No doubt, you know your best products and can list the top 10 best sellers with ease. But what about those products that are seeing loads of traffic, but are not converting? And more importantly, what about your hidden gems — the products that are lightly trafficked, but convert well?
Having command of your entire product catalog will help you identify over- and under-performing products quickly. And when you truly know your catalog, you can increase per-visit spend by re-merchandising away from poor-performing products and focusing on the best.
At Zaius, we are continually working to assist you as a marketer. And that’s why we’ve added a new, data-science powered feature to our platform that provides a new way of looking at your product catalog – the Zaius Product Opportunity Explorer.
How does the Product Opportunity Explorer work?
The Zaius Product Opportunity Explorer provides a view into product performance across your entire catalog. In this interactive scatter plot, you can see how well a product is selling (along the y axis) alongside how many product detail page views each product is receiving (x-axis). The result is an at-a-glance view of each product’s performance.
Most of your products will typically cluster along a diagonal line starting at the bottom left and rising to the top right — “normal” performance and conversion. But when products start to pull away from the diagonal, there’s something worth looking at, specifically at the edges: the bottom right- and top left corners.
The products in the bottom right corner are the poor performing products. These are getting lots of views and you’re probably promoting them like crazy, but they’re just not converting.
The products that sit at the top left of the graph are your top performing products that aren’t getting a ton of page views. We call these items “hidden gems” because there’s a huge opportunity to market these products better and put them in front of more of your customers. With the right strategy, these products could be driving far more revenue for your brand.
How can I use the Product Opportunity Explorer to power better campaigns?
Once you identify your hidden gems, you can focus on promoting these products and try to drive more traffic to these specific product pages.
With the Product Opportunity Explorer, you can hand-pick certain products to add to a product collection. Then, when designing your email campaigns, embed the product collection in just a click to promote the items. These hidden gems are a great set of products to publish into my favorite overlooked segment, such as:
This information is not just useful for marketers, but also for the entire merchandising team. Merchandisers can choose to put the best-performing products on the homepage or within specific collections so that these items can earn more exposure on your site. They can also choose these products to create content online, such as side-by-side product comparisons and videos.
Where you can truly get the most value out of this report is when you combine it with all of the other insights and data you have on your customers. Ideally, you can get a complete picture of your shopper, unified across every touchpoint and interaction. From there, you can not only connect your shoppers with your best products, but also deliver the kind of personalized and relevant campaigns that delight your customers and lead to better results.
Want a look at the Product Opportunity Explorer? Get a demo of Zaius today.