Re-Launching Out of stock Products - 4 Step Checklist on how to Compete
In the fast-paced world of e-commerce, products often go out of stock for various reasons, be it a short hiatus or a lengthy absence from the market. As a seller, relaunching your product requires careful planning and a well-thought-out strategy. In this blog post, we will explore the main points you need to consider when relaunching a product that has been out of stock, whether for a short or extended period.
Assessing the Situation
First and foremost, it's crucial to evaluate the duration of your product's absence from the market. The length of time out of stock plays a significant role in shaping your relaunch strategy. If it's a recent occurrence, you might have an easier path to reclaiming your previous rankings. However, if the product has been off the shelves for an extended period, you need to delve into more granular details.
Market Analysis
One of the first steps is to assess how the market has evolved during your product's absence. Look for new competitors and pricing changes. Are there any fresh entrants with lower prices or improved offerings? Review your product listing and ensure it is up-to-date with features like A+ content, videos, and updated gallery images. Keeping pace with the changes in the market landscape is essential.
Pricing Competitively
To regain your position in the market, competitive pricing is crucial. Analyze your competitors' pricing strategies and aim to offer better prices if possible. However, it's essential to note that this isn't a sustainable long-term strategy, as a race to the bottom on pricing can hurt your profitability. Use pricing strategically and monitor your competitors' reactions.
Coupons and Badges
Running coupons can make your listing more competitive and provide a badge on your product, making it more appealing to potential customers. Monitor how competitors respond to your pricing and coupon strategy. By combining competitive pricing with strategic coupons, you can build up sales velocity and work your way back to the top of search results.
Keyword Strategy
Keyword optimization is a critical component of your relaunch strategy. Select 15 relevant keywords for your product and closely track their rankings using tools like Helium 10. Your PPC strategy should revolve around ranking for these keywords and securing a place on the first page of search results, where most sales occur.
Brand Analytics
If you're not already brand registered, consider securing a trademark and getting brand registry set up. Brand analytics can help you track your brand's market share and keyword market share, providing valuable insights into your performance.
Campaign Optimization
Conduct a comprehensive audit of your product's campaigns. Ensure that your foundational campaigns, including exact match, phrase, sponsored brand video, and defensive campaigns, are ready to go. Keep a close eye on keyword bids to ensure they remain competitive. Utilize automation tools like Scale Insights to adjust bids when needed.
Listing Enhancement
Your product listing is your digital storefront, and it should shine. Ensure that your listing highlights your unique selling points effectively. Consider adding a comparison chart in the gallery images and utilizing A+ content, including videos. Maximize SEO by optimizing your title, bullet points, description, and image quality.
Customer Reviews
Positive reviews and star ratings play a pivotal role in conversion rates. Aim for a star rating higher than four stars, as it can significantly boost conversion. Having more than 20 reviews also has a positive impact. If possible, consolidate listings under one parent with child variations for improved results.
Conclusion
In the competitive world of e-commerce, relaunching a product that has been out of stock requires careful planning and execution. To maximize your chances of success, focus on competitive pricing, keyword optimization, campaign management, and listing enhancements. By combining these strategies, you can make a strong comeback and regain your position in the market.
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