Prime Day 2024: Guide To Success
Prime Day 2024 is almost upon us, and for shoppers that can’t wait for Black Friday, Prime Day has become the summer equivalent of the colossal sales day that sees retailers slash their prices to drive sales in the run up to Christmas.
Whilst Prime Day is a great time for retailers to jump in and drive sales with extra investment in PPC, there are also risks involved such as heightened competition, that might hinder performance, rather than improve it.
Operations Manager, Meg, has rounded up some of the questions that advertisers and retailers should be asking themselves in the lead up to Prime Day in order to approach the day in a way that works for them.
Prime Day 2024 Success: What To Consider
Initially created by Amazon to offer Prime members access to limited time offers across a variety of brands, Prime Day has become a popular day for retailers to make the most of increased buying intent from their customers, with many temporarily slashing the prices of their products to drive sales.
However, Prime Day isn’t right for everyone, and we’ve put together some of the questions you should be asking yourself to work out whether it can work for you.
Are any of your products sold by other e-tailers?
One of the biggest challenges during sales periods is competition.
Retailers are all on the same page, hoping to drive sales and see an uplift in performance as shoppers make the most of discounted prices, which is why you need to be aware of potential competition (especially those selling the same products)!
Is Amazon one of these e-tailers?
Unsurprisingly, competing with Amazon on Prime Day is not for the faint-hearted. However, their Prime Day strategy famously offers exclusive, member-only discounts, which could risk a loss of sales from those that don’t have a prime membership, and are rather searching for accessible deals that don’t require a monthly membership fee.
Are you running promotions on your website?
If you aren’t planning on running promotions on your website and your product is available elsewhere, it might be worth pulling back on spend or aggression.
However, deciding to tap into shopper intent during this time with promotions and discounts will give you the best possible chance of driving sales, as this is a period that we know shoppers are aware of, and use to find deals that they might not usually see.
Are there any expected industry spikes and trends?
Depending on the industry you work in or with, spikes and trends before and during sales periods are to be expected.
Consumers are doing more research into products than ever, guaranteeing themselves the best possible value for money when it comes to committing to a purchase, so being aware of your competitors and what they’re offering is essential – especially if they sell the same product.
What market fluctuations has your industry seen during this period in the past?
Additionally, recognising the industry fluctuations taking place during busy sales periods such as Prime Day and Black Friday can help you to identify patterns in consumer behaviour and intent, as well as audience demographics, giving you the knowledge you need to create campaigns that reach the right people, in the right places, at the right time.
What was your previous Prime Day strategy?
If you’ve previously taken part in Prime Day, you’re likely sitting on a gold mine of data that can help you to decipher what worked, didn’t work, could work, and definitely won’t work when it comes to considering your Prime Day 2024 strategy.
Have you analysed previous performance and historical data?
Historical data and past performance during sales periods such as Prime Day or Black Friday can be a great indicator for future performance during the same periods. From demand and CTR, to conversions and ROI, there are a multitude of factors to consider and prioritise in order to understand what success looks like to you, and whether a previous strategy could work again.
Putting Prime Day 2024 Plans Into Action
Similarly to Black Friday, your strategy for Prime Day needs attention to best drive efficient and successful performance. Some of the ways you can help your strategy stand out include revealing promotions earlier and extending them later to best reach a wider audience, updating your campaigns and ad copy to reflect Prime Day intent, and reviewing your previous Prime Day strategy and results to assess what has worked for you in the past.
We’ve worked with clients on their Prime Day strategy to help them to best drive the results they want. To find out how we can help you with your strategy for Prime Day 2024, contact us here.
