With Amazon Prime Day quickly approaching (July 16), it’s time to ramp up any strategies you’re currently working on. Or if you’re not working on any at all, it’s time to start.
Prime Day is massively beneficial for both sellers and consumers. For consumers, the obvious benefit is lowered prices. For sellers, Prime Day helps them:
- Boost sales and revenue
- Increase brand awareness
- Use additional inventory
- Launch new products
- Drive sales velocity
Considered the largest sales day of the year (even more so than Black Friday), Prime Day has grown massively since its inception, with sales almost tripling since 2015:
- 2015: $0.9 billion in sales
- 2016: $1.5 billion in sales
- 2017: $2.4 billion sales
Although the deadlines for Lightning Deals, Deal of the Day and Spotlight Deals are over, you can still have a killer Prime Day. If you’re the last-minute type, here are five strategies to rock Prime Day on July 16.
- Use Amazon Creative Content.
Amazon has created tools to help sellers promote their businesses (and their brands). The right marketing strategy for your online store helps build your brand, which leads to higher traffic and more conversation rates on your products. With Amazon’s branding features, you work with Amazon project managers and CPC Strategy, which is your strategic layer between you and Amazon. You can get a free quote from CPC Strategy for any of these features. The branding features include:
Amazon Stores allows registered Sellers & Vendors to design and create multipage catalogs. This means, you can showcase multiple brands, products and unique value props.
Amazon A+ Content offers premium benefits. It enhances vendor product detail pages, including more detailed item descriptions, rich images, charts and narrative copy. This is to drive brand trust and increase buying rates.
With Amazon Enhance Brand Content, brand registered sellers can showcase the unique value props of their products. They can include enhanced images and text placements to get higher conversation rates, traffic and sales.
- Be smart with your bids.
Bids will undoubtedly rise on Prime Day, but it’s especially vital to make sure people are seeing your products. Prime Day means increased competition, which leads to higher priced bids and clicks.
However, it’s important to test your content on these bids before you begin spending. After all, it’s better to see what ad is ineffective now rather than in the middle of sales. Testing copy can help you see what has the highest click-through and conversion rates.
- Double check your budget.
Before you start spending on any of these strategies, you need to ensure you have enough capital – and even if you do, you still need to monitor your budget as you spend. Budgets can run out very fast if you’re not keeping your eye out. After all, you don’t want to run out of funds for your ad campaigns or if you need to stock up on more products and lose out on additional revenue.
Fortunately, there are financing options for your small business that can help you. Online lenders offer you the flexibility of withdrawing funds whenever you need them, wherever you are. Some online lenders can quickly qualify you for up to $250,000. Even if you’re qualifying, you’re not obligated to take funds right away. Having funds in the back of your pocket can help you stay on budget and make the most of Prime Day.
- Prepare for all occasions.
It’s important to address any issues and concerns before Prime Day to ensure you have the least amount of fires to put out that day (or, hopefully, no fires to put out). Make sure your products are both discoverable and buyable. Include a “Buy Now” button on products you want to highlight especially on Prime Day.
You should also ensure you have enough inventory stocked up for products you’re expecting to sell out quickly. If you have a marketing team, make sure all strategies are planned out effectively, including any fail-safe plan should anything go wrong (or should someone call out sick).
Although the deadlines to apply for deals are over, you still can prepare for a great Prime Day. With the right strategy and additional funding in your pocket, you can see increased traffic and revenue this July!
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