Amazon Prime Day has evolved into a global shopping extravaganza, offering advertisers a multitude of brand-building opportunities. Like the Super Bowl for performance marketers, Prime Day brings forth new shopping trends and a surge in demand for discounted products. To ensure your success on this important day, here are some essential strategies and beyond.
Anticipate the Triumph of Big-Ticket Items
While last year saw an unprecedented demand for household essentials, this year’s data suggests a decline in that trend. Therefore, it is anticipated that big-ticket items, such as technology and entertainment, will dominate Prime Day deals, as they have in previous years. However, it’s worth noting that consumers still seek value and deals, even if it means returning to in-store shopping temporarily.
Embrace a Holistic Pre- and Post-Event Strategy
The success of your pre- and post-Prime Day efforts can be more critical than the event itself. Drive traffic, build retargeting pools, and entice shoppers to make purchases even after the event concludes. Leverage Amazon’s reporting suite to measure your success. Utilize tools like Amazon Attribution to determine the effectiveness of off-Amazon tactics in driving sales and views, while Amazon Marketing Cloud can help optimize your tactical mix for overall success. Furthermore, consider retargeting non-converters at a lower cost after Prime Day.
Capitalize on Omnichannel Retailers
Don’t disregard omnichannel retailers during Prime Day. Many retailers run their own deals during this time, aiming to attract shoppers who compare prices across different platforms. Plan your budgets based on traffic potential and product conversion rates. While running promotions throughout the week may not be feasible, automated bidding strategies with partners like Pacvue or Skai can help manage costs. Additionally, consider leveraging price matching opportunities and pushing competitive deals that can provide high margin returns.
Don’t Overlook Direct-to-Consumer (DTC) Opportunities
Although over 70% of product searches begin on Amazon, Google remains a dominant platform for consumer research. Offering a compelling DTC deal can make all the difference in capturing a lifetime user for your brand. Consider offering the same or deeper discounts on your DTC channel during Prime Day. By attracting DTC shoppers, you can collect valuable 1P data that can be leveraged throughout your ecosystem. Ensure your product feed is optimized with best practices, making your deal easily discoverable.
Adaptability in the Face of Uncertainty
While it’s impossible to predict your biggest competitor’s mega deal on Prime Day, it’s crucial to remain flexible and responsive to in-event signals. Employ outcome-based optimization to adjust your strategies according to demand on the day. Align your sales forecasts with incremental purchases and recognize when pushing for more sales may no longer be worth the margin squeeze.
In the end, Amazon Prime Day offers invaluable insights into consumer behavior and their mindset surrounding deals and discounts. May the most compelling deals and agile marketers emerge victorious on this day of retail excitement.
