6 Strategies for Small Businesses to Rock Amazon Prime Day
With Amazon Prime Day quickly approaching (July 15 and 16), it’s time to ramp up any strategies you’re currently working on. Or if you’re not working on any at all, it’s time to start.
Prime Day is hugely beneficial for both sellers and consumers. For consumers, the obvious benefit is lowered prices. For sellers, Prime Day helps:
- Boost sales and revenue
- Increase brand awareness
- Sell surplus inventory
- Launch new products
- Drive sales velocity
Considered the largest sales day of the year (even more so than Black Friday) and now extended to two full days, Prime Day has grown massively since its inception, with sales having nearly quadrupled since 2015:
- 2015: $0.9 billion in sales
- 2016: $1.5 billion in sales
- 2017: $2.4 billion in sales
- 2018: $3.6+ billion in sales
Although the deadlines for Lightning Deals, Deal of the Day and Spotlight Deals are over, you can still have a killer Prime Day. Here are five strategies to help you rock Prime Day this July 15 and 16.
- Use Amazon Creative Content.
Amazon has created tools to help sellers promote their businesses (and their brands). The right marketing strategy for your online store helps build your brand, which leads to higher traffic and more conversation rates on your products. With Amazon’s branding features, you work with Amazon project managers and CPC Strategy, which is your strategic layer between you and Amazon. You can get a free quote from CPC Strategy for any of these features. The branding features include:
Amazon Stores allows registered Sellers & Vendors to design and create multipage catalogs. This means, you can showcase multiple brands, products and unique value propositions.
Amazon A+ Content offers premium benefits. It enhances vendor product detail pages, including more detailed item descriptions, rich images, charts and narrative copy. This is to drive brand trust and increase buying rates.
With Amazon Enhance Brand Content, brand registered sellers can showcase the unique value props of their products. They can include enhanced images and text placements to get higher conversation rates, traffic and sales.
- Be smart with your bids.
Bids will undoubtedly rise on Prime Day, but it’s especially vital to make sure people are seeing your products. You’ll see increased competition on Prime Day, which means higher priced bids and clicks.
However, it’s important to test your content on these bids before you begin spending. After all, it’s better to see what ad is ineffective now rather than in the middle of sales. Testing copy can help you see what has the highest click-through and conversion rates.
- Double check your budget.
Before you start spending on any of these strategies, you need to ensure you have enough capital – and even if you do, you still need to monitor your budget as you spend. Budgets can run out very fast if you’re not keeping your eye out. You don’t want to run out of funds for your ad campaigns and you’ll need a plan to stock up on more products to ensure you don’t lose out on additional revenue.
Fortunately, there are financing options for your small business that can help you. Online lenders offer you the flexibility of withdrawing funds whenever you need them, wherever you are. Some online lenders can quickly qualify you for up to $250,000. Even if you’re qualifying, you’re not obligated to take funds right away. Having funds in the back of your pocket can help you stay on budget and make the most of Prime Day.
- Prepare for all occasions.
It’s important to address any issues and concerns before Prime Day so that you can spend the day focusing on completing sales, providing excellent customer service, and fulfilling orders with a little extra care. Make sure your products are both discoverable and buyable. Include a “Buy Now” button on products you want to highlight especially on Prime Day.
Run congruent ads on Facebook and Instagram directing existing and prospective customers to buy now right through your Amazon store. Wondering how to do exactly that? We’re sharing tips and tricks in our Facebook Group, The Small Business Water Cooler. Join us there and get your questions answered by a community of small business owners just like yourself.
You should also ensure you have enough inventory stocked up for products you’re expecting to sell out quickly. If you have a marketing team, make sure all strategies are planned out effectively, including any fail-safe plan should anything go wrong (or should someone call out sick).
BONUS: Plan for August and get ready for Prime Day 2020
If you sell out of a product this Prime Day, be prepared to capture those who are interested in that product by creating a waitlist. It’s a winning strategy to see what’s in demand first before placing orders for new products. When you decide which products to supply, email those on the waitlist for first dibs and you’ll see customers coming back to your store over and over again. Take July to recover from Prime Day – it’s a doozie – and get set up for a successful August as well using the waitlist tactic.
The deadline for Lightning Deals, Deals of the Day, and Spotlight Deals are in May 202, so mark your calendar.
Although the deadlines to apply for deals are over, you still can prepare for a great Prime Day. With the right digital marketing strategy and additional funding in your pocket, you can see increased traffic and revenue this July!