bundles offer a great way for e-commerce sellers to sell their products—they also drive sales and increase a company's bottom line. If you haven't ventured into the world of personalized WooCommerce product bundles yet, keep reading, and use product bundles to boost your WooCommerce sales with upselling and cross-selling. It's easy and it's profoundly effective! » Selling your products on Amazon too? Follow these simple steps to product bundling on Amazon FBA WooCommerce Product Bundles The WooCommerce Product Bundles plugin enables you to display bundles of multiple products on a single product page. There are two ways to enable this: An add-to-cart button: This enables your clients to buy all the products at fixed or separate prices.Mix and match functionality: There are quantity boxes for the product that's featured in the bundle, allowing customers to mix and match their purchase. The good news is that there are additional WooCommerce plugins available that will help you to develop effective bundles and maximize your profits. Let's get started with the two most relevant plugins: WooCommerce Product Table Purpose: The product table offers a searchable table layout with filters for suggesting product combinations to customers and selling different products. Best suited: For example, course bookings, restaurant order systems, online music, and selling books. WooCommerce Bulk Variations Purpose: Bulk variations allow your customers to choose how much of each product they want to add to their bundle (with multiple variations of a product) using one single form. Best suited: For example, clothing or shoes, mobile phones, and fitness equipment. » What other plugins does WooCommerce offer? Browse the best plugins to enhance your WooCommerce store How to Create Profitable Product Bundles in WooCommerce There are many different ways to create profitable product bundles in WooCommerce. Below we've compiled a simple and easy-to-understand 4-step guide for you to follow. 1. Install the WooCommerce Product Bundle Plugin on Your Site You'll need a WordPress website to get started. Once you have your WordPress site, you'll need to navigate to your website dashboard. Go to Plugins > Add new. Source: https://litextension.com/blog/set-up-woocommerce-tutorial/ Now go to the search bar and enter WooCommerce. The plugin will be your first result. Choose Install now and then Activate to turn the plugin on. 2. Create a New Product Before you create a new product, you'll need to configure all your settings. To do this, go to the Settings tab and add your settings: general, products, tax, shipping, payments, payments, etc. If you're not sure what to add, you can hover your mouse over the question mark icons for further details. Now you're ready to add your products and start selling. Go to Products > Add new on your dashboard. You'll have to give each product a name and description. Source: https://www.inmotionhosting.com/support/edu/wordpress/woocommerce/managing-woocommerce-products/ 3. Select "Product Bundle" in the "Product Data" Section Now it's time to develop your bundles. First, you need to select the Product Bundle type. You'll find this in the Product Data panel. From there, navigate to the Bundle Products tab. At this point, you must use the search field to find and then add your chosen products to your bundle. You can add as many as you need, and then click on Publish to save. Source: https://woocommerce.com/products/smart-bundle-product-for-woocommerce/ 4. Configure the Product Data in the "Bundled Products" Tab What is product data? It's the core information that's associated with your product, including product name, price, description, and images. It's critical information that can help you to boost sales and profits. It also helps you to keep track of your inventory. If the product data has not been added with enough detail, your customers will struggle to find what they're looking for. Source: https://happyaddons.com/how-to-add-products-in-woocommerce/ Pro tip: It's so important to remember that your customers won’t be able to "see" your product's weight, size, taste, and accurate color if they're just looking at an image that's been uploaded. The tabs marked off on the above image will let you add all the important attributes of your product to make it more sellable. This is probably the most important step in the process. You also need to make sure your shipping methods are clear and comprehensive—customers want to know how long it will take to arrive at their door and how it will get there. In Closing... Now that you're well on your way to boosting your e-commerce sales over the holiday season, let me leave you with one final important thought. Once you start generating results and making a profit from your bundles, you'll need to calculate your success rate. BeProfit is the perfect solution for this. It's easy to use and will take the blood, sweat, and tears out of keeping your finger on the pulse of your business. » Curious about BeProfit? Schedule a demo
5 Pro Tips for Finding Instagram Influencers for Shopify in 2023
