Search marketing and technology firm Greenlight has launched its proprietary real-time price comparison platform for paid search.
The launch forms part of its latest upgrade to adapt ,the automated inventory management platform, launched by Greenlight in 2004.
The new tool lets retailers across multiple sectors access 24/7 intelligence on competitor prices on like for like products, helping them to immediately identify and compare those products they are most competitive on, price-wise.
The price comparison algorithm shows search results and price position for all a retailer’s products against other advertisers in real-time.
This insight ensures they can build a paid search strategy focused on aggressively advertising their most competitively priced goods as opposed to pushing ‘price war losing’ ones.
By incorporating specific real-time pricing information into their ad copy, marketers can optimise their paid search campaigns further.
In a survey undertaken by Greenlight, 60% say they view price as having the highest impact on a customer’s decision to buy. Over half said they would change their bidding strategies if they had insight on how price competitive they were against their competitors for the same product.
Just 28% of retail respondents to Greenlight’s survey said they put the price of products in their pay per click (PPC) ad copy. Of those who do, a huge 87% manage this process manually.
adapt also allows retailers to develop paid search strategies around specifics of products, for example, pushing those with a higher price margin.
The service is designed to help retailers make more accurate bids on terms and ad positions online, thereby improving click through rates (CTRs) and lowering their overall paid search expenditure.
“Having all the data needed to be visible in the right place at the best price is a mammoth task for retailers”, says Greenlight co-founder and director, Alicia Levy. “It requires a huge investment of time and manpower and even then, once the process has been completed, the opportunity is often already lost. The development of adapt™ is a natural progression in finding a solution to one of the biggest problems in search.”
www.greenlightsearch.com