March 13th, 2024
Prime Day Deals 2024 | Prepare for Profitability!
Did you know that during Prime Day 2023, Amazon offered more Prime Day deals on small business products than ever before? This marked the largest Prime event yet for independent sellers, with many small and medium-sized businesses experiencing soaring sales growth across a range of categories. Although the official date for Prime Day in July remains unconfirmed, sellers should proactively organize their strategies well in advance to maximize profitability.
Don’t forget to keep an eye on the dates/deadlines for:
- The cutoff date for Lightning Deals should be announced soon. Last Prime Day, they set it for April 23rd, so it will probably fall around that time again in 2024.
- Make sure your inventory arrives at US fulfillment centers by early June 2024. Ship inventory early to allow for potential logistics, weather, customs, or carrier issues.
Despite the uncertain date, kick-start planning now to meet early deadlines and seize this momentous opportunity. Sales surged in the lead-up to Prime Day 2023, rewarding those with stocked inventory and strategic advertising in place.
To reap the benefits of this lucrative day, set up paid search campaigns, manage inventory, and plan promotions in advance. With Amazon's announcement timing unknown, early preparations are key to maximizing gains.
The History of Prime Day Deals
Since its launch in 2015, Prime Day has been a cash cow for brands spanning diverse industries. To grasp the immense potential of this event, let's delve into Prime Day 2023's triumphs:
- Prime Day deals in 2023 shattered records, raking in a staggering $12.9 billion.
- Globally, Prime members snapped up over 375 million items.
- During the event, Prime members worldwide were purchasing over 100,000 items per minute.
Amazon sale days eclipse any other shopping event. They have become a catalyst for brand growth, giving Amazon sellers the unique opportunity to reach a vast audience and set the stage for a profitable year ahead. The primary benefits include:
- Engagement: Prime Day offers a platform to interact with shoppers before, during, and after the event.
- Expand Beyond Amazon: Prime Day's ripple effect drives sales across all your sales channels.
- Foster New Audiences: Prime Day attracts a slew of new-to-brand shoppers across diverse product categories.
Selecting Products to Promote
In gearing up for Prime Day 2024, resist the temptation to promote your entire catalog. Focus on your top-selling products for maximum impact. Ensure these products are readily available for replenishment and optimize your listings by:
- Requesting Authentic Reviews: Amazon's strict review policies favor credible sellers. Avoid fake reviews to safeguard your reputation.
- Crafting Compelling Images: Optimize images to engage shoppers and address common questions. Utilize all available image slots effectively.
- Targeting Relevant Keywords: Drive traffic to your listing with strategic keyword placement. But don't stop there—ensure your content informs and persuades shoppers, guiding them towards informed decisions.
- Optimizing for Search: During Prime Day 2023, shoppers purchased millions of Alexa-enabled devices. Appeal to this growing sect of shoppers by optimizing keywords and content for voice search devices.
- Utilizing Video Marketing: Short-form video has emerged as one of the leading trends in 2024. Use product videos, social media reels, company culture videos, and educational content to attract more shoppers.
Amazon’s Prime Day 2024 Tips
Prime Day 2024 is a game-changer for your business, offering opportunities before, during, and after the event. For sellers gearing up for Prime Day, Amazon recommends a three-phased strategy:
- Lead-up: Build buzz by promoting your deals and brands to interested shoppers.
- Prime Day: Engage with audiences aware of your brand and primed to make purchases.
- Lead-out: Scale up efforts to reconnect with your audience post-event for sustained momentum.
Leading Up to Amazon Prime Day 2024
Order inventory, determine which deals, promotions, and discounts you want to offer, and start promoting your products, deals, and brands to interested shoppers.
To maximize results, take advantage of Prime Exclusive Discounts. These special offers are marked with eye-catching badges, increasing their visibility during the event's busiest times. They often outshine coupons, drawing in more customers and driving sales.