Marketing5 Pro Tips for Finding Instagram Influencers for Shopify in 2023Getting reputable influencers to recognize, recommend, and champion products on your Shopify store is a fantastic way to increase sales. At a time when customers are becoming increasingly distrustful of traditional marketing methods, influencer advertising can be a great way of using Instagram to boost Shopify conversions. Not only do influencers help to facilitate a better connection with your target audience, but they also expand your store’s reach and give you useful tips on how to enhance your campaigns. The challenge for most companies is finding influencers that are aligned with their brand values and perfectly positioned to drive results. Here’s how you can start pinpointing the right influencers. » Looking for alternative marketing methods? Follow this ultimate guide to e-commerce ads 1. Define Your Business Goals First, you’ll need to think about why you’re working with influencers, because they don’t just help to increase revenue. They can also boost brand awareness, increase social media engagement, and strengthen your company’s reputation. Deciding what you want to accomplish before you start searching will help you determine who you need to work with and what resources you may need to allocate. Notably, there are various different kinds of influencers to consider too, defined by their following. The more followers an influencer has, the more they’re likely to charge: Micro influencers: 10k-100k followers like Grace SurguyMid-tier influencers: 100k-500k followers like Simply Food by MandyMacro influencers: 500k-1 million followers like Kim Kardashian » Want to increase your sales specifically? Discover how to use e-commerce influencers to drive sales 2. Research Your Audience's Preferences Next, it’s time to get to know your audience. It’s important to work with professionals who already have a strong connection to the people you want to reach. Leveraging available resources such as your buyer personas, sales and marketing insights, and competitor research, define what kind of influencers your customers are most likely to follow. If you know who some of your existing customers are, you can consider looking at the influencers they follow and make a list of their qualities, so you know what to search for in a partner. If you’re not sure where to start, find out what kind of influencers your competitors are already working with, because they're probably trying to reach a similar audience. 3. Leverage Modern Methods of Identifying Influencers In the past, companies spent hours manually searching on Instagram and Google for influencers. However, this process can be complex, time-consuming, and unreliable. Instead, it’s more effective to use an influencer marketing platform. Influencer marketing platforms have comprehensive databases that can assist you in sorting through partners based on their follower counts, engagement, and pricing. These tools also come with relationship management software and analytics to aid in your influencer campaigns. Popular options include: Grin: With 37 million influencers across multiple social media platformsUpfluence: A self-service platform for influencers used by brands like Microsoft.Creator.co: An influencer marketplace with more than 500 million potential partners. 4. Carefully Analyze Influencer Engagement While looking for influencers with a certain number of followers can be important in your marketing strategy, it’s crucial to remember that follower numbers aren’t everything. Engagement rates are what really make the most difference. You can assess influencer engagement rates with pre-generated ratings on some influencer marketing platforms, but it’s best to do some research yourself. Look for: Likes: How many likes does your influencer get on an average post? Are these likes from followers, or other accounts?Comments: How often do people engage with your influencer through comments? A high comment count indicates high engagement. Interactions: Does your influencer often convince customers to @mention them, or take part in branded competitions by tagging friends? The average engagement rate for a good influencer should be 2-3%. Some smaller influencers can even have engagement rates of up to 10%. 5. Deliver a Compelling Pitch When Connecting With Influencers Once you’ve found the potential influencers for your campaign, the next step is convincing them to work with you. This means crafting a pitch that demonstrates the value you can offer the influencer. In some cases, you may need to consider creating an email sequence, which allows you to automatically follow up with the influencer over time. Make sure you: Personalize each email with references to the influencer’s work. Get straight to the point and highlight what you’re offering your influencer.Draw attention to the values of the brand, and why the influencer’s audience might be interested in your products. Mastering Instagram Influencer Marketing for Shopify Using an influencer marketing strategy for Shopify can be a fantastic way to increase sales, strengthen your brand reputation, and reach new customers. With the steps above, you should be able to track down an influencer that’s perfect for promoting the key values of your brand. Once you’ve found your ideal influencer, and started working on campaigns together, make sure you track and monitor your results. You can use tools like BeProfit to calculate all of the phenomenal outcomes from your partnership. » Interested to partner with BeProfit? Discover BeProfit's features
5 Simple Steps to Profitable Product Bundling on Amazon FBA
