Thursday, 9 July 2020

Set up For HUGE Prime Day Success with Amazon FBA NEW 2018

Set up For HUGE Prime Day Success with Amazon FBA NEW 2018
10 Aug
2:29

– How to set up for huge Prime-Day success with Amazon FBA In this video, I'm going to cover how you can take full advantage of the biggest sales day of the year on Amazon, which is Prime Day, with a seven-step process to maximize your sales results

If you're selling private label products on Amazon FBA, then this is an absolutely massive opportunity for you You want to make sure you pay close attention to what I'm about to show you in this video (upbeat synth music) Hey, I'm Daniel Audunsson, and I'm the co-founder of RyanandDanielcom During the last six years, I have experienced some incredible days in terms of sales

More recently, the biggest ones have been during Prime Day It can be absolutely mind-blowing just how many sales you can get during this one day I'm excited to share the most important lessons I've learned on how to fully capitalize on this 24-hour period here in this video, so let's get started First off, I want to tell you a few quick things about Prime Day that I think are important for you to be aware of Prime Day always occurs in mid-July, and it began in 2015 to commemorate Amazon's 20th anniversary

On Prime Day, shoppers will actually linger on Amazon because they want to see new deals that are released as fast as every five minutes or so Sellers can get increases in sales from these shoppers who are buying other products on Amazon after finding major deals This day is bigger than Black Friday and Cyber Monday combined on Amazon They talk about this being like Christmas in July And according to Amazon, tens of millions of Prime members made purchases on Prime Day in 2017

That's 50% more than in 2016 In order to purchase items via Amazon on Prime Day, customers must be a Prime member The latest stats revealed that Amazon's Prime subscription service has over 100 million paid members globally, which is obviously absolutely mind-blowing and makes this the biggest and most successful subscription service in the world by far One thing that's different in 2018 in Amazon's Prime Day is their focus to extend the shopping holiday beyond Prime Day We shall see what happens, though

Amazon obviously wants this to expand to be as big and powerful as it possibly can be because it really works well, and it also gives the Prime members a huge incentive to remain Prime members Now, the three main benefits for sellers like you when it comes to Prime Day are, first, of course, the obvious, an increase in sales revenue and a buildup of brand awareness, both of which directly and indirectly make the seller more money The second big benefit is that it's an excellent opportunity to unload inventory to help avoid long-term storage fees It's not as positive of a reason or as exciting as a benefit, but it still is very useful for that purpose The third is to launch new products and drive sales velocity

In my opinion, this is the biggest benefit for sellers when done right I'll talk about that more later on in this video Now, I'm going to show you the exact seven-step process that I recommend to maximize the benefits you'll get as a seller during Prime Day Again, this is the biggest day of the year to sell on Amazon It is the biggest one-time opportunity every single year for you as a seller as well

Pay close attention to this as it's really, really powerful Now, advertising, inventory management and deals all play a crucial role in driving performance on Prime Day, so let's cover the exact seven steps to maximize on this huge opportunity Step number one is to stock up Of course, this does have to happen a bit in advance of Prime Day As it makes sense for you and your business, you should stock up and have as much inventory as possible, just so you can sell more during Prime Day

That's the more obvious reason to stock up, but one of the main benefits of properly leveraging Prime Day is not the huge amount of sales you'll see during a short period of time, per se, but it's actually the momentum you can gain beyond Prime Day if you sell a lot and, and this is the key, you do not run out of inventory That's the only catch-22 You want to sell more during Prime Day, but you also do not want to run out of inventory And I know this is easier said than done It may not be for everyone or every product you have, but if you're able to do both, like sell more and not run out of inventory, then it's a really massive opportunity to take any product far beyond where it's currently at now, in terms of daily average sales volume, and bring it to a much higher and better level after Prime Day

And the reason is because most sellers will actually run out of inventory on Prime Day That's the reason why this is an opportunity And when that happens, if you do not run out of inventory, but you still increase your sales like the other sellers, and which I'll tell you how to do here in this video, so you can increase your sales even more But if you do not run out of inventory like most of the other sellers, you are going to dramatically move up in the rankings 'cause they will drop, like go out Their listings will go offline, so you will move up the rankings by default if you don't run out of inventory

