Price Benchmark Data – Use cases
By using Price Benchmark data from their Google Merchant Center, several Producthero Merchants have boosted their competitiveness. Producthero helped them to make a connection to the Price Benchmark data in your Merchant Center. In this article we present a case how a merchant connected their Google Merchant Center data to their Shopping campaigns, Google Sheets, Google Data Studio and their feed management tool Channable.
Price Benchmarks for Shopping Ads is available in your Google Merchant Center. Producthero helps its merchants to connect their own data for internal use only, in accordance with the Google Market Insights policy.
About Price Benchmark data
The benchmark price for a product is click-weighted across all merchants that advertise the same product with Shopping ads. This makes the benchmark super relevant and actionable.
In your Merchant Center you can find the Price competitiveness report under the Growth tab in the left sidebar menu (available in most merchant centers now). On this tab in your Merchant Center you can filter by country, view price benchmarks on product level and even export the data to a CSV.
It is normal that a part of your assortment has no benchmark price, this can be due to:
- A part of your assortment are unique products, so there is nothing to compare to
- Not enough impressions/clicks for products to meet the threshold for benchmarking
- No or not enough enough competitor prices
- Not able to match your product to competitors (gtin)
Do not be disappointed with a small part of your products that is covered by the benchmarks. Because the part you do have is often the most fruitful part of your assortment. Remember that with Shopping in most cases only about 10% of the products do at least 80% of conversions. Often the available data is about your most valuable products and products with the highest potential.
You can connect this data to your campaigns, spreadsheets, dashboards, feed management tool, etc. And we can help you to to connect your data as a source for whatever you want:
In this part we explain how we helped a customer connecting its Price Benchmark data. It resulted in a URL (we changed the format for this case example) the client can use:
The merchant is able to tweak this feed data and settings by changing the parameters in the URL:
|country=||Change the country they want to create the benchmark feed for by changing the country code.|
|lang=||Select the language of the products they want to add to the benchmark. They can remove this parameter from the feed url to add all active languages in the selected country.|
|supplemental_feed=||If they want to get all the available data in the feed (like in the above example), then they can set this to supplemental_feed=0.|
If they want to create a supplemental feed, to directly add custom labels to their Merchant Center for all products, we helped them to make that possible. They just need to set this to supplemental_feed=1. The feed then only contains an id and the custom_label column.
|custom_label=||If their output feed is a supplemental feed, they can choose which custom label they want to use for the benchmark label (0,1,2,3 or 4). It is important that they make sure the custom label they choose is not in use yet. Existing labels will be overwritten.|
An example of the complete datafeed for this merchant (supplemental_feed=0) in a spreadsheet view:
An example of the supplemental feed (supplemental_feed=1) for this merchant in a spreadsheet view:
In this part we describe the cases how this merchant has connected the data:
- Price Benchmark labels in their Shopping campaigns
- Price Benchmark data in Google Sheets
- Price Benchmark data in Google Data Studio
- Price Benchmark data in Channable
Price Benchmark labels in their Shopping campaigns
Products with a better price than the benchmark often have a conversion rate that is more than twice as high as the other products. The merchant added price benchmark labels as custom labels to their shopping campaigns. They used them to segment their products so they were able to push their most competitive products.
- They selected the Feeds tab in the left sidebar menu
- They clicked ADD SUPPLEMENTAL FEED
- They added the name of the feed. They named it Price Benchmark feed
- They selected Scheduled fetch
- They added a name for the feed file. They named this Price Benchmark feed as well
- They added the URL of the supplemental feed we helped them to create
- They select the language
- They clicked Create Feed
After the feed is fetched they had access to the super cool price labels as product groups in their Google Ads campaigns!
Price Benchmark data in Google Sheets
It was very easy for the merchant to add the data to a Google Sheets spreadsheet.
- They selected the first cell in the Google Docs spreadsheet.
- In the value field, enter the following, replacing “url” with the URL we helped them to create: =IMPORTDATA(“url”)
They were now able to use this data to create pricing reports and analysis in Google Sheets.
Price Benchmark data in Google Data Studio
The merchant just added the Google Sheets file they created, as a new datasource in Google Data Studio:
It was very easy to blend the data of this new data source with their Google Analytics or Google Ads data in their reports, using the the Blend Data option and use ID as common identifier.
Price Benchmark data in Channable
This client used Channable as feed management tool. They we able to add the the Price benchmark data to their product feed. They clicked “+ Combine imports”, and chose the feed url we helped them to create.
They were taken to ”Setup Mapping”. At the bottom of the page they specified which fields they wanted to combine. This had to be a field present in both the first and second import feed. They used ”id” for this.