Established in 1958, Ritchie Bros. (NYSE and TSX: RBA) is a global asset management and disposition company, offering customers end-to-end solutions for buying and selling used heavy equipment, trucks and other assets.
"Marin's Inventory Bidding solution has allowed us to tap into lower funnel search audiences who are looking for highly specific makes and models of equipment. The best part is that it can be all automated with a lever to control which assets we want to promote. Marin does the work behind the scenes to make sure our bids are optimized."
Recently, Ritchie Bros.' paid media team presented an issue around inventory. They wanted to drive more traffic to product categories that had items in stock, and that had low visibility in the auction space.
The Marin team frequently builds inventory based bidding solutions for clients. This typically looks like automating a file to be sent to Marin that lists product SKUs and their associated quantities. Each SKU has an associated ad group, and Marin automatically boosts bids on keywords for SKUs that are in stock, and decreases bids for SKUs that are out of stock.
However, Ritchie Bros is an auctioneer which presents a unique challenge. Therefore, they do not have traditional SKUs and a catalog of products. Rather, they sell many different types of machinery as they acquire them.
Marin and Ritchie Bros. put their heads together to build categories of product, label each product in their inventory feed with a category, and then create an associated ad group for each category. Marin processes their inventory feed daily and doubles bids on keywords associated with categories that have product in stock, and whose landing pages are not receiving sufficient traffic. This allows underserved categories of products to be brought into the spotlight.
Using MarinOne's Maximize Revenue to ROAS bidding algorithm in conjunction with automated inventory-based boosts for Bing bidding, Ritchie Bros. is able to drive pageviews from lower-funnel search audiences who are searching for specific items that can be hard to find, and that Ritchie Bros. doesn't always have in stock. Because they are an auctioneer rather than a traditional SKU-based retailer, Marin built a solution that processes their inventory feed on a daily basis and boosts bids on items that are in stock.
Since launching the solution, these Microsoft Advertising campaigns have seen:
- 335% lift in impression volume
- 234% lift in click volume
- 13% increase in interest pageviews
Marin is thrilled to have helped in the success of this initiative for Ritchie Bros and is now working to scale this solution for other industries and unique use cases.