Profit optimization5 Simple Steps to Profitable Product Bundling on Amazon FBACustomers are always on the hunt for amazing deals, whether they’re shopping online or in person. Bundling certain items together can be an excellent way to convince your customers to purchase more with unique offers on related items. Amazon FBA gives merchants a convenient way to bundle their items in a couple of seconds, letting them drive conversions and increase average order value. Learning how to use the bundling process correctly ensures you not only attract and convert the right audience, but boost their chances of sharing your offers with their friends. This blog covers everything you need to know about creating a profitable product bundle from your Amazon Seller Central Account. » Planning to capitalize on the festive season? Discover how to boost your e-commerce sales during the holiday season 1. Select Your Bundle Items First, you’ll need to decide which items you’re going to include in your bundles. Bundles can include a range of 2 to 5 related items that must be identified by a unique ASIN/UPC. So, even if you’re offering individual goods in several categories, you can only sell the bundle in one category. The number of bundles you can sell also can’t exceed the lowest available quantity of any contained product you have. There are various specific rules associated with bundling laid out in the Amazon FBA product bundling guidelines. For instance, you can’t bundle items with a primary product from the Video Games category, or Books, Music, Video, and DVD (MBVD) products. While these items can be added as a secondary item, they need to be related specifically to the primary product in the bundle. 2. Upload Your Product Images Your images will make a huge difference to whether or not your bundles are profitable. Images are among the first thing your customers will see when they’re browsing through their Amazon search results. You can upload up to 9 images for your listing, and it’s a good idea to upload at least one image which shows the bundled items together, as well as various high-quality shots of the individual products. Make sure your images look as professional as possible, with plenty of lighting. 3. Add Your Title Alongside your images, your Amazon bundle product title will be the other key factor helping to draw customers to your items. Ensure to optimize your bundle for Amazon’s proprietary search algorithm. Here are some quick tips to help: Use numerals instead of writing out numbers (5 instead of five)Use title case to capitalize the first letter of each word, except conjunctionsFor products with ASIN variations, specify sizes and colorsInclude the brand name, quantity, and keywords you want to rank for. Although it might be tempting to fill your titles with plenty of information, try not to make them too long, complex, or keyword-stuffed. 4. Define the Price Buyers are price sensitive, and it may be the determining factor in them not buying your bundle. So, the price of the bundled items should be lower than the cost of buying everything separately. You can decide for yourself how much of a discount you want to offer. A good way to start defining potential prices is to look at what bundles of similar products are selling for, but ensure your discount still gives you plenty of room to make a profit. 5. Include Key Product Information Finally, you’ll need to populate your bundle with key product information: SKU This is the stock-keeping unit, the product identifier Amazon needs to keep track of the inventory of each product in your bundle. Make sure you enter the correct SKUs for your products. Bullet points This appears just underneath the price on your product listing. It should outline exactly what your customers are going to receive in the bundle and highlight the key benefits and features of each item. Keep your bullet points concise, and easy to read. Description Your description provides additional information about your bundled items that's not in your bullet points. You’ll need to include a description for each item, highlighting their unique benefits, features, and capabilities. Expert Tips to Boost the Profitability of Your Product Bundles Once you know how to create a product bundle on Amazon FBA, the next step is ensuring it’s as profitable as possible. Here are some quick tips to help: Choose complementary items Ensure your bundles make sense to your target audience. Pick items that are regularly bought together. Choose evergreen products A bundle can’t be changed without creating a new product listing, so it’s best to choose evergreen products over seasonal items. Consider wholesale bundling Instead of creating a new private label product, identify brands that are already selling well on Amazon, open a wholesale account with them, and resell those items as Amazon bundles. Use keyword research Leverage keyword research to improve your chances of good Amazon marketplace SEO. This should boost your click rates. Keep an eye on stock If you run out of stock in one of your items, you’ll need to stop selling your entire bundle, so make sure you set up stock alerts. » Planning to sell on WooCommerce too? Learn how to bundle WooCommerce products Conclusion Amazon bundles can be a fantastic way to increase your sales, and even generate brand loyalty through the world’s favorite marketplace. You can use bundles to reach a wider audience, increase the sales of under-selling products, and strengthen your position on the Amazon search pages. To ensure you’re getting the best return on your bundles, use a tool like BeProfit to measure your profit potential for each value-adding bundle. » Want to start optimizing your profits? Register with BeProfit
5 ways to increase online sales for BFCM 2022
