Help Centre

What is a Price Drop Campaign?

A price drop campaign is a marketing strategy where a business informs its shoppers about a decrease in the price of a product(s). The aim is to encourage shoppers who showed interest in a product at a higher price to complete their purchase now that the price has dropped.

Why Build a Price Drop Automated Campaign?

Building a price drop automated campaign is essential because it helps retailers retain customer interest and reduce the likelihood of lost revenue. Instead of manually sending out messages to customers, automated rules and workflows can notify shoppers when a % price change occurs.

Reasons to Build a Price Drop Automated Campaign

1. Increase Engagement: By sending automated multi-channel campaigns to shoppers who previously viewed a product, businesses are more likely to engage shoppers with a saving. 
2. Drive Conversions: Shoppers who were hesitant to buy at the original price they viewed a product at may be more likely to convert when they receive a notification about a price drop. 
3. Increase Brand Visibility: By reminding shoppers of their offers through automated email and SMS notifications, businesses are more likely to keep their brand in shoppers’ minds. 
4. Build Customer Loyalty: Offering discounts on products a customer has viewed can build loyalty with shoppers as businesses are keeping them informed about deals for products they are interested in. 

What are the Benefits of Creating an Automated Price Drop Campaign?

1. Time Saving: Once the automation is set up, these campaigns run independently, reducing manual tasks for an eCommerce business.
2. Higher Conversion Rates: Studies show that shoppers who receive price change communications have higher conversion rates, as they are more likely to act quickly on time-limited offers. 
3. Additional Data for Shopper Profiles: This completes more of a customer profile on what product users are interested in and can help influence future marketing campaigns. 

Improved Shopper Experience: Notifying shoppers by automated communications (email and/or SMS) improves the shopper experience by providing relevant, timely information based on viewed product(s) without requiring them to proactively track prices themselves.

Price Drop Logic

• When a shopper views a product, Salesfire creates a product profile and saves details such as the product ID, viewed price, view time, and stock status. 
•  Once integrated, product catalogue imports are made daily to Salesfire. 

When the Price Drop campaign is due to trigger Salesfire will check for any items that have reduced in price. If these products are still in stock and if the reduction is in line with the price drop percentage that has been set within the trigger section of the dashboard, then the campaign will be sent to the users who were interested in the reduced products.

Conditions include:

• Has the user recently purchased the product? If they’ve bought the specific product within a specific time period (e.g. the last 30 days) these shoppers will be skipped. 
• If the new price is higher or the same, we don’t notify them. The price drop must be significant enough based on the configured percentage which is set against the trigger. This allows you to control how much the price must drop by in order to send the price drop email, giving further control over the campaign automation.
  
• If all checks are passed and the user has opted in for marketing communications, an email is sent about the price drop featuring the product in the content of the email. This will dynamically pull through the product that has dropped in price.
• The time of the day condition will be set as default on the campaign to prevent the shopper from receiving communications during unsociable hours.
• If the shopper buys the product, Salesfire will update the profile with the purchase date to ensure no further price drops are sent to the user about the featured product. 

What are the Steps to Build an Effective Price Drop Campaign?

Update price drop via catalogue import:

•  Once integrated, product catalogue imports are made daily to Salesfire. 

When the Price Drop campaign is due to trigger Salesfire will check for any items that have reduced in price. If these products are still in stock and if the reduction is in line with the price drop percentage that has been set within the trigger section of the dashboard, then the campaign will be sent to the users who were interested in the reduced products.   

Set trigger points:

• Price drop thresholds: Define the conditions that trigger your automated Price Drop campaign. E.g. the % a price of a product needs to drop by in order for shoppers to be notified, the time of the day of the send or excluding certain shoppers by using the ‘Hasn’t Received Campaign/Hasn’t Received Campaign Type’ to prevent spamming users.
• Tracking: Ensure the tracking is set correctly for links that are pushed across channels such as SMS.

Create a multi-channel flow:

• 75% of shoppers prefer to interact with companies across multiple channels vs one channel (Reference 1). 
• Ensure that emails/SMS and LPS render well across all devices. 
• Ensure that the messaging across all channels matches the brand’s tone of voice and is consistent. Optimise messaging for each platform. 

Use social proof and urgency messaging:

• Social proof examples could be testimonials, reviews, etc.
• You could create a sense of urgency/fear of missing out to purchase the product before it sells out. 

Monitor metrics:

• Consistently monitor metrics across channels. 
• Track KPIs such as email open rates, click-through rates on email and SMS, conversion rates, unsubscribes etc.
• Regularly optimise automated campaigns based on metrics. We recommend only making one modification at a time to understand what has worked and what hasn’t.