Are You Ready For Amazon Prime Day? Here Are Some Tips To Get You In The Zone And Maximize Your Profit!

Are You Ready For Amazon Prime Day? Here Are Some Tips To Get You In The Zone And Maximize Your Profit!

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Last Minute Amazon Prime Day 2017 Preparations

Amazon just announced today that their self-created holiday is set for July 11, 2017 (but starting as early as July 10th at 6 pm PT/9 pm ET) and will run for 30 hours! Amazon has been building Prime Day excitement to both shoppers and Sellers for last few months too and with good reason. Now that the suspense been lifted, it’s time for Sellers to pick up the pace with these proactive steps to get ready to rumble.

What’s the Hype All About?

Originally created two years ago to celebrate it’s 20th birthday; the push for this one day event is to entice new Prime members with free trials and stimulate more shopping for existing members.

During this special day exclusively for Prime members, worldwide orders rose more than 60% in 2016 compared to 2015 and up 50% in the U.S. Although Amazon doesn’t share how many Prime members there actually are, current estimates suggest it’s around 65 million. Prime Day featured more than 100,000 deals worldwide and U.S. members saved more than double on deals. Sales this day rival Black Friday and Cyber Monday, so it’s unquestionably a big deal. (Pun intended!)

How Can You Get In On All Of This Excitement?

With thousands of amazing deals, shoppers love knowing this day offers the biggest discounts on things they need, want or hadn’t even thought about previously. While some shoppers search for specific products, others just know they’re going to find great deals and have no particular plan. What does this mean for you? Your main job is to persuade shoppers that they should buy your product without any salesy lingo (Amazon detests that.) Of course, your end game is to boost conversion rates, but the path to getting there requires the most product exposure possible.
How can you prepare for Prime Day 2017? Here’s are the top 5 ways we recommend…

#1: Decide Your Pricing Strategy

Shoppers will scour Amazon for fantastic deals on Prime Day. So offer a deal they can’t resist. Remember, this special offer is for ONE day only. Don’t set your new price a day or two in advance. Instead, change it on July 10th at 6 pm PT/9 pm ET and return to normal pricing at 11:59 pm on July 11th. You can do this right from the Manage Inventory tab on your dashboard.

Do you plan to include all of your products, a few, or just one? Now would be the perfect time to include items with stagnant sales while also boosting your featured, popular products. Keep in mind that you don’t have to be the lowest price to be successful…just competitive. Know your break-even costs before dropping your prices. Try to build in a net profit margin that you’re comfortable with.

Another strategy is to simply show a sale price even if you aren’t running a promotion. That way, your are keeping up with the trends of your competitors (and the rest of the market) without actually having to cut into your margin.

#2: Run Sponsored Product Ads

If your product is in the Buy Box or your products are new and you have a pro Seller account; then you can run sponsored product ads. Amazon said that, “Clicks on product advertisements paid for by third-party Sellers grew 150%” when referring to Prime Day last year. These pay-per-click keyword-based ads appear on page one of search results and on product detail pages. That makes this option a highly effective way to reach millions of potential customers on Prime Day, especially if your product listings are keyword optimized.

You have less than 2 weeks to test your current keywords now to create the ultimate Prime Day strategy. Get rid of those no or low sales converting keywords so that you’re not wasting money. Set your sponsored product ad spend budget significantly higher for this day only so your ads don’t stop running.

#3: Increase Your Keyword Bids

Last year Amazon Marketing Services campaigns saw between a 50% to 100% lift in ad impression compared to the day before. Increase your keyword bids in your sponsored product ads campaigns helps your products get far more frequent exposure (what Amazon calls Impressions) throughout Prime Day. You don’t want to miss out on this potential!

Keep in mind that the goal here is to make your bids slightly above the current bid rate being displayed so your product ad will show more frequently at the top of the page.

#4: Optimize Your Product Listing Search Terms

Every shopper will be utilizing Amazon’s search bar for products. Typically, prospective buyers quickly scan search results on page one or two, then click on the most enticing listing to get to the product page. Your best strategy is to make sure that the most commonly used keywords shoppers use to search your product are also built into both your front end content (title, bullet points and description/Enhanced Brand Content) and the backend (search terms).

The biggest mistake Sellers make is thinking they know how shoppers search. Too often Sellers assume their keywords will work. But optimizing your search terms isn’t about how Seller’s think; it’s ALL about how shoppers search. And that can make all of the difference in the world for highly effective organic search results.

If you’re not certain how to do this yourself, get it done now by professionals, to start ranking for keyword terms so that you’re ready for millions of Prime Day searches.

#5: Create Your Own Promotion

According to Amazon, Sellers offering deals to Prime members saw orders nearly triple ever since it began in 2015. If you were unable to get approval for Amazon’s Lightning Deals (found under your Seller Central Advertising tab), don’t fret. You can create your own promotion.

Consider a Money Off or BOGO promo for all of the deal seekers flocking to Amazon this day. Offer Free Shipping on FBM products that you sell so you won’t be overlooked.

Amazon has setting up Promotions super easy.

If your Prime Day promotion doesn’t meet your expectations and you have inventory to accommodate deeps discounts, run a promotional campaign with MarketHustl.com. This will directly expose your promotion campaign and brand name to a massive number of people who are already Amazon Prime shoppers.

Get Started Now

Prime Day is just around the corner, so there’s no time to procrastinate. Just in case you’re wondering where do third party Sellers fit into Prime Day sales numbers, Jeff Bezos himself has said that close to 50% of the units purchased on Amazon come from third-party vendors. I think we can all agree, everyone wins on Prime Day.

Figure out your strategies quickly and decide on your budget. Ready? Set. Go!

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This Post Has 2 Comments

  1. Awesome!

    1. Yes, indeed!

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