The biggest shopping event of the summer, Amazon Prime Day, is just around the corner. While the ink has been dry for some time on your Prime Day marketing plans, Skai’s retail media experts have some final advice to help you navigate the season successfully. Today, Skai’s Product Manager, Julia Nelson, shares some tips for during the chaotic event and the weeks after.
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As marketers, tackling Amazon Prime Day requires a nuanced approach that balances enthusiasm and caution. This highly significant event can have a profound impact on annual revenue goals, making it a crucial time for marketers to showcase their expertise and achieve exceptional results. With Prime Day being one of the most anticipated shopping events of the year, businesses have a unique chance to capitalize on the influx of eager shoppers and optimize their marketing strategies for maximum success.
In this article, we delve into Prime Day marketing, offering insider tips to help marketers enhance their results during this pivotal event. We’ll go beyond the basics and explore advanced tactics that can help businesses differentiate themselves in the fiercely competitive Amazon marketplace.
Additionally, we emphasize the importance of sustaining momentum even after Prime Day ends. The weeks following the event present an opportunity to build upon its impact and continue driving success. Whether you’re an experienced marketer or new to the Prime Day landscape, this article will equip you with the knowledge and strategies to navigate this dynamic and ever-evolving marketing environment.
You versus the field
Think of Prime Day as a grand chess match demanding vigilant monitoring and calculated moves. You’ll need to identify campaigns generating substantial traffic and returns. The value of real-time monitoring tools, such as those offered by Skai, can’t be overstated. Pacing monitor dashboards, automated functions, and threshold alerts all contribute to maintaining a dynamic campaign that aligns with your objectives, whether sales, traffic, or Return on Ad Spend (ROAS).
Keep a sharp eye on the campaigns throughout Prime Day. Stay agile, make adjustments as necessary, and respond swiftly to changes in consumer behavior. By actively managing your campaigns in this manner, you’ll ensure they perform optimally throughout the event.
Resourceful budget allocation
Ad budgeting appropriately forms the backbone of your Prime Day strategy. Bottom
line, do NOT run out of budget on the Amazon Ads you need most to drive your program’s topline success! Come in with a plan but willing to be flexible based on retail drivers.
Pay extra attention to campaigns on the brink of exhausting their budget. If your budget is limited, prioritize campaigns for your top-performing products or products with deals. This tactical allocation of resources ensures that your key revenue drivers receive the spotlight they deserve.
Conversely, if a campaign for a specific product starts drying out maybe bids aren’t high enough to compete. Consider shifting your focus to the undecided customer segment. By doing this, you can tap into a wider market, build your customer base, and foster long-term brand loyalty.
Opponent outmaneuvering
Prime Day presents a golden opportunity to gain an edge over your competitors. Seek out those competitors who neglect to offer Prime Day deals and target their products aggressively. Utilize tools like Sponsored Products and Sponsored Display to make your offerings target their detail pages or Sponsored Brands or Sponsored Brands to create the biggest visual draw.
By employing such a strategy, you could increase your market share not just on Prime Day, but in the subsequent weeks as well. This aggressive tactic is about positioning yourself favorably within the market and capturing those customers that your competitors have overlooked.
Post-prime day
The end of Prime Day signals the beginning of a thorough assessment phase. Using tools like Skai’s Categories and Dimensions, compare your performance against previous shopping events. Key metrics to scrutinize include total sales targets, traffic, conversion rates, new-to-brand (NTB) sales and rate, deal sell-through, and product-level performance.
Consider the long-term value of your new customer acquisitions by incorporating metrics like customer lifetime value and understanding the customer journey through display and Search via Amazon Marketing Cloud, This evaluation will help you fine-tune your strategies for future events and gauge your success beyond immediate advertising sales figures.
Customer reconnection
The weeks following Prime Day are crucial for cementing customer relationships. Utilize Amazon’s Sponsored Display ads and the DSP’s sophisticated remarketing feature to reconnect with consumers who purchased or showed interest in your products.
Staying in touch with your customers can significantly boost your future sales and nurture brand loyalty. Consider offering special deals or exclusive content to these customers. By doing so, you’ll ensure that your brand remains at the top of their minds, fostering a lasting relationship that goes beyond a single transaction.
In conclusion, Prime Day presents a unique opportunity to amplify your marketing strategy and achieve unprecedented growth. By implementing these five tips, you can leverage Prime Day to its maximum advantage.
Skai’s omnichannel platform has the measurement tools you need to master Prime Day and beyond!
As you prepare for Amazon Prime Day, remember that measurement is a three-part journey. Each phase—before, during, and after Prime Day—has its unique requirements and strategies.
Skai’s platform can help you navigate through each phase effectively, keeping your KPIs and metrics right and eventually making the most out of Amazon Prime Day. Remember, your approach to measurement can be the difference between a good Prime Day performance and a great one.
Skai’s Retail Media solution empowers brands and agencies to plan, execute, and measure campaigns on 100+ retailers in one unified platform with best-in-class automation and optimization capabilities.
We invite you to schedule a brief demo to see all of our cutting-edge innovation for yourself and to get answers to all of the questions you may have.
From the Skai family…have a great 2023 Prime Day!
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