The biggest and most awaited event for the brands and shoppers – Prime Day 2023 is just around the corner.
The annual event by Amazon is the most awaited and comprehensive one. Ad strategy can scale up your revenue when scripted strategically.
Statistics indicate that global consumers spent over $12 billion in just two days in 2022. 300 million items were sold across all categories during the prime day event. And increased spending led to savings; Prime members saved over $1.7 billion.
Let’s rethink the previous year and the strategies the brands can use for an uptick this year.
Prime Day is tentatively scheduled for July 12 and 13, 2023, though the exact dates are yet to be announced.
There are several ways your company might expand on Amazon Prime Day, including the potential to reach new consumers. This Prime Day, advertising may be valuable for getting the right people. We’ve listed several ways to include in your ad strategy that may boost your brand’s sales before, during, and after the sale.
Preparing all marketing budgets is essential to accomplishing your sales goals. A well-planned budget can result in high-performing campaigns generating maximum ROI.
- Be measured in your spending. Allocate your marketing budgets well in advance based on various sales campaigns. Separate your daily budget for all campaigns.
- Maintain your reserved budget to allocate a portion of it to campaigns performing exceptionally well relative to those not performing up to the mark.
- Ensure no product is out of budget, and consider allocating a portion of your budget specifically to Prime Day promotions.
- Keep a watch on prime time during the event 12 pm, 3 pm, 6 pm, 9 pm.
Insight into the Customer Lifecycle and the ability to create hype among target audiences
According to Amazon’s analysis, there were approximately 300 million Amazon Prime Day purchases in 2022, and Amazon Prime members worldwide saved over $1.7 billion—more than any other Prime Day event in history.
Brands can reach consumers at various stages of their purchasing journeys. From the initial stage, in which consumers are uncertain about where or what to buy, to evaluate the purchasing stage, brands must adopt effective strategies and tactics to gain consumer traction and engage customers.
- Maximize your opportunity during Amazon Prime Day by strategically timing your product launch, allowing you to closely track your product’s performance, assess influential factors, and effectively promote it through teasers to eager customers. It offers to generate excitement and create hype among customers before prime days.
- Brand Consideration is another strategy that brands can use one week or 15 days before the event, offering exclusive promotions and discounts to those with an Amazon Prime membership, thus, can help in Customer Loyalty.
- Prime Day and the days leading up to it are great opportunities to introduce your business to new consumers. Prime members can seek out the most incredible discounts during the event. These unique offers can boost traffic and sales if aggressively and strategically marketed. Prime Exclusive Discounts can be made in Seller Central under the Advertising menu.
Amazon ads Campaign types
Take advantage of Amazon’s various advertising platforms, such as Sponsored Ads, Sponsored Products, Sponsored Brand Videos, Sponsored Display Ads, and DSP. These ad types stand out and have a higher potential for conversions, allowing you to engage customers who may need to be more familiar with your brand.
- Leverage Sponsored Brand Videos, which allow you to engage customers with captivating video content that showcases your products in action. Tell your brand’s story and create a lasting impression on potential buyers, leading to higher click-through rates and increased sales.
- Plan Your Advertising Strategy: When trying to strategize about different ad placements – ads bidding can be adjusted for SP ads – for the top of search and product page placement. Also, it’s crucial to strategize based on customer behavior. Analyze your sales data and identify products customers have shown significant interest in purchasing but may be waiting for a sale. This can include your best-selling products and items in high demand.
- After analyzing your sales data, create a list of products you want to advertise. You can scale products of all types and categories, including your best-selling products and the products in demand.
Source – Amazon ads
Driving success with targeted campaigns
Despite uncertainty in the economic situation, Brands should start investing in new capacities, continuously monitoring their prices, introducing great deals, and forecasting the budgets during the entire Prime event to find traction.
- Manage sales-focused campaigns ten days before the Prime Day event, create separate promotional and advertising campaigns, and thus, maximize your sales via strategic pricing.
- Ensure that all products are correctly listed. Create separate campaigns for Best Selling Products; for best practices, use Category Segmentation and Product Segmentation.
- Optimize all your product display pages (PDP). Ensure that all your products have a catchy image, a well-written product description, and enhanced A+ content to gain shoppers’ traction for your sales campaigns to run well.
- Promote and sell your products during Amazon’s Live stream. The Prime Day live streams allow viewers to purchase several brands’ highlighted products. During Prime Day 2022, thousands of creators streamed, and over 100 million people viewed Amazon Live’s Prime Day broadcasts.
- Ensure retail readiness of ASIN’s promoted
Source – Amazon Ads
Source – Amazon
Ensure Retail Readiness for Effective Campaign Management
Building effective SEO Strategies, using optimized keywords and branded content related to sales can bring high revenue to the brand.
- Create quality content using relevant and high-bid keywords in your title tags and meta descriptions. Prepare dynamic bidding strategies for wise implementation.
- You can promote by using personalized headings for your products. E.g.:- heavy discount on ABC product @999. You can highlight discounted deals in your creatives as a good promotion practice while running your ads.
- Make one set of campaigns for searches with a high bid and another for those with a low bid.
- Make sure to run ads targeting both branded and generic terms separately.
- Excel in brand searches by including frequently-searched terms. Use a different but highly searched keyword for several postings.
- Use high-quality keywords that align with your brand guidelines to increase engagement and conversion rates.
Learning about the competition may help you win over customers. You should check out what the competition is offering first. If there is a void, use the information you gathered from your past data analysis to strategize mindfully.
- Take advantage of Amazon’s Lightning Deals and Deal of the Day promotions to increase visibility and drive sales.
- Sponsored Products or Product Targeting can prove beneficial in boosting the visibility of Amazon product listings.
- Analyze the keywords and data; run campaigns targeting competitors’ keywords and keywords related to the businesses competing with you.
- Examine your rivals’ listings, from their keywords to the image optimization techniques they use and any updates they make to their frequently asked questions (FAQs) alongside their A+ content and product images. You may use this information to get a leg up on the competition.
Retarget and Redirect
Understanding the purchase journeys of your target consumers and the topics that pique their interest may help you choose the most effective marketing methods.
- Utilize Amazon SD remarketing campaigns to maximize your chances of converting potential customers who showed interest during Prime Day. Implementing these strategies with the help of Amazon DSP enables you to engage with your audience more effectively and drive sales during this significant sales event. You may resell, cross-sell, and up-sell to your audience more effectively with Amazon DSP.
- Promote your items on Amazon by redirection – adding appropriate banners of Prime Day on your brand website.
- One effective strategy is redirecting users from your social media platforms to the Amazon website.
- As a result, customers are more likely to purchase your items via Amazon, allowing you to reduce stock levels.
Every brand deserves a moment in the limelight!
In conclusion, Amazon Prime Day offers brands a rapid opportunity to improve sales. To seize this chance, careful consideration must be given to budgeting, listings, marketing strategies, and promotions. Maintaining a holistic approach and leveraging Prime Day as a platform to enhance brand visibility is crucial. Reinforce efforts on and off Amazon, evaluate key metrics, and engage with consumers to drive higher-than-expected growth. For Prime Day’s success, rely on our professionals for effective strategies, pricing, and Amazon advertising campaigns.
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