As seasoned Amazon sellers, you know the importance of Prime Day (PD) for your bottom line. Leveraging Pay-Per-Click (PPC) campaigns on this day can make or break your success. Let’s dive right into the nuanced strategies for making the most out of Amazon Prime Day, tailoring them to those who already have a good grasp of the basics.
Preparations: Budgets, Bids, and Data Backups
Download a Bulk Backup File Before Major Changes
Before altering any settings in your Amazon Advertising account, it’s wise to download a bulk backup file. This allows you to revert back to your original settings should any adjustments not pan out as planned. A safety net is essential when making high-stakes changes.
Analyze PD1 Data to Set Your PD2 Budgets
Your previous Prime Day data (PD1) is a goldmine. Scrutinize your spend, sales, and most importantly, the return on ad spend (ROAS) to determine a starting budget for the upcoming Prime Day (PD2). Use this data to inform your strategy, and tweak budgets for specific campaigns accordingly.
Use Prime Day Momentum for Rankings and CVR
Prime Day doesn’t just offer a short-term sales boost; it’s also an opportunity to improve your product rankings and conversion rate (CVR) long-term. Higher traffic and conversions can positively affect your organic rankings. Allocate part of your budget to bids that will leverage this.
Bidding Movements from PD1
Don’t just look at end-of-day metrics; study how your bids performed throughout PD1. This data can provide valuable insights into how to adjust your bid multipliers for different time slots during PD2.
Keywords: Start Pushing Early
Identify the keywords you want to focus on and start pushing them as early as possible. Waiting until Prime Day to increase bids on your most crucial keywords will likely result in missed opportunities.
Products and Keywords Strategy
Classify Your Catalog for PD2
Look at your entire catalog and decide which products to focus on for PD2. This is where you can play both offense and defense—push your high-performers, but also use the opportunity to move slower products.
Utilize Prime Day for Slower Moving Products
Prime Day can breathe life into your slower-moving inventory. Allocate a portion of your budget to promote these items. However, don’t forget to measure their performance carefully. If they still don’t move, consider pivoting quickly.
Test Long-Tail Keywords and Other Targets
Long-tail keywords often have less competition and can offer a better ROAS. Prime Day is a good day for experimenting with these, but start small and monitor closely.
Negative Tactics: Make Every Penny Count
Analyze Search Term Reports
Deep dive into your Search Term Reports to identify underperforming keywords or those that are merely eating up your budget.
Use Negative Phrases and Exact Matches
Implement negative keywords to your campaigns using both phrase and exact match types to prevent unnecessary spend. This is straightforward but crucial.
Use Historical Data for New Campaigns
Your previous campaigns can provide substantial insights. Use this data to identify and negate search terms that have historically underperformed.
Data Analysis and Optimization: The Final Frontier
Beware of Data Delays
Amazon’s reporting can sometimes lag, particularly on high-traffic days like Prime Day. Be cautious about making major decisions based on real-time data.
What metrics are most vital to you? Whether it’s ROAS, total sales, or another KPI, be clear about this before diving into post-Prime Day analysis.
Learn and Adapt
Prime Day is a valuable learning experience. Take note of what worked and what didn’t, and be prepared to adapt your strategies for future campaigns accordingly.
Test Creatives, Headlines, and More
While data and keywords are critical, don’t underestimate the power of compelling ad creatives and headlines. A/B testing these elements can significantly affect your campaign’s performance.
In summary, Prime Day offers a unique opportunity to not only boost sales but also gather invaluable data and insights. It requires a complex, but well-thought-out approach that leverages historical data, requires meticulous planning, and allows for rapid shifts in strategy. Good luck on your Prime Day adventure; may your carts be full and your returns be minimal.