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June 25, 2024 - By Barron Rosborough

6 Tips for Creating A Winning Amazon Prime Day Strategy

Prime Day 2021 is a massive 2-day eCommerce extravaganza hosted by one of the largest eCommerce retailers in the world.

Amazon Merchants reportedly receive nearly 35% of product sales on Amazon Prime day, while Amazon products make up the bulk of sales at 65%.

Prime Day has become so popular that other retailers have started releasing promotions to capitalize on Prime Day’s traffic and buzz.

Amazon Prime Day 2024 promises to be another blockbuster event, building on the success of previous years. In 2023, the event generated a staggering $12.9 billion in sales over its two-day run. Prime Day offers immense opportunities for Amazon merchants to boost their sales and brand visibility.

Recent data highlights the importance of Prime Day for sellers:

  • Customer Trust: 91% of buyers are more likely to purchase from Amazon compared to other eCommerce sites (Feedvisor, 2023).
  • Lead Generation: 26% of online shoppers start their product search on Amazon when they don’t have a specific item in mind (Episerver, 2023).
  • Returns on Advertising: Brands selling on Amazon can achieve up to 8x Return on Ad Spend (ROAS) during Prime Day (Feedvisor, 2023).
  • Sales Volume: In 2023, Amazon’s total sales reached $514 billion, with Prime Day contributing significantly to this figure (Feedvisor, 2023).

Here are six advanced strategies for making the most of Amazon Prime Day:

1) Harness the Halo Effect

The sales surge during Prime Day can boost your organic rankings, leading to sustained sales growth even after the event. Prepare your business to capitalize on this long-term benefit by ensuring your listings are optimized and inventory is well-stocked.

2) Enhance Your Creatives

  • Images and Videos: Invest in high-quality product images and videos. Ensure they are clear, professional, and highlight your product’s best features.
  • A+ Content and Storefront: Optimize your A+ Content and Amazon Storefront to create a compelling brand story and enhance the shopping experience.

3) Optimize Your Fundamentals

  • SEO: Continuously update your product listings with the latest keywords. Use Amazon’s search term report and external tools like Helium 10 or Jungle Scout to identify trending keywords.
  • Reviews: Implement a robust review generation and retention strategy. Engage with customers post-purchase and encourage them to leave feedback.

4) Adopt a Holistic Approach

Integrate your Amazon strategy with your broader digital marketing efforts:

  • Multi-Channel Promotion: Promote Prime Day deals across Facebook, Google, YouTube, influencer channels, and email campaigns.
  • Amazon Attribution: Utilize Amazon Attribution to track the effectiveness of your off-Amazon advertising campaigns and optimize accordingly.

5) Leverage Promotions

  • Lightning Deals and Coupons: Aim to get your products featured in Amazon’s Lightning Deals and run significant promotions or Prime Exclusive Discounts. Offering discounts of 20-40% can attract more buyers.
  • Strategic Pricing: Avoid raising prices before Prime Day to create the illusion of larger discounts. This tactic can backfire and erode customer trust.

6) Maximize Amazon Advertising

  • Comprehensive Campaigns: Develop a robust advertising strategy that includes Sponsored Products, Sponsored Brands, Sponsored Display, and Video campaigns.
  • Keyword and Category Targeting: Diversify your targeting to include a mix of keywords, product categories, and competitor products.
  • Budget Allocation: Prepare for a significant increase in traffic by allocating at least 50% of your typical monthly budget towards Prime Day advertising. Monitor performance and adjust bids in real-time.

By implementing these advanced strategies, you can ensure that your business not only thrives during Prime Day but also reaps long-term benefits from the increased visibility and customer engagement.