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.
With the craze of the event behind you, it’s time to evaluate how you’ve done. Skai makes this task easy with Categories and Dimensions, which you can use to compare performance to previous events like last year’s Prime Day, Black Friday, or Cyber Monday, including a large selection of metrics in just a few clicks.
In addition to looking at the most common performance metrics, we recommend asking yourself questions such as:
- Have we hit our sales targets?
- What did our traffic look like? And our conversion rates? Are there any areas of improvement at the product level?
- What are our total NTB sales and NTB rate? How does it compare to our evergreen performance?
- Any insights we can gather at the product level, such as underperforming top products or any underdogs that we could reprioritize moving forward?
Although ROAS is a metric that realistically we will never (and should never) forget about, we recommend evaluating Prime Day’s performance beyond that by incorporating the real value of customer acquisition in our reports. Including other metrics in the mix, such as customer lifetime value tied to Amazon’s repeat purchase ratios, SnS (Simple Notification Service) penetration ratios, and correlating this to acquisition costs will give you a much more accurate view regarding the value of your advertising spend.
Additionally, the months following Prime Day are a great opportunity to re-engage with both consumers that purchased your products, as well as those that didn’t necessarily purchase but showed an interest in your brand. To do this, you can use either Sponsored Display ads with the fairly new feature of retargeting, as well as DSP’s more advanced remarketing feature.
Using Skai’s dashboards for reporting
Skai clients can utilize our innovative dashboard features to provide context to top-line results.
- Dashboards supplement the analysis grid by providing a visual representation of your accounts and giving you the opportunity to slice and dice the data in different ways.
- Set your scorecard comparison date for June 21 and 22, 2021 (last year’s Prime Day). This is to compare apples with apples and spot major differences between both events for your key performance indicators.
- Create charts with performance across all your retailers to easily identify changes in demand and trends outside Amazon.
- Create tables with your top-performing products and keywords for a quick snapshot of your main breadwinners.
- Organize a view of your branded campaigns’ revenue compared to Prime Day 2021 to track changes in brand awareness.
Skai’s Retail Media solution helps you master your Amazon (and 30+ other retailer publishers) programs
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For more information or to schedule a brief demo to check out all of our cutting-edge innovation for yourself, please reach out today.