Ask Your Marketing Team if They Are Doing This to Drive Profit
You know the drill…a customer on the hunt for a specific item clicks on an intriguing link. She is directed to your website and, surprise, the item she is looking for is either 1) out of stock, 2) buried in a search result or 3) has such a low review rating that she not only passes on the product, but she loses trust in your brand.
On the business side, tensions run high and fingers are pointed as marketing conversion falls and price reductions loom.
If this tale rings true, you have an opportunity to improve the partnership between merchandising and marketing using DynamicAction.
1. Reduce the spend for fragmented, out of stock, high return and poorly reviewed products.
Using a combination of metrics including SKU availability, external views and product reviews, set up an alert to be notified of items being actively marketed without sufficient inventory or enough positive reviews to promote consumer confidence. Get ahead of what products are promoted within marketing channels by setting up reports containing inventory, reviews and returns data to surface products that will improve conversion rates and the customer experience.
2. Reduce the spend for products priced high than the competition.
Instead of waiting to discover that marketing spend was wasted on items priced higher than the competition, use DynamicAction alerts to notify you and your third party vendors of products for which spend should be reduced.
3. Reduce the spend for products generating unprofitable orders.
Sure, you may have those ads that generate clicks and drive conversion, but are you sure that they are generating positive revenue for the business? Once marketing costs, shipping costs and promotion or markdown costs are included, you could be giving away more than you think, simply to drive traffic. Use alerts to be notified of the campaigns that are depleting profitability and redirect funds to the campaigns positively contributing to the bottom line.
Curious how you might set up alerts to improve marketing spend and the customer experience? Contact DynamicAction to learn more.