Blog: Part 2 http://etsyjewelryfx.blogspot.com/2014/11/how-to-use-etsys-promoted-listings-part.html
Hey guys! I am back with Part 3 of what is quickly becoming a constantly evolving into a series that may not have an end :)
VIDEO WILL BE ADDED TO YOUTUBE SOON
I, and others, have noticed a couple of problems with promoted listings since we started this adventure and we've reported the problem to the admin team. You can find that discussion HERE. Please feel free to join the discussion and report the issue if you're seeing it as well.
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I'm going to start off with a comparison of last months stats ( October ) and this months stats so far ( November ). This month is going much, much better as far as my promoted listings go. I'm at almost 71k impressions, 701 clicks, spent 12.80, and 332.75 in revenue! Of my total revenue, about 20-25% of my Revenue is coming from promoted listings. Of the promoted listing Revenue I am spending around 3-4% on the promotions themselves. I've more than doubled my impressions from last month to this so far, haven't even spent half the cost of last month, and my Revenue so far is off the charts.
This exact approach isn't going to work for everyone. I cannot stress enough that every store is different, every market is different, and depending on the competition in your market, what works for me may not work for you. As an example some of the feedback I have seen from people selling in the traditional jewelry market, some are using a max CPC somewhere between .12c-.20c and it seem to be generating a decent number of impressions. I do not recommend setting manual bids, Etsy is going to bid that amount every single time. Where if you sent the Max CPC in the advanced settings ( covered in previous videos and blog posts ) it will bid up to that amount.
Below is a screen shot of my stats from yesterday. As you can see I am still not maxing out my daily budget, because my Max CPC is set between .02 and .03 so it only bids up to that amount. On AVERAGE I am paying 1-2c per click, it just depends what I am competing with. You can also see when the shoppers started getting to get online, after 12pm.
I want to talk about a new feature that was added to promoted listings. It's an area where you can see what item a person clicked on, and which item actually sold. There are also some cool stats to check out on the page as well. You can find the link noted below.
This is what you'll find once you get to the next page. We're going to talk about a lot of things on this page. The first thing that I really like about this new breakout is the "Average time to Order". My average is 1 day 8 hours right now, it's just nice to be able to see these stats in detail. You can also see the exact number of orders that were a result of Promoted Listings and the Revenue is listed here. Below the break down you can see exactly which ads someone clicked on in the "Promoted Listing" column. The next column is "Click Date" this is the date the user clicked on the listing. The next, "Sold Listings", shows which is the item that sold. It's important to note that the item that sells is not necessarily the item they clicked on, these columns can show different things! Then you'll see "Order" which is the date and the order number, and the "Revenue" column. There are a lot of quick links on this page to get more detailed information from this page. You can also check out the stats from different time periods, like "last month" for example.
I did notice a problem with this page, which I have reported to the admin team HERE
What I noticed, the Revenue Column, is that the amount of the Revenue for the sold item can be incorrect. If you see my Snowflake Cookie plugs, it's showing the Revenue at 8.00 which isn't right. I have variations set up on my listings where the size of the item sold has a specific cost. The 8.00 cost is for traditional studs, which I did not sell. I sold a pair of plugs for 12.00. I'm hoping to hear from the team this week on what is going on with this issue - but check the link above and add your input if you're seeing the same problem!
Once you're done looking at this page you can click on "Campaign Overview" again to get back to the main page, otherwise you can click on your store link and go back to "Promote"
Figuring out the "sweet spot" for promoted listings is not an overnight process. I strongly recommend using promoted listings for about two months before deciding if you are going to keep using them. If you are unable or unwilling to commit to that kind of time I would wait to try them until you can. Because there can be up to a 30 day lag between a click and a purchase, this time frame is absolutely necessary for a complete evaluation.
Another topic we need to go over is SEO ( Search Engine Optimization ). Without your store and listings being in shape as far as SEO goes - Promoted Listings will not work very well for you! The ads on Etsy are displayed at the top and middle of search results on every page. You can identify which items are a promoted listing from the "Ad" in the top left corner. So if your items are not being found in the search by users without the ads isn't not very likely they will with the ads.
Etsy provides some information on SEO optimization, and it is something I am planning on covering in the next video / blog post. Until then, here are some helpful links:
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ReplyDeleteHi .......You said on a prior post that you set yours to custom of .02 per bid and then also set the mas CPC......and not to use the Automate bid. BUt then in this article you said...
ReplyDelete"I do not recommend setting manual bids, Etsy is going to bid that amount every single time. Where if you sent the Max CPC in the advanced settings ( covered in previous videos and blog posts ) it will bid up to that amount."
so i guess im a little confused....If want it to utilize the MAX CPC ....then which option would i also select for the bid type ....custom ....automatic or low bid? I get everything else but im trying to play around with my budget and i want the bid to start at .02 with a max CPC of .03
Thank you for taking so much time to create such helpful posts on this topic!!!
ReplyDeleteThis comment has been removed by the author.
ReplyDeleteThank you Cyndi for this tutorial, so far I have been following along, but, when I set my daily budget and I want to promote a few specific items, how do I do that? One my screen once I customize my bid amount, the product list disappears leaving me unable to see the list at all and making it impossible to really choose anything at all because there is no list to choose from. WHAT am I seemingly doing wrong?
ReplyDeleteThank you Cyndi for this tutorial, so far I have been following along, but, when I set my daily budget and I want to promote a few specific items, how do I do that? One my screen once I customize my bid amount, the product list disappears leaving me unable to see the list at all and making it impossible to really choose anything at all because there is no list to choose from. WHAT am I seemingly doing wrong?
ReplyDelete