How to Maximize Your Success on Amazon Prime Day

Amazon’s biggest day of the year is coming up so it's important to start planning now to ensure the day is a success.?

First off, when is Prime Day?

Amazon has officially announced their next Prime Day dates for 2024: July 16-17.

How to have a successful Prime Day? Below are three pillars to ensure success:

Tip 1 - Define Success

An often overlooked point here is defining success for your brand. Prime day sees a massive spike in traffic and buying intent, and that can be leveraged in different ways.?

Some brands choose to use Prime Day as a customer acquisition strategy, using steep discounts and massive increases in spend to get as many net new customers as possible, often at a loss.?

Other brands use Prime Day as a profit taking day to bolster their bottom line and support other channels.

Ensuring there is a very clearly defined efficiency target is key to knowing if the day is shaping up to be a success or not. By having a guiding star on Prime Day, quick, strategic decisions can be made with the overall goal in mind.

Tip 2 - Inventory

Can’t make sales without inventory in stock so planning ahead here is key.?

Ideally we have stock reaching the fulfillment centers not more than a month ahead of time, so aiming for roughly June 15th this year.

Use your past sales data to influence how much inventory to send to Amazon. If this is your first prime day then depending on how aggressive you are discounting/promoting we have brands see 5-8x revenue over a typical day.

As a backup for stock outs consider setting up FBM (fulfilled by merchant) sku’s that you can switch on if necessary.

Tip 3 - Get Ahead of It

Success on Prime Day is built in the weeks and months leading up to Prime Day. On the actual day all we need to do is put out fires, and actively monitor campaigns to ensure performance is on track.?

Using our strategies and by building up success prior to Prime Day the below clients saw revenue increases of 530% and 730% over a typical July day.??

Listings should be polished up and optimized, so spend the time now reviewing your listing metrics, identifying the weak points and fixing them.

Enroll in Deals/Prime Exclusive Discounts/Coupons or whatever promos you plan on running early to identify issues and have enough time to fix them through support

From an advertising perspective campaigns should be built, tested, and ready to scale.? Increase budgets the day before Prime Day, ensure you either have a plan to, or have already increased your bids, and remove portfolio and campaign suite budgets to prevent reaching a spend cap without realizing it.

There is a lot more that goes into Prime Day but the above tips will help put you on the right path to success.