As the e-commerce world braces for Amazon Prime Big Deal Days, slated for October 10-11, 2023, brands, especially those with a focus on long-term growth and brand-building, are met with a conundrum: to invest heavily in promotions amidst the cacophony...
As the e-commerce world braces for Amazon Prime Big Deal Days, slated for October 10-11, 2023, brands, especially those with a focus on long-term growth and brand-building, are met with a conundrum: to invest heavily in promotions amidst the cacophony or to strategically manage ad costs during this peak event.
With the cost of ads skyrocketing, a surge of price-loyal consumers, and a pinnacle of competing discounts, the advertising landscape during these Big Deal Days is nothing short of complex and noisy.
Estimated Advertising Landscape During Prime Big Deal Days
Elevated Ad Costs: The influx of sellers vying for visibility drives up the cost of ads, demanding prudent spending to avoid eroding margins. Price-Loyal Consumer Base: The event attracts a swarm of consumers primarily loyal to discounts, posing a challenge for impactful brand-building. Peak Competing Discounts: The myriad of discounts from competing products necessitates strategic pricing and value proposition communication. Amplified Noise: The heightened activity and aggressive advertising create a noisy marketplace, where standing out requires strategic finesse.Before Prime Big Deal Days: Thru October 9, 2023
Ad Spend Analysis: Evaluate historical data to understand the ROI/ACoS/TACoS of previous advertising during high-traffic events. Targeting Precision: Focus on high-converting keywords and audiences to ensure your ad spend is targeted and efficient. Ad Creative Optimization: Ensure your ad creatives are compelling, clearly communicating your offers and USPs amidst the noise.During Prime Big Deal Days: October 10-11, 2023
Real-Time Monitoring: Vigilantly monitor ad performance, being ready to pivot strategies quickly based on real-time data and performance. Peak traffic introduces higher search volume that may blow through campaign budgets much earlier in the day than normal. Bid Management: Be prepared to adjust bids dynamically, ensuring max visibility while effectively managing costs. Engage and Retain: Utilize retargeting strategies to engage consumers post-purchase and build towards long-term customer retention.After Prime Big Deal Days: After October 12, 2023
Data Harvesting: Thoroughly analyze data from the event to glean insights into consumer behavior, ad performance, and ROI. Customer Engagement: Engage customers who purchased during the event with follow-up communications, reviews requests, and additional offers. Strategy Refinement: Utilize the insights gathered to refine your ongoing ad strategies, optimizing for future high-traffic events (like holiday shopping right around the corner)For brands, especially those steering towards sustained growth and brand-building, Amazon Prime Big Deal Days should be approached with a strategic lens focused on managing ad costs rather than aggressive investment. By adopting a meticulously planned approach, focusing on ad strategies before, during, and after the event, brands can navigate through the intensified ad landscape, ensuring visibility, engagement, and retention, all while safeguarding against eroded margins and diluted brand value.
The post A Strategic Approach to Ads During Amazon Prime Big Deal Days 2023: Navigating the Ad Spend Maze first appeared on Toucan Advisors.