Wayfair Sponsored Products: Wayfair’s Version of the Pay Per Click Marketing Program
Wayfair has recently launched a new program called, Wayfair Sponsored Products. This is a pay per click marketing program that allows you to run ad campaigns on products you would like to gain more exposure. Like with other pay per click vehicles, you select the duration of the event, the daily budget and the overall budget.
The goal of this program is to win a bid on one of the products you selected and get the item placed on the first page of the search. For example, if a customer searched end tables and you have end tables in your selected products then if you win the bid, your product would be on the first page of the search. It would also be flagged sponsored product.
Below is an example of how it looks. The pillow in the middle has “sponsored” in the lower right-hand corner. In this example, the items were on the first page and top row which means the bid amount was pretty aggressive as pillows are a very competitive category.
The Wayfair program is different from the Amazon program in that you are not in control of optimizing the content of the ad. Your primary ways to optimize the program are through item selection and your bid price. Initially, this will be a trial and error exercise.
Why do this?
The bulk of all sales take place within the first few pages in the search. This program gives you the opportunity to enhance your listings, gain more impressions, click stream, order conversion and ultimately, more reviews.
This is a longer-term marketing tool that can be used to build the base of your business. This ad program is meant to supplement what you are already doing and add another tool to your tool box to continue to grow that base.
Wayfair will maintain control of the Sponsored Product Ad program and these ads will not dominate the search pages. Items that are poorly merchandised, have bad reviews or other issues will not be published in a prime location regardless of the bid price.
The best approach to think about this program is to take the long-term view. You are investing in the long-term health and growth of your products. It takes time to build robust items and this is another platform to assist you. The ideal product candidates for the campaigns are new products, top sellers and existing items where you want to gain more traction.
Here are some things to consider while planning your ads.
1. Test out a few different approaches to see what will work best for your company.
2. Ask you buyer for feedback and success stories
3. Experiment with your bids (you can update them throughout the event)
4. Combine campaigns with ads and price reductions that you set up
5. Types of products to focus on:
Products you want to gain more traction
Products that have great merchandising,
Products with good reviews
Products that are in-stock