Marketing5 ways to increase online sales for BFCM 2022Every Black Friday Cyber Monday (BCFM), brands and retailers come through with generous price slashes and limited-time deals to drive sales. Customers all around the world start queuing up hours in advance to secure the best and most cost-saving deals they can find all year round, while some others may anxiously refresh an e-commerce store page and stay tuned to a limited-time online sale. With all the buzz generated yearly, BFCM is well-regarded as the most opportune event of the year where customers can expect a variety of deals and discounts. As an e-commerce retailer, how can you turn the adrenaline and rush of BFCM into a profitable sales opportunity? There are a number of simple and proven sales tactics you can employ to make sure BFCM this year is a huge victory for your business. You should be engaged with these tactics before, during and after the event to maximize sales effectiveness along the way. Before the Event 1. Ensure Your Site is Able to Handle the Traffic There could be nothing more disastrous than seeing your store crash and being unable to handle massive amounts of requests on the actual day! This is an entirely avoidable situation, as long as you do the right amount of preparation beforehand to ensure your store can accommodate an increase in traffic. To prevent such an occurrence, make sure you do load testing before the actual event with tools like k6.io, and be sure to optimize loading time. Along the way, you also want to ensure that your site is optimized for mobile as a large portion of customers will be browsing from their phones. Wherever possible, create a smooth and seamless online experience for customers regardless of their device type. This boils down to being strategic with what Shopify theme you use, the types of graphics you integrate, and even the placement of buttons and banners. Every design element should be well thought out and intentional, building a well-rounded customer journey and experience. 2. Think Ahead and Start Planning Your Digital Marketing Approach Digital marketing is crucial for every online business, especially with customers’ limited attention span. It’s even more pressing to get eyeballs on your storefront to even stand a chance at getting a sale. With that in mind, you need to ensure your digital strategy is able to meet your sales targets. Start planning ahead with Koala Inspector, which is a free business intelligence tool you can download to get access to insights on your competitors. Using the Koala Inspector, you can detect which ad campaigns your competitors are running, especially if they are already ahead of the game and have started running BFCM ads. This would be a wise approach to take, which will save you time and resources and immediately inform your approach with data-driven insights. Another way to start planning your digital marketing approach is to write your ad copy in advance. Whether you’re advertising on Facebook, TikTok, Instagram or writing an email campaign, effective copy will resonate with the right audience and unlock a world of e-commerce opportunities. Start writing witty copy which taps into customers’ fear of missing out, integrating words like “limited time only” to urge quick action. You can read more tips on writing copy for BFCM campaigns here. During the Event 3. Feature a Doorbuster Deal for a Limited Time Shopify recommends having a doorbuster deal to attract customers to your store at the start of the BFCM sale, and we couldn’t agree more. This is one of the most-utilized strategies and one that you should already be thinking about to launch your BFCM sale. What is a doorbuster deal? Think of it as a deal that’s just too good to be true - one that customers will be strongly motivated to visit your store to purchase, which comes in limited quantities. A doorbuster deal will attract large crowds to your online store and create strong demand, especially if you provide the deal in a limited supply. The best part about a deal that’s too good to be true is that it spurs word-of-mouth marketing activity, drawing attention to your store in an organic manner. Once customers have arrived at your store, they can then enjoy other deals such as having free shipping with a minimum order value. This will also incentivize them to add items to their cart, to meet this minimum value to enjoy the deal. 4. Include exclusive voucher codes to improve sales An excellent tactic to urge customers to buy, while creating a feeling of exclusivity, is to distribute exclusive voucher codes to drive sales. You could include these voucher codes in email marketing campaigns, feature them for a limited time on your Instagram story, or even in a pop-up window on your storefront. Whichever tactic you choose, having an exclusive voucher code will also improve your social engagement as customers will need to go on whichever platform to obtain the code. Voucher codes which you give out can also be exclusive to a particular product or bundle, and you can give voucher codes for higher-priced goods to improve the average order value. This will dramatically improve profit margins if you’re strategic with how you go about this approach. You can also distribute free shipping codes if you’re not keen to give out discounted deals. After the Event 5. Keep Your Customers Engaged with a Loyalty Programme Customer retention is so important in the e-commerce age. Once a customer has bought a product from you, you should immediately get them to sign up for your loyalty programme on the checkout page, so you can keep them engaged after their initial purchase. Making sign ups an easy and one-step process will improve your odds of getting them to be part of your loyalty programme. Once they’ve joined the programme, be sure to send out regular communications via email to keep them engaged. Give out member-only discount codes, conduct member-only sales events and invite them to your next big launch ahead of other customers who are not signed up. These are some simple yet effective ways to accelerate activity for your e-commerce store, while ensuring sustainable, long-term growth. Conclusion As we’ve demonstrated, forward planning for e-commerce stores is the best way to succeed during BFCM. With tons of competition in the market, it’s easy to think that it’s a space that’s too saturated to compete in, but you won’t want to lose out by being disengaged. Employing a few simple and proven tactics can really help you achieve your sales and growth targets, while giving you momentum to continue selling to loyal customers even after the event.
