Achieve Better Conversion Rates with Amazon's New-to-Brand Metrics ??
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Hot off the Amazon Grill???
Have you come across the New-to-Brand Metric on Amazon? This metric helps you identify and track new customers who make purchases from your brand within a specific timeframe.?
Think of it as a compass for your brand, guiding you to decide where to put your resources, how to budget, and how to make decisions based on data. It provides you insights into the effectiveness of your customer acquisition efforts, helping you shape your future marketing strategies.
But remember, it's NOT a magic wand... ??
Using the New-to-Brand metric can be tricky. You might run into challenges using the NTB metric, such as data availability and accuracy, limited historical data, variability in customer behavior, and attribution complexity.?
However, with a clear understanding of the NTB metric and how to use it, you can overcome these challenges, unlock its full potential and drive your business growth. ??
Amazon Trending Tidbits???
Have you considered Amazon Renewed as a new avenue for your business? It's a platform that offers an opportunity to sell pre-loved and refurbished items. Not only does it allow you to reach a wider audience, but it also provides a chance to give your products a second life.?
However, keep in mind that the process requires a bit of effort - from setting up your account to managing your inventory. Just remember, as with any new venture, it's important to do your research and make informed decisions.
Amazon is planning to add USPS Ground Advantage (GA) to its Buy Shipping service. This is a consolidation of what was formerly First Class Package Service, Parcel Select Ground, and Parcel Select Cubic.
This change was initiated by USPS on July 9, and Amazon is now catching up to update Buy Shipping. Once the new shipping methods are launched, your existing shipping methods will automatically update to the equivalent USPS Ground Advantage shipping method.
Keep in mind, USPS will continue to accept packages with legacy labels for the services that USPS Ground Advantage replaced without penalty or assessment through September 30, 2023.
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Nerd Lounge???
What we learned from Seller Fest Baltics 2023
Let me share some interesting stuff and insights from Seller Fest Baltics 2023!
First off, have you heard about Vine Stacking? It is a strategy where you request vine reviews for multiple variations of a product and then later combine them under a single parent listing. So, instead of having a limit of 30 vine requests for the product, you effectively get 30 vine requests for each variation. Of course, this will also mean that the cost per vine review remains the same, but it can be a way to quickly and “legally” (in Amazon’s perspective) earn a base of reviews. But remember, getting that Vine reviews are not a guarantee of 1. A review 2. A good rating in that review.
The biggest impact for your review rates? Inserts. The trick is to get customers on an email list and subsequently reaching out to them –? you can drive more reviews. But here's the catch - don't "channel" your customers based on their feedback. For instance, don't ask shoppers to review your product ONLY if they've had a good experience, while directing others to a customer support page. That's a no-no.??
Did you know that Amazon brands are using Shulex as their secret weapon? It's great for doing sentiment analysis and understanding their own or competitor reviews. Also, shout out to the Product Pinion video feedback tool (honorable mention for Conversion Crimes too) - it's worth checking out!?
A big theme of the event was the importance of using various tools, many involving AI, to analyze both your own and competitor product listings. This can help you understand shopper sentiment and can be useful for improving your listings and product development.
Lastly, when you're using MYE, it's best to aim for 90% probability. But keep in mind, only about 15% of tests reach this level of confidence after 4 weeks, and this number has actually declined for some quarters now. So, while these tests are still valuable, ensure you have a solid hypothesis before diving in.?
Thanks for reading!
- Brent
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