Prime Day is one of the most important events of the year for Amazon advertisers. Sales over Prime Day have seen major growth over the past several years, and advertisers can expect that to continue in 2021. The event is anticipated to be in June this year and preparation is already underway. If you are not yet thinking about how to prepare for Prime Day, now is the time!
Start Game Planning Now
1. Determine your goals for Prime Day- Evaluate how search and display ads can work together to reach your goals. For example, if you are leveraging Prime Day to increase awareness, sponsored display and prospecting could be combined to reach upper funnel consumers. Whether you are aiming to increase awareness during this higher traffic period, capitalize on a higher intent to purchase, or prioritize specific products, set expectations and primary KPIs to track success.
2. Allocate budget based on past data and expectations for this year- Review performance from recent years, taking into account variables such as Prime Day occurring in different quarters. Consider your strategy holistically, with Prime Day and the surrounding weeks working in tandem.
3. Assess current campaigns and whether you have appropriate support already in place- Make sure to allow time for any new campaigns to ramp up and gain relevancy before going into Prime Day. If you are running deals, evaluate how you are supporting those Amazon Standard Identification Numbers (ASINs) and whether you are set up to win key real estate in search results and on PDPs. Stand out from competition by running deal ASINs on ad formats that will display deal badging.
3. Plan for the unexpected- Last year, Amazon rolled out a Prime Day deal widget featuring ASINs on promotion above organic placements and most paid placements. Whether it is a new feature or otherwise, Prime Day will require adaptability for advertisers.
Be Prepared with Contingencies
1. Evaluate inventory levels - Vendors can monitor inventory with Inventory Health reporting in Vendor Central. If you do not have ample inventory, identify key areas of concern to track heading into, and during, Prime Day. Have a plan in place for how to manage ASINs with little or no stock.
2. Monitor whether you are winning the buy box- Identify any ASINs for which you often lose the buy box and be especially cognizant of these during Prime Day. Vendors can monitor how frequently the buy box is lost with Sales Diagnostic reporting in Vendor Central. Plan ahead for any changes to make, should you find that you are losing the buy box on Prime Day.
Boost Your Brand Story
1. Review your PDPs, paying extra attention to ASINs for which you expect to see a high volume of traffic - In addition to a product title that clearly communicates what the product is, there should be a minimum of five reviews and at least a 3.5 star rating. Ensure each PDP includes three or more bullet points, highlighting the most important information for shoppers to know. There should be a minimum of four high-quality images that can be zoomed in on. Consider using A+ Content (vendors) or Enhanced Brand Content (sellers) to better describe and illustrate your products.
2. Brush up on your Amazon Store pages - If you are running promotions on Prime Day, set up a tab for your deals, to which your Sponsored Brands and Display ads can be directed. Use your store pages to tell your brand story and aid in the customer journey. Organize your store pages to create an easy path to purchase. Review Amazon’s guidelines to ensure approvals on your updates.
Considerations Outside of the Amazon Ecosystem
When selecting items to promote, be mindful of shifting consumer demand. Last year’s Prime Day brought major shifts to product categories compared to the prior year. The COVID-19 pandemic will continue to influence trends in 2021. As more states are lifting restrictions this summer, we can expect another shift in consumer priorities.
Source: eMarketer
Make sure to evaluate your budgets on other ecommerce platforms. Last year, Walmart and Target ran their own promotions during Prime Day, suggesting that in years to come, other retailers may be riding the wave of higher traffic that the event generates. If you are advertising on other platforms, prepare for a lift over Prime Day.
There is no better time than the present to prepare for Prime Day. With the event certain to bring high volumes of shoppers to Amazon, it is one of the biggest opportunities each year to leverage your brand. Evaluating your strategies and priorities now will set you up to succeed as you optimize in the coming weeks.
