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How To Prepare for Amazon Prime Day 2024

Amazon Prime Day 2024

Launched in 2015 to celebrate Amazon’s 20th anniversary, Amazon Prime Day has become one of the most highly anticipated events for shoppers and sellers. Originally conceived as a one-day exclusive shopping extravaganza for Amazon Prime members, Prime Day has since evolved, offering increasingly better deals on various products each year. As we get closer to Amazon Prime Day 2024, preparation is key for sellers. Success on Prime Day means offering great deals and meticulously planning and meeting important deadlines to maximize visibility and sales opportunities.

Here are some of the key steps for sellers to follow to for Amazon Prime Day 2024: 

 

Analyze Historical Performance


Assessing past performance by reviewing Amazon ad campaign results and insights from Amazon Marketing Cloud helps refine your strategies and optimize ad placements based on consumer behavior and sales trends. Make sure to focus on promoting products that have historically performed well, are in high demand, or are trending in the current market.

Focus on Inventory Management


If you are an FBA seller, check your FBA capacity limits before ordering to avoid excess inventory. Sellers can now forecast their needs up to three months in advance. If limits are low, focus on increasing your sell-through rate and reducing excess inventory to improve your capacity.

Create FBM Offers


If your FBA inventory capacity is insufficient or you don’t have enough time to ship, create Fulfilled by Merchant (FBM) offers. This ensures you can meet customer demand by fulfilling orders yourself or through a third-party fulfilment center.

To add an FBM option in Seller Central:

  • Go to “Add Products.”
  • Enter your ASIN.
  • Click “Sell this product.”
  • Enter a new SKU and select “I will ship this item myself” as the fulfilment method.

Before Prime Day arrives, ensure your product listings are polished. This includes updating product titles, descriptions, and images to improve SEO and conversion rates. Incorporate high-quality visuals and videos to make your listings stand out. Utilize A/B testing to refine titles, images, and descriptions, ensuring your content is compelling and targeted.

Make Plans for Advertising and Promotions


Increase your visibility through strategic advertising. Boost bids on high-performing keywords and consider using Amazon’s advertising solutions like Sponsored Products, Sponsored Brands, and Sponsored Display Ads. Set up lightning deals and promotions to attract more buyers, ensuring these offers are compelling and competitive.

  • Review PPC Campaigns: Increase bids for key keywords to boost your organic ranking. Use advanced PPC advertising solutions if you’re brand-registered, including Sponsored Brands, Sponsored Brands Video, and Sponsored Display ads. Allocate additional budget for pay-per-click (PPC) bids due to increased competition on Prime Day. High-performing keywords should have their bids increased by 10-15% to maintain visibility.
  • Run Off-Amazon Ads: Use Facebook and Google ads to drive external traffic to your deals. Track your off-Amazon traffic and conversions with Amazon Attribution. Set up and test your Amazon advertising campaigns early. Use a combination of search and display ads to target various stages of the customer journey, from awareness to purchase.
  • Utilize Social Media: Engage consumers on platforms like Facebook, Instagram, YouTube, and TikTok. Create posts, stories, and short videos highlighting your Prime Day deals. You can then repurpose some of this content for Amazon posts.

 

Offer Customers Multiple Savings Options


Attract customers by creating deals, discounts, and promotions on your listings. Increased traffic during Prime Day naturally boosts sales, but offering additional savings can further enhance your results. Here are four ways to do it:

  • Prime Day Event Deals: If you have submitted your deals by May 3, 2024, you stand a chance to be featured during Prime Day week. Keep in mind that Prime Day deal fees are higher due to increased traffic and exposure. For instance, running a Lightning Deal on your product during Prime Day week may cost between $300 and $500, compared to the usual $150 fee. Evaluate if this increased cost is worthwhile based on your past success with Lightning Deals or your product’s conversion rate.
  • Prime Exclusive Discount: This discount is available to Prime members and shows a reduced price alongside the regular price. Set it up in Seller Central under the Advertising tab > Prime Exclusive Discounts. These discounts can be set up during the sale week.
  • Coupons: These are effective for attracting attention, as they appear as a bright green tag next to the product’s list price. You can create these in Seller Central to highlight your discounts.
  • Create a Promotion: Utilize Seller Central to create promotions like “buy one, get one free” or custom social media promo codes to share with your audience or influencers. This generates a custom marketing page for potential customers.

 

Plan out Post-Prime Day Strategies


After Prime Day, analyze the outcome of your sales performance, campaign success, and inventory management to understand the strengths and weaknesses of your strategies. Pay attention to customer feedback and reviews to refine future strategies. Use Amazon’s analytics tools to gain deeper insights into what worked and what didn’t.

 

Conclusion


Amazon Prime Day is an important event for businesses, offering the opportunity to tap into the massive influx of millions of shoppers, significantly boosting brand visibility and sales. This surge in customer traffic allows brands to not only drive substantial revenue but also build lasting customer loyalty. 

By implementing a well-thought-out advertising strategy that focuses on value rather than just discounts, businesses can achieve remarkable results and ensure the long-term benefits of Amazon Prime Day 2024.

 

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