The largest sales day of the year—even giving Black Friday a run for its money—is happening July 12-13, 2022: Amazon Prime Day.
For those who are unfamiliar, Amazon Prime Day is an exclusive deal offering some of the year’s lowest prices to the site’s 150-million-plus Prime members. The 48-hour shopping event is one of the internet’s highest traffic days of the year, with purchases reaching the billions and resulting in outstanding profits for brands.
For Amazon sellers, Prime Day can help boost sales and revenue, increase brand awareness, sell surplus inventory, launch new products, and propel sales velocity. Even non-Amazon sellers take advantage of Prime Day by employing sales and marketing strategies that compete with Amazon’s deals.
Small businesses—especially those in retail—benefit magnificently from Prime Day, so it’s crucial to prepare ahead and get your online presence in top-tier shape. Of course, Idea Financial absolutely delights in the growth of businesses, so here’s our six strategies to ensure your Prime Day is a success!
Connect with customer before sales begin
Consumers like businesses that let them know there’s a sale going on, and loyal customers will feel especially grateful. As far as advertising goes, it’s better to go heavier during the lead up to Prime Day so that consumers have your brand cemented in mind when the sales commence. At a high level of this promotion, this may include email banners and advertising throughout multiple channels, like search and social media. Get more targeted by engaging with specific shoppers who’ve already shown a predicted interest in products that will go on sale around Prime day.
Offer competitive deals
Obviously, shoppers are on the prowl for deals on Prime Day. But in the past, retailers of all kinds have stepped up and offered competitive deals on the same products offered by Amazon, sometimes for less. Although it’s not always possible to match Amazon’s speed and price on a normal basis, you can make a big difference by presenting attractive discounts, waiving shipping fees or offering expedited shipping. Of course, ensure you advertise any deals you’ll offer to keep shoppers in the loop about changes to your prices and polices.
Update your product listings
Capturing a shopper’s attention on Amazon and then flashing better deals on your own site is a smart strategy for drawing in new customers and raising your total sales. Given a considerable portion of customers plan to shop around on Prime Day, you’ll want to highlight the allure of your products as much as possible.
As for presentation, review the titles, photos and sales copy of your products before Prime Day. Descriptions should be simple yet captivating. For easier readability, avoid industry jargon and use bullet points. Prioritize the consumer benefits and answer the question, “What’s in it for me?” Today, multimedia is your best friend. Have at least three photos of your product from multiple angles, ideally against a plain white background, and include one of people using your product. Enhance your listing—in addition to the perception of the product’s quality—by adding a high-quality video.
Double check your inventory
Now that Prime Day benefits more than just Amazon, make sure you’re equipped with enough inventory to handle the surge in sales. Prior to building a marketing campaign, you’ll want to ship enough products—at least 1.5 to 2 times the amount sold in the last 30 days—in advance. Indeed, having your flagship product sell out before the event ends may result in shoppers skipping over your entire catalog, especially if your business sells electronics, apparel, jewelry or appliances, as these products usually experience a major hike in sales during Prime Day.
Flaunt those product reviews
Did you know one product review can result in a 10% increase in sales and 200 reviews can generate as much as a 44% rise in sales? Positive reviews reflect great products and customer service, so collect your product reviews! If you need help, try engaging with a company that helps increase customer reviews, like Feedback Genius or Trustpilot.
Prepare your budget
This remains the most important point because, before you start spending on any of these strategies, you need to have sufficient capital. Now let’s say you do – you still need to monitor your budget as you invest. You don’t want to deplete your funds for ad campaigns; plus, you’ll need a plan to stock up on products, so you don’t miss out on added revenue.
Fortunately, Idea Financial provides financing options for your small business that can help you. In addition to offering flexible term loans, we offer business owners a line of credit for up to $250,000 that lets you control what you draw, when you draw and what day you pay. With no early repayment fees, you can pay off the line early and save. The best part – we move fast! Fill out our simple online application and expect same-day approval and next-day funding. The better prepared your budget is, the better chance you’ll make the most of Prime Day!