Amazon Prime Day just passed last month. You must be thinking about creating a prime strategy whenever Amazon sends you the mail for next year, right? However, that’s the biggest reason why most Amazon Prime strategies fail to generate the expected sales.
You practically have an entire year to plan your Amazon Prime strategy for 2020. If you plan and execute it right, your sales would go through the roof in just 48 hours.
Amazon Prime Day has become one of the most celebrated shopping events all around the world alongside Black Friday. In fact, Amazon mentioned that it sold over 173 million products on Prime Day, last month.
Needless to say, it is the best opportunity for businesses to maximize sales through aggressive marketing. And considering your competitors will be doing the same, you’ll need something to stand apart.
Don’t know how to get started? Fret not, this blog is just for you.
By the time you finish this blog, you’ll learn:
Without further ado, let’s get started.
Amazon Prime Day is a once-in-a-year shopping opportunity exclusive for Prime subscribers, where they get huge discounts on a variety of products for 48 hours. So basically you’re targeting over 75 million Prime subscribers who are ready to purchase the product at a moment’s notice.
And we’re not even mentioning shoppers who create temporary accounts during Prime Day to avail the benefits of Amazon’s Free Trial. This makes Amazon the biggest consumer base for any e-commerce platform.
The question is, how can you make your products more visible during Prime Day? After all, you definitely don’t want to miss out on such a huge opportunity to multiply your sales. Right?
Having the correct approach and mindset will always keep you a step ahead and help achieve your goals.
Remember, every marketing strategy requires the right mindset to execute it properly. A well-planned, refined, and executed strategy can take your business ahead of your competition.
That being said, Having a well-informed and innovative mindset is perfect for planning your Prime Day strategy. You must do thorough research on Amazon marketing before getting started with your planning process.
Most importantly, you should think of innovative solutions to manage your cost and generate better sales than your competitors.
You should also dedicate the entire year understanding your product’s performance, consumer behavior, and keywords trends on Amazon to create a Prime Day strategy that is unique to your business.
Now that we have the right mindset, let’s start planning your marketing strategy for Prime Day 2020.
For a business, Amazon Prime Day is not all about keeping up with your competitors but about outperforming them. It requires a sound strategy, planning, and most importantly, a vision. The earlier you start, the better.
Think of it as a year-long training for a 100-meter sprint.
Here are a few things you should do throughout the year to prepare yourself for the big day:
All these factors will keep your Amazon marketing strategy healthy and ready for Prime Day. If you follow these tips throughout the year, you’ve won half the battle already.
If you want to learn every aspect of marketing on Amazon in detail, check out our comprehensive insights on Amazon marketing.
With that out of the way, let’s see how you can prepare your business a month before Prime Day.
Now that we’re a month closer to Prime Day, you’ll need to make some strategic changes in your Amazon marketing plans. Here are a few recommendations to make the most of these 30 days:
1: Reduce Your Budget for the First Few Weeks
Understand this:
Amazon will send you a mail regarding the upcoming Prime Day in advance (1-2 weeks prior) and ask you to increase your bidding and promote your products aggressively.
This is where most businesses make a mistake. The most common thing they do is that they exhaust most of their budget in the first few weeks and limit their potential during the actual day.
You have to do the exact opposite.
Rather than spending a huge amount of money early on and exhausting your budget, you can save money by reducing your biddings in the first 1-2 weeks and use all the resources on Prime Day itself.
Our goal here is to manage your resources effectively to multiply your sales on Prime Day. Don’t worry about potential losses by reducing the budget, you’ll more than make up for it on Prime Day.
2: Make Use of Small Discounts
Let’s be honest, people explore Amazon especially during Prime Day to find some great deals online.
Now imagine, your product appears with a 10% listing coupon, whereas your competitor has no discount. What will happen?
Of course, they will prefer your product over your competitors’, especially when they are planning to save money by shopping during a Prime Day month.
Needless to say, adding listing coupons will skyrocket your conversion rate and CTR in no time.
You don’t necessarily have to give heavy discounts, but enough to catch your buyer’s eyes. It’s all about using consumer psychology to your advantage to beat your competition.
Caught up with everything so far? Good! Because we’re now approaching the Big Day.
Congratulations! You’ve followed all the previous steps efficiently and have successfully implemented Amazon marketing strategy throughout the year. Now, it’s time to double those sales in 48 hours.
And believe us, it’s possible.
Here, you can use all your saved resources to outperform your competitors. However, that too should be done in a well-planned manner so that you aren’t wasting your budget.
This brings us to our first tip for Amazon Prime Day marketing.
Shut Down all Non-Performing Campaigns During Prime Day
You’ve saved a considerable amount of money in the first few weeks by reducing the budget, you’ve also increased the CTR and conversions using listing coupons. Now, you have to be extra specific while promoting your campaign.
That means you have to focus only on promoting your best-selling products with best reviews. Make sure that your best-selling products are ranking for high-performing keywords. Shut down all the campaigns for products that you think might bring zero sales during Prime Day.
You don’t want to waste a fraction of your funds on campaigns with no returns. Remember, you have to be at your ultimate efficiency to stay leagues ahead of your competition.
You can do it by investing all your resources on products with the highest conversion rate and CTR.
Leave a Small Part of Your Budget for Trending Products
For the products that have shown steady growth in sales and generated some positive feedback over time, you should definitely use a small percentage of your budget.
These products might not be on your top-tier products list, but they’re showing some growth in sales which means visitors are accepting this product. Promoting them during Prime Day will accelerate your sales velocity, which can come in super handy to rank your products faster.
If you follow these steps, you can definitely outperform your competitors and even double your sales on Prime Day. Just make sure that you’re using the right amount of resources at the right time.
From a business perspective, Amazon Prime Day is quite challenging but an extremely rewarding period. It tests your marketing and cost management skills and rewards you with huge sales and boost in rankings.
Consider these tips as an exercise for your next Prime Day strategy. You can also feel free to share your results with us.
Think these steps are too overwhelming? Worry not, we’re always there for help. We are amongst the leading Amazon marketing agencies in the business and can help you plan the perfect Amazon marketing strategy for you.
To witness an unprecedented increase in your Amazon sales, get in touch with us.