Google Ads vs. Amazon Ads: Which is Best for E-Commerce? (2023)
MarketingGoogle Ads vs. Amazon Ads: Which is Best for E-Commerce? (2023)For e-commerce store owners, advertising products on the right platform can mean the difference between massive sales and dwindling revenues. Unfortunately, choosing the correct platform can be challenging as there are multiple locations where brands can showcase their latest offers. Google Ads is perhaps the best-known behemoth in the advertising landscape with an exceptional reach and phenomenal access to various demographics. E-commerce companies can take advantage of multiple ad types, from Google Shopping Ads to Search Ads to boost their online presence. However, Amazon Ads are now beginning to see rapid growth because of their phenomenal conversion insights and ability to target customers searching for specific products. Ultimately, both of these tools have their own strengths and drawbacks to consider. That’s why we’re going to help you choose the right channel for your campaigns. » New to e-commerce ads? Follow this ultimate guide to e-commerce ads Targeting In the digital advertising landscape, targeting plays a crucial role in the success of your ad campaigns. It helps your business to determine exactly which audience you want to reach, so you can strengthen your bottom line. Both Amazon and Google have a few targeting options to choose from: Audience & Demographic Targeting For e-commerce store owners, Amazon has perhaps the highest potential for capturing the interest of potential shoppers. Around 55% of product searches now happen on Amazon, rather than Google, and 66% of US consumers say Amazon is their first stop for product searches. On Amazon, you can narrow down your audience by focusing on interests. This means you can specifically look at customers who have shown an interest in technology, clothing, or a similar category in the past. It’s also possible to have your ads target specific categories on Amazon. With Google Ads, you have a few more options for audience targeting. You can focus on demographics like location, age, gender, and parental status. Plus, you can use affinity targeting to target customers with a broad interest, create similar audiences to those who viewed previous ads or website pages, and use in-market targeting to reach users interested in similar businesses. Automatic Targeting Automatic targeting takes some of the work out of finding the right audience. Amazon decides where and when to place your ad based on the keywords it identifies from the description, title, and other sections of your listing. This strategy is useful for PPC campaigns if you’re struggling to figure out which keywords to use or which bidding strategy to implement. Google offers automatic targeting for the display network, which allows Google to show ads to audiences “similar” to the one you’ve previously specified. You can choose between conservative or aggressive automation, depending on how much help you want from Google. The conservative option allows Google to find potential customers based on historical data, without going over your cost per customer. The aggressive option targets a higher number of people at an increased cost. Keyword Targeting Both Amazon and Google allow you to target specific audiences using keywords. However, they do have slightly different keyword match types available. Amazon offers broad match, phrase match, and exact match. There’s no need for special formatting for each type. You simply add the specific match type you want when adding any new keywords. Google offers broad match, phrase match, exact match, negative keywords, and broad match modifier. Here you need to use the correct formatting for each keyword added to your list, so it does require a little more training and practice than keyword targeting with Amazon. Product Targeting While Google allows you to target more specific demographics and audiences than Amazon, Google doesn’t offer a product targeting option. Its closest alternative is to use custom intent, topics, or similar audiences to focus on customers who have viewed specific items before. Amazon’s product targeting option allows you to target specific products, brands, price points, and ratings. This is excellent for companies who want to capture the attention of customers looking for a specific type of product. » How does product targeting translate into sales? Learn how to promote Amazon products for sales Conversion Tracking Performance metrics are an important way to gain insights into the success of your campaigns. You can use Google's ad tracker to monitor things like transactions, order values, conversion rates, and the total number of orders you receive. Google also allows users to track keywords that drive sales, expenses, and conduct a profitability analysis on different campaigns. However, Amazon ad reports are a little more expansive from an e-commerce perspective. They provide an insight into the spend you’ve received on each campaign, the total dollar sales for each product, and the advertising cost of sale. Amazon also offers insights into the total return on your advertising spend (ROAS), which could make it more beneficial to e-commerce merchants planning new ad campaigns. » Haven't used Google's ad tracker before? Discover how to set up Google Ads conversion tracking Automated Bidding Bidding is another key component of running a successful ad campaign. Both Google and Amazon give you a range of bidding strategies to choose from. For Amazon, you can choose between dynamic bidding and placed bid adjustments. Dynamic bidding allows Amazon to increase or decrease your bid in order to secure sales and fixed bids. Placed bid adjustments enable Amazon to adjust bids for sponsored products automatically. There’s also a simple CPC bidding strategy in place. Google has automated bidding options like enhanced CPC, ROAS targeting, and CPA targeting. Enhanced CPC changes your bid to help maximize clicks and conversions, while ROAS targeting allows Google to manage your bids for the best ROAS, and CPA targeting optimizes your bids for the lowest cost per acquisition. Advertising Cost The price of your advertising costs with both Amazon and Google will vary depending on a range of factors. However, Amazon does require your business to set a minimum bid or budget for each campaign. Alternatively, Google doesn’t require you to set a minimum budget, but your ad spend will have a direct influence on your result. This is because the Google Ad Rank system uses your bid to determine where your posts should appear. » What is a good ROAS? These platforms deliver a good ROAS for e-commerce The Verdict Ultimately, both Google and Amazon ads can have fantastic results for an e-commerce business, but they focus on different areas. Google Ads has a better demographic reach, making it great for building brand awareness. However, Amazon is more focused on sales, making it ideal for e-commerce companies looking to enhance conversions. Ideally, you’ll want to use both if your budget allows it.
