Marketers! Seize the Opportunity, this #AmazonPrimeDay

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What is Amazon Prime Day?

Till a few days ago, no one knew its exact date, but everyone knew it’s going to be BIG when it happens. Yes, I am referring to Amazon Prime Day. Since its inception in July 2015, it has grown exponentially. The 2016 edition of Prime day, in just a years’ time, became the highest revenue generating day in the history of Amazon, then in 2016, according to techcrunch. In 2017, it grew further and there has been no looking back since then.

Source: https://www.statista.com/statistics/728120/annual-amazon-prime-day-sales/

How did it start?

To celebrate its 20^th anniversary Amazon launched Prime Day in July 2015, offering steep discounts to Prime members. The concept became an instant success. In years to follow, it has only grown and no wonder, brands and marketers flock to capitalize on driving sales through Amazon Prime day.

Wondering who buys using Amazon Prime?

There isn’t a segment untouched by Amazon Prime. From teenagers to senior citizens, love for Amazon Prime cuts across all age groups.

Globally, Amazon Prime subscriptions have already crossed 100 M mark. And the projected growth is very promising.

Why would people subscribe to it?

Well, it clearly turns out the free and early shipping coupled with special promotions and discounts lure customers. Does it ring a bell? How often do we use Free Shipping in our ad copies while running search engine marketing campaigns? It makes a huge difference. More than a trend for #AmazonPrimeDay, this also uncovers several aspects around online consumer behavior. Leveraging shipping speed, discounted price and varied selection in ad copies can help drive greater click through rate and eventual conversions provided the customer experience is great.

As a marketer how do you plan?

With a rising tide, you always can surf higher. Here is what happens - the Amazon Prime Day has such a huge impact that it creates an incremental online shopping demand.

• Leverage Surge in Demand - As a smart marketer, it is upon us to leverage that spike in online shopping demand. For instance, several global shopping sites witness a surge in traffic on Amazon Prime Day. Yes, it is imperative that we create a well-structured budget phasing plan well ahead of Amazon Prime day. It must address following questions
  • How much are we willing to spend each day of the week during the Amazon Prime Day
  • What is the eventual objective of curating a budget phasing plan – is it the incremental sales only or we also want to maintain an RoI target and let the sales rise if our RoI targets meet
  • We may also want to go product or brand specific budget phasing strategy if we have clear goals at a granular level 

• Plan early - In fact, the shopping fever starts building up a few days before the big day, hence it is also a fantastic opportunity to target shoppers before Amazon Prime day and have their share of wallet, in time. Updating structure, ad copies well in time with special promotions, using artificial intelligence to decide on budgets and running search query reports frequently before, during and after amazon prime day can add a lot of value.

• Remember, people, miss out! - Last but not the least, few people do miss out Amazon Prime day deals and that’s an opportunity that can be tapped by targeting them once the big day is over. Curate ad copies that help these potential consumers find and purchase products they missed out on during amazon prime day sale.

I hope these strategies will help you make most of the surge in demand during Amazon Prime Day. Happy Marketing this coming Amazon Prime Day!