Not sure which items to discount or promote? Here’s what Amazon recommends:
- Use the Prime Day seller social tool kit to get followers excited to shop with you on Prime Day.
- Use social media to promote Prime Day Small Business Sweepstakes where shoppers can win prizes.
- Promote best-sellers with coupons and discounts.
- Fine-tune your advertising strategy.
- A/B test product detail pages to maximize impact.
- Promote your products and deals outside of Amazon.
- Create a Prime Day version of your Brand Store.
Every year, hype builds for the next Amazon sale day as the platform hosts live concerts and events that are streamed by millions of people around the world. Amazon Live Prime Day streams had over 100 million views in the U.S. and India in 2023. As Amazon prepares for Prime Day, you should follow suit by increasing awareness and showcasing your products and brand.
As a rule of thumb, aim for at least a 200% increase in your daily campaign spending to stay competitive and maximize your chances of success. Here are a few paid search campaigns we recommend:
- Sponsored Ads help engage shoppers searching for products within your category, as well as other similar categories
- Display Ads can help drive visibility for specific product deals, as well as your overall brand, to help build your Prime Day audiences
- Sponsored Brands are a great way to drive shoppers to your Brand Store and push sales. Brands that link Sponsored Brands to their Store, not individual product pages, tend to see a 22% RoAS increase.
The Main Event: Amazon Prime Day 2024
Having a well-crafted strategy can ensure you take full advantage of Amazon Prime Day 2024. Who is your target audience? Which deals and promotions motivate them to buy? When figuring out your plan of attack, make sure to engage audiences that are:
- Aware of your brand
- Most likely to purchase your products
As Prime Day arrives, seize the opportunity to activate Sponsored Brands and Display Ads and drive customers to your deals.
Sponsored Brands Ads effectively target undecided shoppers, capturing their attention at the category level. Utilize both branded and category keywords to reach those seeking specific products or are still open to persuasion.
Meanwhile, Display Ads expand your reach on and off Amazon, perfect for remarketing to those already considering your brand. Target individuals who have viewed your promoted products or relevant keywords, broadening your audience beyond Amazon Prime Day deals.
Post-Prime Day Opportunities
These epic Amazon sale days present a golden opportunity to analyze shopper behavior and preferences. Post-event, leverage this valuable sales data by:
- Identifying customer preferences and successful products.
- Understanding your customer demographic for targeted marketing.
- Re-engaging your audience at scale during the "Lead-Out" phase, focusing on reselling, upselling, and cross-selling.
- Target cart abandoners with Brand Tailored Promotions to help convert browsers into buyers.
Avoid the common mistake of easing off marketing efforts post-Prime Day. Consumers remain active, with higher category search volumes in the weeks following the event. Keep your brand top of mind and capitalize on continued consumer interest for sustained success.
Now is the time to re-engage your audience at scale, fostering loyalty and converting those who missed out on Prime Day purchases. Utilize Sponsored Ads for reselling, upselling, and cross-selling to existing customers, while Display Ads retarget potential buyers yet to make a purchase.
With post-Prime Day competition likely easing, consider removing bidding multipliers to optimize your advertising strategy and maximize your return on investment.
Measure Your Success
After executing marketing efforts before, during, and after Prime Day, it's important to evaluate your campaigns to identify successful ads and strategies. These insights help you refine your approach for future Amazon sale days. Amazon advertising provides essential data, including:
- Branded search metrics: Offering insights into your Prime Day campaigns' impact on brand searches.
- New-to-brand metrics: Assessing which Prime Day campaigns attracted the most new customers.
- Retail insights: Providing a comprehensive view of consumer shopping behaviors pre-, during, and post-Prime Day. Utilize these metrics to fine-tune your marketing strategies for future success.
Are you ready to take advantage of Amazon Prime Day 2024 but don't know where to start? Let our team of Amazon selling experts and advertising specialists help guide you. To get started, simply schedule a 30-minute consult.