With your Prime Day plans likely already in motion, Skai’s Expert Services team would like to offer some final advice to help you make sure those programs are set to drive the maximum value for your investment. There are just so many things to say about this critical shopping event that we couldn’t contain them in a single article. This post is part of a week-long Final Prep for Prime Day 2022 series.
The pandemic has impacted the timing of Prime Day for the past few years. In 2020, at the height of lockdowns, Amazon pushed Prime Day to October, right before the holiday rush. Last year, Prime Day took place in June, which was the earliest date so far. This year Prime Day has been unofficially announced for July 18-19 and will be featured in more than 20 countries across the globe.
Amazon recently launched a new feature to make it easier for Prime members to find savings and shop with Alexa. The virtual assistant can now notify you up to 24 hours in advance of a deal becoming available for an item on your wishlist, in your shopping cart, or saved for later. This gives even more importance to the preparation and ramps up for Prime Day, as consumers will be browsing, actively adding products to cart and wishlists with the hope of catching a bargain during the event.
It’s important to take historical market data into account when finalizing your Prime Day strategy to ensure you’re maximizing your return. Last year advertisers garnered 4.2x average daily sales revenue compared to the previous month, but profit wasn’t the only metric that increased. On average, ad spending increased 370% as CPCs rose 150%. Additionally, keep in mind that Walmart, Target, Instacart, and other online retailers also experienced an increase in sales and ad spending on their platforms during Prime Day. So be sure to account for this “halo effect” across your entire retail media strategy to cover your bases.
We’ve put together insights and key takeaways to help you ensure the visibility of your products and boost sales on Prime Day.
Skai’s key recommendations for Prime Day
The three phases of Prime Day. Marketers should be diligent through the Prime Day season as the pre- and post- periods of the event are critical times to fully maximize your Prime Day 2022 success.
Prepare well in advance. Start ramping up spending and progressively increasing keyword bids starting a couple of weeks before Prime Day. This will allow for optimizations before the deadline and translate into a more efficient performance during the event.
Be intentional with your Prime Day strategy. Following the Pareto principle—focusing on the 20% that impacts 80% of your business—ensure your top products get enough support across the priority keywords throughout the event, especially when running on a limited budget.
During Prime Day, look out for opportunities such as targeting competitor products or pivoting from certain components of the strategy that aren’t working as expected.
After Prime Day, take your time to study performance at the brand, campaign, and product level. Look at your main metrics, as well as more complex metrics to get a holistic view of the actual value of your advertising spend, not only throughout the event but the effect it will have on the following months.
Utilize Skai’s available tools to improve campaign performance before and during Prime Day: Automated Actions, dayparting, Automated Keyword Harvesting, Categories and Dimensions, and Search Term Analysis; as well as our advanced Scheduled Reports tool to get an in-depth analysis of campaign performance. Feel free to get in touch with your Skai representative if you have any questions on how to use these tools to your advantage.
Critical Skai tools for Prime Day
Skai’s intelligent Retail Media solution empowers brands and agencies to plan, execute, and measure campaigns on 30+ retailers in one unified platform with best-in-class automation and optimization capabilities.
For Skai clients, the following are some of the key tools we recommend to prepare for Prime Day. In the following days of this series, we’ll unpack how to best leverage each feature before, during, and after the two-day event. For non-Skai clients, you can click some of the links below to learn more about our innovative functionality.
- Portfolios and Budget Navigator
- Automated keyword harvesting
- Categories and Dimensions
- Automated Actions
- Search Term Analysis
- Brand Analytics
- Dashboards
Skai helps marketers during Prime Day and every other time of the year
Skai empowers the world’s leading brands and agencies across industries to manage omnichannel digital marketing campaigns. Our intelligent marketing platform includes solutions for retail media, paid search, paid social, and app marketing. We’ll keep you at the forefront of the digital evolution with data and insights, marketing execution, and measurement tools that work together to drive powerful brand growth.
For more information or to schedule a brief demo to check out all of our cutting-edge innovation for yourself, please reach out today.
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