How to Conduct Cohort Analysis for Your Shopify Store
Business data analysisHow to Conduct Cohort Analysis for Your Shopify StoreA cohort analysis is one of the most valuable tools Shopify store owners can use to understand their customers, top-selling products, and revenue growth opportunities. The more you care about your data, the more you’ll learn about growing your company. Perfecting analytics using cohorts allows Shopify store owners to answer important questions about their company such as how much you should be investing in specific marketing strategies, or which customers deliver the most revenue. » Struggling to analyze your customer's journey? Perfect your sales funnel with GA4 What Is a Cohort Analysis? Cohort analysis involves tracking data from your store by segmenting users into groups. You can filter your “customer cohort” by a specific time period, marketing platform, or discount code. By using cohort analysis, business leaders can generate meaningful insights into how well a product or service is performing over time. It’s also possible to learn more about the individual groups of customers you’re targeting, and how much value they bring to your brand. Therefore, a successful cohort analysis will assist you in making intelligent decisions about how to adapt your marketing, sales, and pricing strategies, to create the most revenue. » How do you calculate customer profitability? Follow this step-by-step guide for customer profitability analysis Benefits of Cohort Analysis for Your Shopify Store Cohort analysis can help you understand how different changes to your store impact your business, how specific marketing campaigns increase sales, and which customer segments are the most relevant to your business. With a cohort analysis you can: Find your most valuable customers: Determine which of your customers are generating the most revenue, so you can work to improve customer retention with these clients.Identify why and when purchases drop off: Effectively prevent lost sales and boost your chances of constant conversions.Improve marketing campaigns: Determine how much you should be investing in customer acquisition, and which of your lead generation efforts are paying off. Implement new business strategies: Identify and implement new strategies like changing pricing structures and monitoring the impact on customers. » Battling to monitor your store's profitability amidst these changes? Use these tips to perform a profitability analysis How to Perform Your Own Cohort Analysis Cohort analysis tools are the easiest way to collect, aggregate, and access the data you need. There are various solutions available, but some offer greater insights than others. For instance, BeProfit goes beyond the basics of simple lifetime value calculations to provide business leaders with insights into the core elements of profitability. To perform a cohort analysis, you’ll need to: 1. Integrate Your Shopify Data Use a cohort analysis tool that allows you to integrate your data directly from Shopify into your analytics system. This will make it easier to track all the information without copying and pasting tables and raw data into different environments. 2. Choose Your Cohort Decide which group of customers you want to focus on. For instance, you might look into customers purchasing a specific product, or those who come to your Shopify store after clicking a Google or Facebook ad. 3. Select a Time Period Cohort analysis involves looking at the behavior of customers over a specific period of time. For instance, if you want to see how customers respond to a new marketing campaign over a period of 1 month, you can use your cohort analysis tool to analyze the appropriate metrics over 30 days. BeProfit allows you to choose your time period on a weekly, monthly, or yearly basis. 4. Adjust Your Filters Use your cohort analysis tool to focus on the information you’re most interested in. For instance, you can adjust your “base metric” to look at ROAS, gross profit, or repurchase rate. You can also update your data progression to an accumulated or marginal overview. BeProfit also allows you to change your “Calculation Scheme” between “Average Per Customer” or “Total Cohort”. 5. Conduct Your Analysis Once you’ve added all the correct information to your cohort analysis tool, you’ll be able to view your metrics and make decisions based on the data provided. For instance, if you see that the ROAS of your target cohort increased gradually over the course of a month after you implemented a new marketing strategy, you’ll know this advertising effort is working for your brand. If you’re struggling with reading your results, hover your mouse over each cell to view a tooltip that translates the numerical data in the cell into an easy-to-understand sentence. Exploring Cohort Analysis Cohort analysis is an important tool for Shopify store owners, but it can also be a daunting concept for beginners. Using the right cohort analysis tool to synchronize and organize your data, like BeProfit, will help you to minimize the complexity involved in understanding your customer base. » Want to explore what BeProfit has to offer? Browse BeProfit's features
5 GA4 Limitations—A Look Into What You Can and Can't Track
