Two Prime Days are year offer an unparalleled opportunity to drive sales and attract a broad swath of new customers. But as you gear up for this massive shopping event, are you sure you’ve optimized your media campaigns to their fullest potential? Here are some strategies to consider to ensure you’re poised for success:
📦 Stock Up: The foundational step to Prime Day success is ensuring you have ample inventory. The worst scenario is attracting a stream of eager customers only to turn them away because you’ve run out of stock.
🔍 Optimize Your Keywords with Reverse ASIN Searches: Before Prime Day arrives, conduct a reverse ASIN search on your top competitors. Make sure the most relevant and high-volume keywords are integrated both in your ad campaigns and in your product listings. This step will help you rank prominently in search results.
💸 Lure in New-To-Brand (NTB) Customers: Prime Day will witness a surge in category search volume. Attract NTB customers by offering irresistible discounts.
📈 Smart Budgeting is Key: As Prime Day approaches, gradually ramp up your budgets. This ensures you don’t cap your spend on the main day. Additionally, increasing your budgets leading up to Prime Day can boost your organic rank, making your products more searchable. But as you adjust budgets, keep a close watch on your COGS/margins. Some sellers are comfortable taking a short-term loss to gain new customers, especially if the long-term value (LTV) of these customers compensates for the initial loss.
🎯 Post-Prime Day Strategies: After the buzz of Prime Day starts to wane, don’t rest on your laurels. Launch retargeting campaigns to reconnect with past Product Detail Page (PDP) viewers. These campaigns can turn viewers into loyal customers.
💹 Bid Management: Prime Day is not the day to set and forget your bids. Monitor them closely. While Cost-Per-Click (CPC) will naturally be higher, particularly for Top of Search (TOS) for high-volume search terms, ensure your bid strategy aligns with your budget. Overspending can be easy, so only allocate what you’re genuinely comfortable with.
⚠️ Be Wary of Skyrocketing Bids: It might be tempting to drastically raise your bids, but think twice before setting a TOS bid to, say, $50. Your budget could be more efficiently allocated with lower placements, yielding better overall results.
Make sure to manage budgets diligently, keep a close eye on bids, ensure keywords are always optimized, and choose your placements judiciously. Prime Day is a marathon, not a sprint. By adhering to these strategies, you’re equipping yourself with the best chance of maximizing returns and building lasting customer relationships.