Prime Day 2023 is coming!
As Prime Day approaches, brands have the opportunity to boost sales and establish a strong presence on Amazon. This event serves as a litmus test, reflecting the success of year-long efforts to enhance brand visibility and drive sales.
As a Senior Digital Product Tech Functional Consultant based out of USA, I have seen firsthand the excitement and palpable tension that kicks in for Analysts, Sales & Media teams, Operations teams at 3AM on Prime Day. This event serves as a litmus test, reflecting the success of year-long efforts to enhance brand visibility and drive sales.
With that firsthand experience, I am going to share a few essential strategies that can help brands to prepare and succeed during Prime Day.
1. Develop an Amazon Prime Day strategy:
a. Plan your deals.
b. Set an ad budget.
c. Plan out your campaigns for maximum impact.
2. Optimize product listings (PDP):
a. Make your listings stand out with high context Product descriptions, use high-quality images, add Amazon Brand Story.
b. Utilize A+ brand content.
3. Personalized Experience:
a. Leverage Amazon’s Deals of the Day and tailored recommendations to deliver a personalized shopping journey.
4. Promote your Prime Day deals:
a. Stand out from the competition by running targeted PPC ads, Lightning Deals and building brand awareness across Amazon and other channels.
5. Amazon Keyword Research:
a. Boost your product visibility and sales by targeting the right, high-value keywords on Amazon to improve relevancy and SEO.
6. Get Social:
a. Engage your audience through social media, email marketing, and collaborations with influencers to create an authentic brand story.
b. Leverage social media platforms and influencers to create buzz around your Prime Day deals and engage with a wider audience.
7. Reviews and Ratings strategy:
a. Capitalize on increased traffic to build your reviews and ratings.
b. Monitor Returns, Reviews and Ratings once Prime Day is over to gauge performance and fix any underlying issues.
8. Inventory Assessment:
a. Evaluate your inventory levels to ensure sufficient stock for the expected surge in demand during Prime Day.
b. Ensure that inventory reaches Amazon Fulfilment Centers at least a month prior to Prime Day
9. Evaluate performance with Advanced Analytics:
a. Analyze sales data, conversion rates, and ROI to assess campaign success and areas for improvement.
b. Evaluate Forecasting to improve Sales and Inventory, accurately meet demand while still being profitable, and prevent costly Lost Buy Box (LBB)
c. Monitor real-time own vs. Competitors’ strategies on Price, Promotions, and Deals to remain competitive and tweak quick tactics and future strategies.
d. Set up proper tracking mechanisms to monitor key performance metrics such as sales, conversions, inventory, and advertising ROI to enable data-driven decision making.
10. Retargeting:
a. Use remarketing techniques to reconnect with potential customers and encourage conversions beyond Prime Day.
Do share your thoughts and comments on Prime Day 2023.
Thank you!
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