Tracking5 GA4 Limitations—A Look Into What You Can and Can't TrackGoogle Analytics 4 (GA4), a free web analytics solution, is recognized as the most widely used data analytics platform worldwide. Want some proof? W3Techs.com revealed in October 2022 that "Google Analytics is used by 55.8% of all the websites, that is a traffic analysis tool market share of 85.8%." Now that we have our facts straight, let's get into the nitty-gritty of what you can and can't track on GA4. 5 GA4 Limitations Explained It's important to note that even though GA4 has some limitations, Google has made significant improvements from the previous "Universal" version of the platform. Your best bet is to get familiar with the limitations so that you can make the most of what the platform can give you. 1. Strong Reliance on Sampled Data GA4 is relying more heavily on sampled data and machine learning to fill the gaps in data reporting. They're doing this to compensate for removing third-party cookies. Data sampling adds a certain amount of "guesswork" to your data reports, meaning you can’t be completely sure your data is 100% accurate. The shift away from actual data will depend on two things: The size of your dataThe quality of your sampled data Unfortunately, this is something that you can't control. However, if you want unsampled reports, you can try using standard reports. These reports are in the menu on the left side of the screen under Reports. 2. No Access to Raw Data GA4 won't give you access to raw data. But it does give you access to aggregated data. Aggregated data is still useful and does give you a certain level of insight, but if you want to dig deeper into your data, you'll need it to be raw. This is because aggregated data is split into subsets, meaning you'll find it challenging to segment your users according to behavior using machine learning tools. The good news is that you can use GA4's Hit Data Extractor to extract your data and then use GA4 to track your raw hit level data on your website. You can export this data to a data warehouse of your choosing. » Can you still use GA4 to track Amazon sales? Boost Amazon sales with Google Analytics 3. Cannot Import or Process Historical Data Google recently announced that “... all standard Universal Analytics properties will stop processing new hits on July 1, 2023, and 360 Universal Analytics properties will stop processing new hits on October 1, 2023. After that, you’ll be able to access your previously processed data in Universal Analytics for at least six months.” So, while you won't be able to import or process your historical data, you'll be able to save it. This is because the old and the new versions are completely different—like comparing apples and oranges. When the clock strikes 12 on June 30, 2023, Universal Analytics will be switched off. You'll have to export your historical reports to have access to this data. Your best bet is to do your migration from Universal to GA4 as soon as possible. That way, your website can start collecting data before Universal is switched off. You won't be able to make accurate month-on-month and year-on-year comparisons but at least you'll have some historical data when Universal goes down. 4. Data Collection Limits GA4 places limits on data collection for event parameters and user properties that you should take note of: There's now a limit of 50 custom metrics and custom dimensions per property for the free version of the platform. This limit increases to 125 if you have Google Analytics 360 (GA360). If you use custom metrics and dimensions to track your data-driven marketing activities, you'll be forced to streamline the process typically by using a measurement plan.The removal of calculated metrics and data retention is limited to up to 14 months in the free version. This limit is increased to 50 months in GA360. Automated tracking has been updated to 30 goals per view in GA4 and 50 per view in GA360. In a nutshell, the limitations apply to the free version of GA4—you can update those limits by purchasing GA360, but it's going to cost you. 5. Limited Compliance with EU GDPR As of the end of 2022, GA4 won't be GDPR compliant. Currently, GA4 doesn't sufficiently protect EU residents' data against US surveillance laws, making it a direct breach of GDPR. Even though GA4 has put new privacy controls in place, these controls don't resolve the issue of unregulated, non-consensual EU-US data transfer. Your solution is to either find an alternative or change your settings in GA4 to make it GDPR-compliant and run regular audits to make sure it stays that way. Key GA4 Capabilities Now that we have the limitations out of the way, let's take a look at some of the benefits of GA4: Track User Journey GA4 will tell you how many users are visiting your site at any given point in time. It will also help you to track how users navigate your site.Clicks per Page You'll be able to analyze your pages to identify which pages are more popular by tracking your users' page clicks. Conversions You'll be able to determine the conversion rate of your site and identify pages and content that may be preventing users from converting.Multichannel Performance Tracking You'll be able to keep track of the performance of your marketing campaigns across multiple channels.Geographical Data Reports You'll see which cities and countries your users are visiting your site from. What's more, you'll be able to see what type of device they're using to access your website. » Can GA4 monitor product performance? Use these tricks for product analysis with GA4 Key Takeaway It's important to know how these limitations (and benefits) will impact your e-commerce business goals. But all is not lost—you do have other alternatives. If you're looking for cutting-edge supporting solutions, you can always turn to BeProfit to provide you with a wide variety of solutions that will ease you painlessly into the new GA4. » Interested in BeProfit's service? Compare BeProfit pricing plans
7 New Pinterest Ad Strategies for 2023 to Expand Your Reach
