This is our final blog post on Prime Day ahead of the day itself, and here we’ll focus on the practicalities of getting the most out of the Prime Day opportunity.
Learn From the Past
Have you been advertising on Amazon for more than a year? Then review what worked for you before and incorporate it in your strategy for Prime Day 2020:
- Which products performed best?
- What verticals saw the largest increase?
- What promotions worked out well for you?
Go beyond ROI/ROAS and take into account products with positive reviews, but also have a look at how your current stock compares to what you have historically shipped on Prime Day. Take into account all factors that contribute to winning the Buy Box in getting your campaigns ready and your products selected.
It’s easy to focus on products and categories, but you should also investigate what messaging has previously worked in your Sponsored Display activity in particular.
Because Prime Day focuses a lot on increasing sales, it is also important to investigate what has historically not worked. The Prime Day marketing environment is really different from the everyday, so your normal top performers might not be the products you want to put forth for Prime Day.
Marin Software is a great place to start this process, as we aggregate data from many sources to surface details about your advertised products. Marin allows you to see an overview of all your products, targets, and keywords across all accounts, so you don’t have to drill down into each campaign/group to see product performance.
Assure your Presence
Prime Day means an incredible increase in volume of impressions, clicks, and sales, not only on Amazon, but on other channels as well. While it is important to be present on each of these channels, you need to be tactical to get the most out of your budget. Here are some tips:
- Identify your top performing products and ensure that budget is allocated to those top products in your Sponsored Product and Sponsored Display campaigns.
- Be tactical and budget-aware:
- Leverage product targeting to target competitors, either to win their customers by promoting your own products, or cross-selling with complementary products. Go very specific by targeting specific ASINs.
- Leverage Marin’s Keyword Expansion to identify both keywords to add to your targeting, as well as negative keywords.
- Use macro figures to identify categories to aim for, with the goal of being present where most volume is expected. As we wrote previously, while Electronics is the main category, Toys and Games along with Beauty & Personal Care are expected to see a rise in volume in 2020.
- Ensure your Product Detail Page is updated to drive relevancy for advertising on certain targets and keywords.
Budgets & Bids
- Increase your budgets to avoid lost impressions and sales due to budget constraints
- Increase bids across the board: Amazon estimates that simply maintaining your visibility might require bids that are twice as high as usual. Marin allows you to do this very easily, and come back to your usual levels quickly post-Prime Day as well
- Capitalize on Intraday Bidding & Ad Scheduling: Prime Day means Lightning Deals! Make sure you get the most out of those opportunities by temporarily increasing your bids even further.
- Set up automated rules based on inventory, making sure you only put your budget where you have a good amount of stock. Learn from the past, as the sheer volume of sales means low stock will be very different on Prime Day than almost any other day of the year.
Next up in this series, don't miss our upcoming webinar Delivering for the Holidayswith Amazon Attribution. Join Amazon and Marin to get ready for a challenging Q4 Retail season.