January 9, 2024
Learn how to maximize your marketing ROI in 2024 with this quick guide. We’ll show you 12 strategic tactics, from inventory management to intelligent repricing, that can help you keep ahead of the competition and grow your eCommerce presence.
Reading Time - 8 min
As new consumer trends and marketing technologies continue to reshape digital advertising in 2024, marketers must adapt their strategies to remain visible online. Here are our 12 most highly recommended online advertising and marketplace tactics for maximizing your marketing ROI this year.
Start by updating your product feed on social commerce platforms like Facebook Catalog to include new artwork and descriptions. Then, you can run targeted ads on Facebook and Instagram to reach shoppers interested in the latest products.
Influencer marketing will still be a valuable asset in 2024, but it’s important to do it the right way. Say one of your clients has collaborated with an influencer on a new product launch, and they plan to promote the collab on both TikTok and Meta.
Supercharge that campaign by adding the influencer’s name as the “Influencer” attribute in your feed. This helps you create a more targeted campaign that maximizes name recognition.
Here's an example of some updated product feed attributes for social commerce with Channable:
[Quick wins] If your product goes out of stock, Google won’t serve your ads promoting it. To prevent this from happening, use Channable’s Update Every Hour add-on and our Google Content API. They’ll keep your inventory reporting current at all times.
Digital marketing agency dreifive, for example, uses Channable’s API connection to Shopify for its client, the skincare retailer Korres.
The API lets dreifive set “if-then” rules to create a clean data flow from Shopify to Channable to Google Shopping and Meta dynamic product ads. Also, the API automatically inserts lifestyle or mood images (where available) instead of using packshots.
This makes for a cleaner feed with more complete and more attractive product information. dreifive estimates that they’re also saving one to two hours of work per week thanks to the automation, which saves them from having to manually manage Korres’ shopping feeds in Google’s Merchant Center.
Major platforms like Amazon, eBay, and Walmart reorganize categories from time to time. This puts you at risk of having your product miscategorized, making it harder for shoppers to find.
To optimize your ROI, use Smart Categorization, which uses machine learning to make sure your products are characterized properly as soon as they enter your feeds.
[Quick wins] From price changes to availability status, it’s crucial to keep your product descriptions up to date at all times.
Say you’re advertising for a sneaker retailer with daily drops at 10 a.m., designed to bring in the most ardent sneakerheads. Your daily product feed might look like this:
For the 10 a.m. drop, perfect your product feeds with copy such as:
A great strategy for making your products more discoverable is to enhance your product feeds to create space for more product attributes and enhance discoverability.
Be sure to add multiple eye-catching phrases to your feed to make it easier for shoppers to find what they’re looking for. For example, your original feed might look like this:
Here’s an example of how you can enhance those same attributes:
Dynamic Image Editor gives you an easy, scalable way to automatically improve your product images. Say you want to add a fresh background to your existing product images.
Simply choose a new background in Dynamic Image Editor, then drop the new and improved image into your dynamic product ad templates.
Update those templates once, and the new image will appear across supported channels and campaigns.
If you want to incorporate higher-quality product images (for example, from a recent editorial shoot for Instagram), simply replace “Default Image URL” with a new attribute, “Instagram Image URL” that contains the link to those Instagram-ready lifestyle images.
[Quick wins] Want to get even more out of special offers and discounts during peak sales events like Black Friday and Cyber Monday this year? Automation is key.
With the right approach, you can update products once to reflect a special offer, and instantly syndicate the new info across multiple channels.
To drive more sales, you’ll want to do more than “just” update your prices. Adding language to your descriptions like “Limited-time only” helps create a sense of urgency and persuade shoppers to grab this deal while it lasts:
To avoid making promises that you can’t keep, try using ad copy such as “20% off plus more, all week” or “Daily deals—check back each day!”
[Quick wins] Facebook and Instagram collections are great options for showcasing products.
Curated collections for Instagram Shopping, for example, help shoppers find exactly what they’re looking for.
Use specific headings such as “Gifts for Her Collection,” “Gifts for Him Collection” or “Holiday Gift Collection.” Then use those collections as the foundation for shoppable posts and stories.
Offering the right price at the right time is crucial for keeping ahead of your competitors. The Channable Repricer, which is fully integrated into Amazon’s marketplace management workflow, helps ensure your pricing is always optimal.
Simply choose the products you want to put on sale and set easy-to-understand “if/then” rules for automatic repricing based on factors like competitor prices and target profit margins. Automatic repricing also lets you run targeted promotions on Amazon knowing that you’re offering products at the smartest prices to satisfy both shoppers and your clients.
The results speak for themselves: Before switching to our repricing solution, digital marketing agency 050media found that 40% of their DIY retail client Tooltopper’s products were ineffectively priced. Since switching, they’ve secured a 5% margin increase for their client with automatic dynamic pricing.
When this year’s holiday shopping season approaches, cater to last-minute shoppers and draw business to your clients’ brick-and-mortar locations by adding phrases like “Shop In-Store for Last Minute Beauty Gifts” or “Visit Our Nearby Stores for Instant Gift Shopping.”
Then, double-down on local inventory with Google’s Local Inventory Ads feature. Local inventory ads showcase products available in nearby stores, encouraging shoppers to visit in person. You can also customize them to geographic areas closest to physical stores, so they’re displayed to customers most likely to shop there in person.
As online shopping continues to thrive this year, you’ll want to do all you can to minimize the chances of ads being disapproved by Google or Meta due to errors. Here are a few best practices to achieve the best results:
As a digital marketer or agency, you’re not just managing across products and feeds – you’re managing across clients, campaigns, and expectations. Channable’s Dashboard gives you a centralized hub with an overview of quality scores by feed and account.
It also gives you a centralized view of quality scores by project and client. And you can copy successful rules across feeds, so you can apply your winning strategies from one campaign or client to the rest of your portfolio.
Combined with your experience and instinct as a digital marketer, the twelve tactics above will help you achieve more and maximize your ROI throughout the year.
Do you want to take the next step towards online marketing excellence in 2024? Learn more about how Channable can power all of your campaigns. Best of all: For a limited time, your first product feed is on us.
Discover how the right tools and automated solutions can boost your ROI!
Read this article in different languages:
As we keep on improving Channable, we would like to share the latest developments with you.