Marketing7 New Pinterest Ad Strategies for 2023 to Expand Your ReachPinterest offers phenomenal potential to e-commerce business owners in search of new opportunities, higher sales, and increased revenue. The channel has more than 400 million active users and offers multiple ways for companies to connect with their customers through different styles of content. Pinterest users are also some of the most engaged people online for e-commerce brands. They’re already actively looking for project ideas and shopping opportunities. In fact, 75% of weekly Pinterest users say they’re always shopping. To make the most of your Pinterest strategy for 2023, make sure you’re taking advantage of these 7 Pinterest ad strategies to boost conversions and expand your reach. » Still unsure whether Pinterest ads are for you? Discover why Pinterest ads are worth it 1. Use Different Types of Pinterest Ads & Campaigns There are various ways to build campaigns on Pinterest. The five main strategies include building brand awareness, creating pin engagement, driving website traffic, encouraging app installs, and using video to build your brand. You can select which campaign you want to use when you’re creating your ad. The campaign you choose will depend on your specific goals. For instance, if your focus is on getting more people back to your website, you should concentrate on using the “traffic” campaign. 2. Use All Kinds of Pin Types Using a range of pins will ensure you’re reaching the right audience and achieving the correct goals. Each pin type has a different purpose so by using a variety of pin types, you can benefit from different content types. For instance, you can use “Promoted Pins” to boost your content and make it more visible to your target audience. Alternatively, you can use “Video Pins” to promote video content which starts playing the moment your audience hovers over your post. Viewers are 2.7 times more likely to buy a product when they see a promoted video on Pinterest. Other options include: One-tap pins: Pins that take users directly to your website with one tapPromoted app pins: Pins that allow users to download apps without leaving the channelCinematic pins: Animated pins which move as users scroll pastShoppable pins: Pins that redirect users to your e-commerce website to buy productsBuyable pins: Pins that allow users to buy products directly from Pinterest 3. Conduct Keyword Research & Optimize SEO E-commerce business owners often forget that Pinterest is a search engine as well as a social media platform. The algorithm depends heavily on keywords to ensure users are shown the most relevant content for their searches. To stand out on Pinterest, it’s important to do keyword research and embed keywords into your post. Your SEO keywords should show up in: Your name: Add a descriptor about what you offer to your nameProfile description: Include at least one keyword in your profileBoard descriptions: Write sentences including keywords or make a list of keywords separated by commasPin content: Include at least one keyword in the pin when you save it and optimize the description with keywords. 4. Create Engaging, Valuable Content Creating engaging, valuable content is one of the most effective ways to ensure you’re getting the most out of your Pinterest ad campaigns. Start by ensuring you have plenty of rich, eye-catching visuals. While it’s possible to share blogs and similar posts on Pinterest, it’s mostly a visual platform, so attractive imagery will always get more attention. Try to avoid stock imagery, as this will immediately lose the attention of your audience. Instead, create brand-new visual content which addresses customer needs. For instance, you can try using infographics to share valuable snippets of information. It’s also worth making your pins vertical where possible, as the site’s layout lends itself to longer, vertical images. 5. Use Audience Targeting & Remarket via Catalogs Pinterest gives companies a range of ways to ensure their content is reaching the right audience. You can save demographic profiles on your account in the form of “audiences”, which makes it easier to tailor your ads for specific segments or groups. It’s also possible to create act-alike audiences based on your existing customers and their engagement. This is great when you’re exploring the benefits of remarketing vs retargeting to increase traffic to your site. Consider engaging customers with product-specific catalogs. 6. Link Pins to Your Landing Page & Keep It Relevant To get the best results from your Pinterest traffic, make sure you’re linking your audience to the right place. This means creating a landing page that’s relevant to your Pinterest ad. For instance, if your ad is all about the latest product you’ve released, it should link to a landing page showcasing that product and its value. When following a link, your call to action and end destination must be related. 7. Explore Different Content Types & Creative Layouts Finally, don’t be afraid to get creative with your Pinterest content. There are dozens of different ways to make your products and company stand out, rather than relying exclusively on standard pins. Instead, experiment with carousel ads to show multiple images of different products. Alternatively, use video pin ads to engage your consumers through moving visuals, audio, and behind-the-scenes content. Shopping pins are a great way to deliberately draw attention to the details of your latest products, while app install pins are fantastic for pulling direct attention to your new app. Explore different content types and layouts and track your engagement and conversion rates to see which options work best. Make the Most of Pinterest Ads Pinterest ads are a powerful solution for e-commerce stores. Around 83% of weekly pinners say they make purchases based on the pins they see from brands, so it makes sense to take advantage of these engaged customers. If you need help figuring out the results you can get from Pinterest, BeProfit offers a simple tool for calculating, monitoring, and analyzing your campaign results. » Want to explore BeProfit's offering? Schedule a demo with BeProfit