How to ace Amazon Prime Day in 2024
Amazon’s Prime Day is one of the most anticipated shopping events of the year, offering a Black Friday/Cyber Monday-esque shopping event in the middle of July. However, the high level of competition requires meticulous planning and execution. What has worked in years past won’t always work moving forward. Here are three key strategies to ensure paid advertising campaigns are successful during Prime Day 2024.
1. Prepare advertising campaign budgets and bids
This tip is nothing new, but must be addressed. Prime Day attracts a surge in both consumer interest and advertiser competition, leading to increased auction prices. To capitalize on this influx, it’s crucial to adjust advertising budgets and bids accordingly.
- Analyze historical data from past Prime Days to see when these patterns of behavior are most likely to occur this year and to fully understand how much additional budget you might need to sustain your campaigns throughout the day
Example: A CM retailer experienced a 40% increase in week-over-week spend on Amazon Sponsored Product campaigns during Prime Day 2023, which becomes part of our strategy for 2024
- Ensure headroom in campaign budgets
- Ensure automated bidding systems are in place to dynamically bid up and down on products to match the cyclical flow of demand throughout Prime Day
2. Prepare Your Amazon Storefront
A well-prepared storefront can significantly enhance users’ shopping experience, leading to higher conversions and customer satisfaction. No amount of campaign bidding and budgeting can help a product that is out of stock. Be sure that top listings with high expected sales volume are adequately stocked.
Other considerations to maximize sales on Prime Day with your storefront include:
- Custom storefront experience: Consider creating a custom storefront experience tailored for Prime Day. Highlight exclusive products or bundles that are only available during this event. Treat this space just how you would your own website during Black Friday and Cyber Monday
- Discounts and promotions: If financial models support it, offering discounts can be a powerful motivator. Analyze profit margins and consider discounting products to attract price-sensitive shoppers. Ensure the discounts are competitive enough to stand out while maintaining profitability. Don’t discount just because others or competitors are doing it
3. Get creative with your advertising
Standing out during Prime Day requires more than just high bids and ample inventory. Creativity in your advertising approach can make a significant difference.
- Leverage full-funnel media channels: Prime Day success isn’t just about what happens on the day itself. Build anticipation by leveraging full-funnel media channels both inside and outside of Amazon. Use Amazon DSP (demand-side platform) to create awareness and interest in the weeks leading up to Prime Day. Consider retargeting ads to re-engage potential customers who have shown interest in your products. This will ensure that when Prime Day kicks off, customers know where to find your brand
- Live selling and influencer partnerships: Live selling on social media platforms or Amazon Live and partnering with influencers can help take the pressure off paid advertising campaigns, which can be cluttered and competitive on Prime Day. Influencers can showcase your products, share exclusive discount codes, and generate buzz around Prime Day deals
What marketers need to know
Prime Day 2024 presents a lucrative opportunity for brands willing to invest in thoughtful preparation and creative strategies. By adjusting budgets and bids, optimizing storefronts, and brainstorming creative advertising ideas, you can maximize sales and visibility during this high-stakes event. Start planning early, stay agile, and watch your Prime Day performance take off.
