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.
We’re almost there! In about a month, Prime Day will be starting, and we all know it’s going to be a frenetic couple of days for marketers.
Pre-Prime Day prepping is extremely important, but monitoring and optimizing in real-time is, too. During the two days of Prime Day, make sure you regularly check your campaigns and optimize toward those entities that are driving volume and returns.
Stay on top of your pacing progress with our pacing monitor dashboards to configure thresholds and alerts. We also recommend setting up triggers and actions via Automated Actions to optimize campaigns on an hourly basis toward achieving your goals, be it sales, traffic, share of voice, ROAS, or others.
Check continuously for campaigns that have gone out of budget or are close to being out of budget, and be strategic about which campaigns you should increase budget caps for, especially if you are on a limited budget. At the end of the day, if you are in a position in which you need to choose a small selection of products that are going to be running all-event, that should be your top products in most cases.
Additionally, depending on the nature of your brand or category, if some of your campaigns begin to run out of budget, you may want to focus on undecided customers versus brand traffic. Although more expensive, this will expand the pool of customers that interact with and learn about your product, and you can use in the future to drive brand loyalty.
Keep an eye out for competitors that aren’t participating in Prime Day deals, as you could include aggressive product targeting via Sponsored Products and Sponsored Display to go after these products. Take this as an opportunity to increase your category market share throughout and after Prime Day.
Learn from recent Prime Days with Skai category-level benchmarks
One of the best indicators of future behavior is via past performance. Skai’s Senior Director of Marketing Research, Chris Costello, dove deep into the archives to offer you some key stats from 2020’s and 2021’s Prime Days.
One of his key takeaways from his analysis of the last two Prime Days is that CPCs can spike during big promotions, but those inflated costs can be well worth the price.
“One of the hallmarks of high-intensity shopping days like Prime Day, for advertisers, is that ad prices increase. But in many cases, total sales and average order size can increase as well to absorb those additional costs,” says Costello. “This can vary quite a bit depending on your category, so coming into the event armed with how your category has behaved in prior years can give you a leg up on the competition.”
Note – All values are average across two days of Prime Day vs. average for the previous 30 days on Amazon only
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