Rebuilding Sahyadri Outdoors's Shopping feed cut wasted spend by 38%

Sahyadri Outdoors was spending ₹1.8 Cr/month across Google and Bing with a reported 4.1x ROAS that fell apart under inspection. Sixty-one percent of Shopping spend went to 340 SKUs that carried under 18% contribution margin, and their Performance Max campaign was a single asset group swallowing brand traffic and claiming credit for it. Their agency-of-record reported on last-click revenue and nobody had looked at margin in eighteen months.

We separated brand from non-brand at the campaign level so PMax could no longer harvest existing demand, then rebuilt the product feed with margin tiers, stock-depth signals and search-term-informed titles. Bidding shifted from a flat ROAS target to three margin-weighted tiers, each with its own target and budget ceiling. Wasted-query suppression ran weekly rather than quarterly.

The feed rebuild touched all 4,800 SKUs: custom labels for margin tier, seasonality band and inventory depth, plus title restructuring driven by 90 days of actual converting queries. We split PMax into brand-excluded and brand-only campaigns, launched standard Shopping for the top 400 margin SKUs where we wanted query-level control, and layered a Bing mirror at 22% of Google budget where CPCs ran 41% cheaper. Every fortnight we ran a search-term audit and moved the bottom decile into negatives.

Wasted spend dropped 38% within the first ten weeks while revenue held flat, then grew as we redeployed the recovered budget into the high-margin tier. Over two quarters the program delivered ₹17.4 Cr in incremental revenue at a contribution-margin-positive 5.2x on non-brand Shopping. Bing now accounts for 19% of paid search revenue at a 31% lower CPA.