The Prime Day Strategy to Give You a Competitive Edge in 4 Steps

Our recent Prime Day Game Plan Prep webinar was packed with valuable insights to get you geared up to dominate your sales in 2023. It provided expert tips for you to boost sales, increase brand exposure, and gain a competitive advantage in the marketplace. This year, Amazon's largest sale event of the year, takes place on July 11-12th; get ready to elevate your game and tackle your competition!

By strategically participating and capitalizing on promotional opportunities, sellers can maximize revenue and take full advantage of the heightened customer activity during this event. The key is to actively engage customers and encourage purchases during this period of heavy traffic.

Prime Day attracts significant media coverage, providing sellers with an opportunity to showcase their products to a wide audience and enjoy maximum visibility. This increased exposure can result in more  brand awareness and potentially attract new customers even beyond Prime Day. By offering exclusive deals and discounts, you can effectively differentiate yourself from the competition.

1. Prep in advance for an increase in inventory

Now is the time to study your playbook and optimize your strategy. The event attracts a massive influx of customers actively seeking deals and discounts, providing sellers with access to a large pool of potential buyers in a purchasing mindset.

To delve deeper into this topic and gain valuable insights, check out our webinar! We explore this point in detail and provide you with valuable knowledge and strategies.

2. Make sure pricing is set 

Consider potential additional costs such as shipping extra inventory or offering discounts when setting your pricing as Amazon may increase fees during this high-traffic period. Take advantage of Prime Day exclusive discounts and coupons. By incorporating these pricing tactics, you can capture the attention of shoppers and increase your chances of driving sales to your site during the event.

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3. Discount product by a minimum of 20%

To maximize your sales potential, review your product margins and determine the appropriate discount rates and products to focus on. It's recommended to discount products by a minimum of 20% to attract shoppers and drive sales. Analyze your margins during these key shopping periods so that you can increase your chances of capturing consumer interest and boosting your overall sales.

4. Drive external traffic to your store

With a significant increase in traffic during Prime Day, it's important to note that the Return on Ad Spend (ROAS) generally decreases during this period as shoppers tend to spend more, making it essential to optimize your advertising strategy. Here are our key insights: 

• Pricing: Products priced between $20 and $50 tend to have the least impact on ROAS. Consider this when determining your pricing strategy.
• Ad Spend: The sweet spot for increasing ad spend during Prime Day is typically between 50% and 150%. By investing in advertising, you can generate higher sales and take advantage of the surge in traffic.

Summary 

Success on Prime Day hinges on effective preparation. Take the time to meticulously plan your ad campaigns, optimize your inventory, and align your pricing strategies to fully capitalize on this high-traffic period. By doing so, you can unlock your maximum sales potential and stay ahead of the competition. Watch our insightful webinar, where you'll gain the expertise to navigate this sales event successfully. Don't get sidelined - equip yourself for success by watching the webinar now!

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