Product Selection and Launch Strategies for FBA Growth

Amazon Prime Day can be a make-or-break holiday for many Amazon Sellers. On this shopping day, millions of customers look to Amazon for new gadgets, apparel, household must-haves, and, of course, the hottest deals and discounts of the Summer. To make your 2024 Prime Day a success you need concise strategies and the perfect selection of products. 

Chris Compean, CEO of Mayan, Phillip Duong, Head of Customer Success at Mayan, and Henrik Johansson, CEO and Co-Founder of Gembah, recently shared key insights to get your FBA Amazon Prime Day ready!

This powerhouse of Amazon knowledge spoke about the characteristics of a high-performing Amazon product listing, how to advertise for your next product launch, and how to develop a product from the ground up. This blog is your guide to acing your product listings for Prime Day 2024.

Defining Product Success on Amazon

Customer behavior differs by individual, yet there are some overarching trends. There is value in determining why selling occurs. The subtle nuances of customer behavior help product sellers better understand what buyers search for, idiosyncrasies in purchasing, and more. 

Those willing to analyze competitor strategies, top-selling products, metrics, and keywords gain a significant competitive advantage. Information constitutes a strategic edge in an increasingly crowded marketplace.

Amazon Product Listing Analysis

How do you define product success for the past year? Did your ROAS improve? Did you make a record number of sales? Did your product achieve a coveted Amazon badge? There are many ways to define product success and how to measure that success will vary business to business.

Let’s break down some of the top-performing product listings in 2023 and discuss why they might have performed so well. 

AirPod's did well in 2023 Q4. Besides being a top-selling product of a well-recognized brand there are elements to the AirPod's listing that help grab shoppers attention:

• Amazon’s Pick Badge; The Pick Badge represents the mark of Amazon’s endorsement of merit in the form of reliable, valuable, and high-quality products. The badge helps sellers like you amplify visibility and boost trust among those interested in buying.
• Amazon’s Best Seller Badge; This badge highlights products with exceptional ratings that carry weight and significance in the form of community trust. A high rating on the platform gives buyers the confidence they need to buy without reticence. Reviews with average ratings of 4.8 – 5 are considered stellar and ultimately propel sales. ‍
• Brand Recognition; Not all companies can have the brand recognition of Apple, but brand recognition can be important when customers are comparing products. That’s why it’s important to have an attractive Amazon Storefront that converts.

In the full webinar video, Phillip Duong discusses more examples of what characteristics make a great product listing like having excellent product photography, optimizing listings with keywords, and much more. 

Advertising For Your Product Launch

When deciding to launch a new product on Amazon or in any ecommerce store it’s important to have a plan and process. Here are three top tips from Mayan experts about what you should consider and budget for when launching a product if you want to see your sales numbers perform. 

‍Keyword Targeting, Product Targeting, Proper Ad Structure; A crucial part of a product launch is doing keyword research and setting up your advertising campaigns. 

• Budget and Expected Returns; Take the time to fully understand the budget set for the product launch and what you expect to make in return. ‍
• The Honeymoon Period; Expect that there may be a period of sales that might not be realistic to expect year-round or months after the product has been launched.

New Product Development; Don’t Let It Be Your Business Killer

In the next segment of the webinar, Henrik Johansson takes charge of discussing things to consider and steps to take when launching a new product on Amazon.

 “Walmart, Amazon, Shopify, and Alibaba have made it easy to start a new ecommerce business. However, new product development is still expensive, slow, complex, and risky,” Henrik explains. 

Unfortunately one of the downfalls of many SMBs (small to medium businesses) can be a failed product launch. Product launches are complex and expensive, and there are many things to consider like sourcing, inventory, associated costs, branding, and advertising. This is an important area to recognize the value of an expert or specialized product launch company, like Gembah. 

While each topic below is covered in detail in the webinar, here is a brief overview of the top pitfalls of product launches. Henrik also explains solutions to these common pitfalls and how Gembah can be a trusted partner during your product launch.

• Research: Companies often do not research the product they are hoping to launch, only look at one source for data, or have data they just don’t know what to do with or how to apply. 
• Design: A Lot of thought and engineering can go into the design of a product, especially something complex. It’s important to consider the cost behind the design and make sure the design does what you intend for it to do. 
• Sourcing: Product sourcing can often be a huge headache for business owners. Many considerations go into sourcing like pricing, receiving samples, and lack of sourcing transparency.‍
• Manufacturing: Where your final product is manufactured is a big choice for your bottom line. Does the factory perform quality control and testing of your product? If not, that could quickly lead to a poor-quality product and bad reviews. Don’t forget about logistics and importing fees.

The Sales Answers are in the Data

When considering the variables involved in the calculus of Prime Day performance, zero in on the metrics and numbers of your online business. It is the data that tells the story. Data reveals profit margin levels and plenty more. Analysis should also extend to the granular level for full transparency. 

Take a holistic view of the situation when setting prices, analyze the data points in their entirety and you’ll enjoy sales success on the platform. 

The Countdown to Prime Day is On

If you haven’t taken the time to get your team ready for fulfillment by Amazon (FBA), start today. Mayan is here to help you make the most of your campaign and launch strategies to maximize sales. Everything from product listings to Mayan’s profitability dashboards and advertising for product launches play a part in sales success.

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