Prime Day is happening.
Are you ready?
Starting at 6pm PT/9pm ET on July 10th, Prime members in 13 countries will have access to the best Amazon deals of the year.
With less than a week until the big day, here are 3 last minute steps you can take to help your Amazon business win big on Prime Day 2017!
#1 – Set Goals
As you prepare for Prime Day, make sure you are setting goals both at the individual product level and overall for your business.
Our experts suggest three major goals to focus on:
- Raise sales rank
- Push your top sellers
- Improve cash flow
Tip: Not all goals are solely profit based. Maybe you’re a newer brand looking for more exposure, Prime Day is the perfect opportunity to gain traction with shoppers on Amazon.
#2 – Price Adjustments & Promotions
For Prime Day customers, it’s all about the discounts. Shoppers will be on the hunt for the best deals out there so, sellers, you’re probably going to need to discount your items to stay competitive.
Would you need to break MAP to price your products lower? Check in with your manufacturers. If you can show you’ll move a lot of inventory on that day, they may grant you an exception.
Price-test in the next few days to figure out your own best strategy on pricing for Prime Day. Try to gain sales velocity before Prime Day to increase your sales rank.
Be creative with promotions.
Customers will be sorting for items by percent or dollar off, so consider promoting your products like that. We suggest discounting somewhere in the 20-40% range. This will be attractive to your deal-hunting customers while also avoiding early stock outs or any devaluation that can be associated with major discounts on items.
Bundles can also be a great way to sell items from your own warehouse. It creates a new ASIN so competitors won’t be able to compete with you on price. For bundles, think about putting a slow-moving SKU with a bestseller to help you turnover the inventory.
#3 – Sponsored Products Advertising
“Sponsored products is the best way to gain additional marketplace exposure and drive additional traffic and awareness to your listings right now.” – Alex Kessler, Teikametrics Amazon seller expert
This day comes with much higher competition than normal, so make your SP bids as competitive as possible! Your advertising strategy on Prime Day must be more aggressive than “real life.”
We suggest running both automatic and manual campaigns to maximize traffic. Don’t know the best practices for running campaigns? Learn from our SP experts!
Tip: Automatic campaigns allow your products to show up on your competitors listing — this feature can be incredibly useful in gaining traffic and beating out competition for sales!
Post-Prime Day
Traffic will remain high in the days after Prime Day, so keep advertising your products!
Don’t forget to import your old prices, keywords and bids back into Seller Central after Prime Day ends. Make sure you’ve saved your pre-Prime Day information somewhere before making any changes.
Begin prepping for next year (or Cyber Monday, Black Friday, etc.)
- Download the Search Term Report the next day. Amazon will only save this for 60 days and it will be vital data to help you prepare for Prime Day 2018
- Download Transactions for that period to see gross sales per unit
What Not To Do
At Teikametrics, we know what you should do to be successful on Prime Day and also what you shouldn’t:
- Don’t only focus on the Amazon USA Platform. This event is happening in 13 countries around the world.
- Don’t announce your prices until 6pm the day before to avoid competitor matching.
- Don’t limit your selling by limiting your spending. Adjust your Sponsored Product daily budgets or bids accordingly for the higher traffic on Prime Day.
- Don’t use “Week to date” to make decisions on which bids to ramp up in SP.
- Don’t include qualifiers like “Prime Day Deal” or “On Sale” in your product listing titles as Amazon does not allow this.
For more specific Prime Day details, see Amazon’s press release.
The post 3 Steps to a Successful Prime Day appeared first on Teikametrics Blog.
