On today's episode of the Shopify Ecommerce Podcast, I enjoyed chatting with Liam Patterson the Co-Founder and CEO of Bidnamic.
Bidnamic combines advanced machine learning with human expertise to drive revenue and profits from Google Shopping adverts. They work with ecommerce companies to maximize the potential of every product, whether they have hundreds or hundreds of thousands of SKUs, which is beyond what humans can manage manually.
Using advanced machine learning algorithms their platform predicts the right price to pay for each Google Shopping click, 24 hours a day 365 days a year, making it possible for brands to outperform their competitors and drive profitable revenues from search marketing.
Clients also use their first-party data generated from the platform to predict inventory needs and identify growth opportunities across all channels, making proactive data-driven decisions to secure the sustainable growth of their business.
This episode is made possible by Tidio. A top-rated customer success platform that helps small and medium businesses grow their sales through live chat, chatbots, and ticketing, Tidio is the go-to solution for over 300,000 companies worldwide!
This is Liam's story…
Growing up, Liam Patterson was always the problem-solver in his group. It was no surprise when he took up a career in digital marketing and quickly identified a persistent issue – high bounce rates on Google Shopping ads. He observed that half of the traffic generated by these ads would bounce back to Google, creating a challenge for retailers. As he delved deeper into the issue, Liam discovered an inflexibility in Google Shopping's structure that necessitated directing traffic to product details pages, which often did not match the search terms. This realization led to a game-changing solution. Liam developed a technology that would optimize bids on a SKU by SKU level, balancing cost per click based on product margins and customer purchase intent. This innovative bid optimization approach revolutionized how retailers could tackle bounce rates.
In this episode, you will learn:
- Uncover expert techniques for skyrocketing the effectiveness of your Google Shopping campaigns.
- Decipher the complexities of bid optimization and its delicate relationship with cost per click.
- Dismantle the mystery of bounce rates and their not-so-obvious effects on your ad performance, along with methods to keep them in check.
- Navigate the game-changing world of SKU-level optimization and learn to leverage data-driven insights for ultimate campaign victory.
- Realize the power of swift loading landing pages and the usefulness of personalized product suggestions in transforming your conversion rates.
Shopify Ecommerce Podcast
Here’s a breakdown of what is covered:
3:16 – Introduction to Bidnamic
8:26 – Winning the Google Shopping Auction
10:05 – Key Metrics for Google Shopping Success
11:48 – Maximizing Lifetime Value
13:09 – Optimizing Cost Per Click
14:19 – Understanding Profitability with Bidnamic
16:22 – Efficient Bidding and Purchase Intent
19:17 – Addressing Bounce Rate
23:03 – Speed and Opportunities for Improvement
26:35 – Powerful Partners and Headless Landing Pages
27:54 – Cost and Integration Challenges
29:10 – Finding the Sweet Spot
32:39 – Page Speed and SEO
35:32 – Case Study: Appalachian Outfitters
40:28 – Utilizing Search Term Data for SEO
43:28 – Hidden Data in Browsing History and Conversion Modeling
45:25 – Using Retargeting Lists for Search Ads
48:10 – Owning the Customer Journey
Boosting Your Shopify Stores Growth, Revenue, Profits, and Lasting Customer Value
Each week, join Steve Hutt and his knowledgeable guest as they share valuable insights designed to motivate founders and marketers in growing their Shopify stores. Together, we'll explore top-notch Shopify apps, marketing platforms, and vital growth tactics to enhance efficiency, boost profits, and strengthen customer loyalty. With every episode, you'll get closer to learning from the pros currently thriving in DTC, ecommerce, and retail!
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