Top 6 strategies using Amazon brand analytics to grow your business
In the last few years, we have seen Amazon emerge as the fastest growing eCommerce portal. With so many brands showcasing their products on this eCommerce platform, it was time for Amazon to come up with tools that give the sellers the means of understanding just how well their products are faring. Hence, Amazon launched Brand Analytics for all those sellers who are part of the Amazon Brand Registry Program. By getting first-hand, authentic data from Amazon, sellers can massively improvise their marketing and growth strategies.
Amazon Brand Analytics (ABA) is a powerful Amazon analytical tool to gain insights on how to plan strategies, campaigns and overall marketing activities. A lot of the data that sellers get with the help of this tool is specific to their brand, and there are also other data points that provide a bird’s eye view of category-wide data on Amazon.
In this newsletter, we will talk about some very useful strategies that you can plan and implement through the reports provided on ABA, to make your marketing efforts a complete hit!
1. Build a focused advertising strategy: In order to build a targeted and high return-generating advertising campaign, it is essential to utilize keyword data. This analysis will help you study the category, understand customer search term behavior & trends, and to identify market gaps and new product opportunities. This is where the Amazon Search Terms Report plays a pivotal role. The search term report is an incredibly powerful tool that can provide reliable keyword research data. Through this report, you can get access to a lot of detailed metrics and utilize them in the best possible manner to propel your growth strategies further.
You can identify popular search terms for your product and category, and the keywords direct competitors and top sellers are ranking for. These are high-volume keywords that your competitors are using, which are getting significant clicks; and this report can help you identify such keywords so that you can target them as well. This can be very helpful when accumulating keyword data to be added to your manual keyword targeting campaigns.
- You can also estimate your position in the product category for such identified keywords.
- You can get an understanding of keyword conversions, based on the ratio of conversion share to click share provided in the report
- You can identify keywords where you have gained/lost click share or conversion share, that might have led to an increase/drop in sales
- You are also able to look for search terms that might have worked for your products historically. This becomes super useful if we want to look at data for sale events over the years, like Black Friday/Cyber Monday and Amazon Prime Day. Moreover, since this information is provided by Amazon first hand, you need not worry at all about the reliability of the source of data.
Another good idea is to find out the popularity level of specific search words, over specific periods of time. Analyzing such seasonal trends in search rank changes can help you to capitalize further on your advertising strategy.
2. Listing optimization to cover the highest impact keywords: A very crucial component of success on Amazon is crafting user-friendly and SEO-friendly content for your product listings. This optimization can help you boost your visibility on Amazon, and ultimately get more traffic and sales to your products. One of the major reports that helps you do this is the Amazon Search Terms report. Through this, you can also get a detailed insight into high search keywords relevant to your product, and an idea of how your products are ranking on those keywords vis-à-vis competitors. This report gives you a Search Frequency Rank (SFR) for each keyword, which also helps you make an informed decision on which keywords are more searched for on Amazon than others in your category.
- In order to optimize the content in your product listings, you can add each of these high-impact keywords that you have discovered to your product title, bulletin features, product description and backend search terms.
- It is also very crucial to keep a careful eye on the kind of keywords that your competitors are using. Along with a list of keywords, the report will also show you the top 3 clicked products and the top 3 viewed products for each keyword. This is a solid indicator of how your competitors’ products are faring, and where do your products stand in comparison to theirs for each relevant keyword.
3. Identify tactical targeting opportunities for high traffic events:
- This again becomes possible by keeping track of which terms/keywords are used the most during important festivals and sales. By doing so, you can target those search terms during these special event days and direct more people to your products via targeted ads.
- With each passing year, people may start looking for the same products through different keywords, based on real-time trends. Hence, it is essential to keep close tabs on the updated keywords that are being used from time to time. This makes it easy for brands to target the trending keywords that they can then use in their next marketing campaigns.
- This eventually will ensure that we get repeat traffic of all those people who are loyal to our brands, year after year. It may also help you target new to brand customers through freshly identified keywords for your own products and your close competitors.
4. Plan retargeting campaigns for products: Amazon offers another report, which is the Repeat Purchase Behavior report. As a seller on Amazon, capitalizing on products with a high repeat purchase rate is a very important aspect of driving up your revenue. This report gives you detailed information regarding which products have been sold over and over.
This can be done by regularly keeping tabs on all those products that have a high repeat purchase rate and then use retargeting ads via DSP, Sponsored Display, and CPM ads to maximize the sales opportunity. Taking inputs from the repeat purchase behavior report gives you clear indications of how many products are being bought on a monthly or quarterly basis as well.
Finding these products that are high-selling or fast-moving helps you invest more in your advertising campaigns in a way that they get you better returns.
You also get an understanding of the kind of customers you are pulling in with your campaigns. It will give you insights to know how many of them are repeat customers and how many are unique or new customers. This data can further be correlated with the Demographics Report within Amazon Brand Analytics to get a more clear understanding of your target audience.
5. Identify bundling and cross/upselling opportunities: Another important Amazon analytics report that helps grow your business is the Market Basket Analysis report. The results from this report help you understand what other products people buy when they purchase your product. This gives you a clear idea of what products you can include and which cross-selling promotions you can offer, that in turn helps increase the average spending amount and cart value.
With the results of the Market Basket Analysis report, you will know what products are being purchased together. This can help you target better alternative products that people purchase along with yours and give you the chance to work on launching product combo offers that will increase the customer’s average spending amount.
Before going to other brands, take a good look at your own products that are bought together so that you offer packaged deals that help cross-sell and promote your own products even better.
Eventually focusing on the results of this report can help you increase the average value of your cart sales, because if you give the customers a good bundle deal, they will definitely opt for it.
Another major benefit of going through this report is that you are able to gauge how well your products are doing over time. This will help you get a better understanding of the market size and potential of your category. There are some categories that are always faster moving than the others, and studying this report can help you create better offerings for your audience.
6. Identify opportunities for product improvements or portfolio expansion: Another critical finding that you get from the Amazon Search term report is getting an idea of what other adjacent products and categories you can get into to get better results and sales. You can draw insights such as which color, material or design of a given product type is searched more frequently.
- Identifying what the customers want is the best way of improving the make of your products. The Amazon Search Term report gives you all these inputs directly, and this makes it easier for you to focus on how to expand on your product range. For example: which cereal they prefer, trending beauty items that most people are purchasing, and the information of the number of people who have shifted to buying eco-friendly or biodegradable products.
- Once you understand what the markets want, you will be able to pop up on the top of the search results the moment a customer is looking for something.
- A good idea is to correlate this data with the Demographics Report provided in ABA. Based on your demographic results, you may be able to come up with personalized messages and campaigns that target your niche audience in the best way possible.
All in all, Amazon through its Brand Analytics Reports provides you a truck load of data on your customers’ buying and search behavior. With the help of the ABA tool in place, sellers can get in-depth knowledge about not just how their products are performing, but how well the other competitors are doing.
Since everything about your product depends on your digital marketing and advertising strategy, having all this information is crucial so that you can clear the clutter of other brands and emerge as a fast selling product on Amazon. And, what’s more! These tools are free as long as you are a registered member of the Amazon Brand Registry program.