Wayfair is an influential, fast-growing eCommerce platform. If you are interested in getting your brand and home goods products in front of a wide audience, it’s worth learning using Wayfair advertising. Wayfair isn’t yet a household name like Walmart or Amazon, but it looks like this scenario is rapidly changing. As per Internet Retailer, the web-only furniture store saw 770,000 new customers last quarter—the most in any quarter to date. Sales on Wayfair’s websites increased 85.5% to $2.04 billion, up from $1.10 billion. Wayfair’s marketing strategy has five actionable steps that can be implemented by any business. Apart from Wayfair’s marketing strategy, it includes logistics, business model, and more.
Wayfair Sponsored Advertising Strategy :
Wayfair offers home goods brands plenty of retail advertising options to promote their products and companies both on and off the platform. That’s great, but it isn’t enough. You need to have a comprehensive Wayfair advertising strategy to sell products.
- High Return On Ad Spend :
ROAS is the amount of revenue earned for each dollar spent on advertising .For getting good ROAS there are a few things to consider. First, it may be a good idea to start with a low bidding strategy. Then, increase your bids on the keywords or product categories that appear to be performing well. Also, consider being a bit more conservative with your ad spend.For example, if you’re running ten different campaigns for your company, it is more challenging to manage. You may find it tough to determine the campaigns that are worth pursuing. The ROAS metric will give you the insight needed to make the right choice.
- Gain Visibility For New Products :
Unfortunately, not all products move as well as you’d like. New products are slow to start. Others lose momentum or never really gain traction at all. It can be challenging to sell those products, but you can choose advertising strategies to help with that.Temporary price cuts are especially effective when it comes to moving low-performing products. They also work well to introduce new products to audiences in search of a bargain. You can use sponsored products advertising to draw attention to new products as well .
- Measure The Effectiveness Of Your Performance Ads :
Fortunately, the Wayfair advertising program offers plenty of ways for you to evaluate ad performance. Whether you use sponsored products or other options, there are several reports you can generate to track a wide range of performance metrics.
Here are some reports to look at closely to measure performance:
- Product report
- Product keyword report
- Part number performance report
- Focused on High CTR :
High CTR (Click Through Rate) and low sales, it means that product detail pages must be optimized. High CTR is important as it means that people are visiting our pages ,when our ads are showing before them and by having high CTR, we have more chances of conversion.
- Builds Brand Awareness :
Advertising helps build brand awareness. It does this by making customers more familiar with your company name and logo. This makes them more likely to buy from you again if they need something similar in the future.In wayfair we can focus on ‘Wayfair Shop “ , which is mainly a Brand campaign that helps to reach a wider audience of potential customers.
If you aren’t optimizing your campaign with proper strategies you may never get the best outcome you should get from your advertising from wayfair. If you can use the factors mentioned above, you can make a good profit from your advertising and can sustain in the long run.
Hopefully, now you have a clear idea about wayfair advertising strategies. Don’t hesitate to ask if you have any queries on any advertising field of eCommerce. Please let us know if you face any issue. We are always here to hear from you.