As it’s better to diversify your product as well as market if possible. So, depending on only one marketplace like Amazon is not a good act. Overstock is a good option if you are looking for selling your items in different marketplaces alongside Amazon. Nowadays Overstock gives you the opportunity to do paid advertisements. It’s the best opportunity to grab the market share if you are a new seller. Here we are going to discuss how to optimize Overstock advertising campaigns.
What Metrics to Look at for Optimizing Overstock Campaign?
Overstock doesn’t give some data like Traffic/Impressions in their reports. Overstock only gives you Clicks, advertising spends, advertising sales & number of Orders. You can also calculate Cost per Click (CPC), Conversion Rate (CVR), ACOS & ROI from the existing metrics. These metrics will give you the insights that you need to have for optimizing your campaigns. But, the most important metrics are the average Cost per Click (CPC) and ROI.
How to Optimize Your Overstock Campaigns?
To optimize, you need to regularly monitor and check your campaign’s metrics and performance. Optimizing campaigns need regular basis adjustments from time to time. But overall, you need to do some checks & adjustments regularly such as
Check Budget of Each Campaigns: You need to check every campaign daily to check whether it’s getting out of budget or not. If it’s getting out of stock we need to increase the budget for that campaign based on campaign’s performance.
Check Budget Utilization Column of Each Campaigns: You can also check the budget utilization column which represents what is the percentage of the daily budget spent today. You can find this column in the “Campaign Manager” tab under “Sponsored Products” of the Dashboard.
Bid Optimization: You can change the bids of each item and set bids based on their performance and spending. If you have a low budget, it’s better to start with a low budget and increase gradually. When ever your items have sales and you have a target ROI, then you need to keep momentum and Cost per Click (CPC) at a level where your target ROI stays.
Set Budget Rule for Weekends or Holidays: All days in a week won’t give you the same sales. People’s search trends vary from time to time and week to week. So, it’s very important to push for advertising at the right time or days. Normally searching trends and sales increase at the time of weekends and holidays. So, the budget should be increased at those days by using the budget option in the running campaigns.
Try Adaptive Bids with Top Selling Items: Overstock came up with a new feature which is Adaptive bids in bidding strategy. As it can change your item’s bid in real-time, your item’s bids will be increased automatically based on historical performance and competition in case of bidding. As it judges historical performance, it’s best to use adaptive bids for top-selling items.
These steps will obviously help you to optimize your Overstock advertising campaigns. But, checking and monitoring campaigns is a must thing you need to do for achieving your target sales and goals.