How to Cut Your Google Ad Spend by a Third or More

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In this week’s episode, Philip and Rob detail the influence of pricing on Google Shopping ad spend and how to optimise your spend.

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Full Episode

Highlight

A short extract from the full podcast video - looking at how pricing can help you save money on your Google Ad spend, or rather use the savings to double down where it counts most.

Fun Video

An introduction to my new pen pal... Dr. Rob Horton!

Podcast Summary

Introduction

The conversation revolves around the topics of pricing, advertising, and the customer journey. The participants discuss strategies for optimising these areas to improve business performance.

Building Different Strategies for Products

The participants suggest building out different strategies for different sets of products. This can be done by labeling products and creating strategies (A, B, C) based on their competitiveness, price sensitivity, and marketing requirements.

Considering Price, Marketing, and Stock

They emphasize the need to consider not just pricing and marketing but also stock availability. The interplay between these factors affects profitability and dictates the overall strategy. For example, when stock is limited, higher prices may be justifiable, while increased competition may require more competitive pricing.

Importance of Data Purity and Automation

Data purity and automation are highlighted as crucial elements in optimising pricing and advertising. By harnessing data and automation tools, businesses can better align their pricing and marketing efforts, ensuring efficient resource allocation and improved results.

The Power of Pricing and Advertising Alignment

Aligning pricing and advertising is essential for effective customer engagement. They discuss how being price competitive and advertising to the right audience can significantly impact conversions and sales. The conversation emphasises the need for systematic price competitiveness and the positive impact it can have on advertising spend.

Understanding the Customer Journey

The conversation delves into understanding the customer journey and aligning marketing efforts accordingly. They highlight the importance of knowing how customers think and the search terms they use when looking for products. Building a holistic understanding of the customer journey helps optimize marketing strategies and drive conversions.

Examples of Price Optimization

The participants share anecdotal examples of how price optimization can lead to savings for both businesses and consumers. They mention instances where searching for product codes or using specific search terms on Google Shopping helped them find competitively priced products from different suppliers. These examples demonstrate the potential benefits of systematic price optimization and smart search strategies.

Conclusion

The conversation concludes by emphasising that being systematically price competitive can have a significant impact on advertising spend, saving businesses money. The importance of automation, data purity, and understanding the customer journey are highlighted as key factors in optimizing pricing and advertising strategies.