Teikametrics' Amazon Ads Manager Adds Hourly Bidding Optimization
Amazon Sponsored Ads management tool Teikametrics Flywheel has added a feature which automatically adjusts sellers' bidding strategy.
The hourly bidding algorithm is powered by an econometrics and a machine-learning data model that allows Amazon advertisers to automatically adjust bidding strategy quickly, minimize wasted ad spend, and adapt to changing marketplace dynamics. This takes advantage of Amazon's recent ad update that significantly reduces lag time in reporting advertising performance data.
Being able to calculate the most profitable bid on an hourly basis allows Teikametrics' platform to proactively invest ad dollars where the algorithm predicts the highest return on investment. Keywords and ad groups with high traffic volumes and competitive auctions, such as consumer electronics, household items, and apparel, are among those that will benefit the most during the first few days of bidding, during which time wasted ad spend can be curtailed by up to 50 percent.
Even sellers whose product keywords have fewer search activities and less dynamic ad data history will benefit substantially from Teikametrics' hourly bidding capability, which offers them access to up-to-the-moment information about advertising performance. With this new feature, Teikametrics' clients can also explore winning auctions and experiment with more aggressive bidding strategies to extract keyword performance information quickly.
"Amazon is quickly gaining ground on Facebook and Google as a leading online advertising channel," said Alasdair McLean-Foreman, CEO and founder of Teikametrics. "In a marketplace as dynamic and competitive as Amazon, reaction time is critical. Teikametrics' hourly bidding algorithm is the first solution to enable brands to react to statistically significant changes in their Amazon ads data with hourly granularity. This is another major milestone in our ongoing mission to help brands maximize profit on Amazon."
Teikametrics Flywheel combines advertising data, transaction data, and cost of goods sold to algorithmically optimize advertising profitability. Teikametrics has more than 2,000 clients, who have generated an average of 34% more revenue within 60 days of starting on Teikametrics' platform.