And you will have more visibility when Prime Day is over because fewer products are actually available for sale for some period of time when they're out of stock And that's because so many of your competitors are going to be out of stock Again, they want ensure they stay in stock They want to understand or just for whatever reason, cashflow, but you want to stay in stock at all costs because that's the number one rule selling private little projects on Amazon FBA, if you want to build your momentum over time So just like Christmas and the other big days like Cyber Monday and Black Friday, this day is one of the best opportunities you'll ever get to basically promote your products and get them into a better position after the shopping event is over

Of course, you wanna do well on Prime Day, and it's important for many reasons, but the main, biggest, important thing, again, is not to run out of inventory because of the benefit that happens after Prime Day, if you do that And I'll talk a bit more about this even a little bit later in the video, but, again, for this point, stocking up, just remember that the number one rule is that you never want to run out of inventory You want to sell as much as possible during Prime Day without running out of inventory, so keep that in mind as we move on to the next steps here Step number two is to upgrade your listings Of course, if you've been following us for any amount of time, you've heard us talk about the fact that conversion rate is king on Amazon, and you should always be working to optimize your listing and your conversion rate over time

Unless it's a very new product, you should already be in a good place with your listing, and it should be converting well at this point But what I really want to mention now is, first, if you haven't fully optimized your listings or made some upgrades that you've been thinking about doing, this is of course a great time to do it in advance of Prime Day and to test these upgrades in the weeks leading up to Prime Day to make sure you're as optimized as you can be for conversions and those sales during Prime Day Second, this is also a great time to add A-plus and enhanced brand content on your listing, meaning you should invest in these graphical descriptions and things like that that Amazon may offer you as a seller to improve your listings and your conversions And these cost some money, but one of the best times to invest in these upgrades is right before Prime Day, when you have a product that's doing well or at least decently It's a good time, especially when you have enough inventory in stock or coming into stock before Prime Day, to really sell a lot without running out of inventory

Again, it's a good time to invest into these listing upgrades because just one Prime Day alone could pay you back many times over for that investment due to the massive volume that happens in that one day It can also help you do even better during Prime Day and gain more visibility long after that day is over, so, again, it's a good time to upgrade your listings Step number three is to test ad copy Starting from now on until Prime Day, sellers and advertisers on Amazon should be testing their Prime Day ad copy to find the ones that have the highest click-through rates and sales That includes things like AMS headline ads and product display ads if you're using those, as well as seller central headline search ads, so sponsored ads and just the basic ads you may be running

You want to really make sure you have good ads ready to leverage Prime Day to the max We'll come back and revisit this topic of leveraging advertising during Prime Day here in just a moment Step number four is to reprice It is really important to consider repricing before Prime Day to get the most out of it That's possibly the most important step here

There's really three things you can do here as part of this step The first one is to leverage lightning deals Just keep in mind that the cutoff time for these is going to be a couple weeks before Prime Day Depending on when you're watching this video, it might be too late, but this is something you want to really prepare for if you want to do this in advance and like next year Products that are eligible for lightning-deal submissions are preselected by Amazon, but you would still have to submit your product for review via Amazon's application process, and you will be charged for each lightning deal that has been submitted and has successfully run

The fees are displayed next to the Submit button when you create the deal Eligible products are automatically displayed in the eligible ASINs section of the lightning-deals dashboard in your seller central account If you have a lightning deal that runs right before or during Prime Day, it can just be way more powerful than running it at another time of the year because there's way more sales on Amazon If you do want to run a lightning deal to either liquidate inventory or just get a boost in your products' rankings and visibility, then scheduling it for Prime Day or one of the other big selling days on Amazon is a really good idea The second thing you can do for repricing is to take advantage of Amazon coupons

You can have a coupon that displays on your listing, for example, or you could distribute a coupon to your audience or something like that But really the third option here is my favorite by far,, and that is just to do a general price drop I think this is something everyone should consider doing unless, again, you're gonna run out of inventory if you do that This is the number-one method to really increase your sales on Prime Day when it comes to repricing This is really about going into promotional mode before and during Prime Day, like we teach our Infinity Code students, like we teach this promotional-mode period

You'll want to start this price drop at least three days before Prime Day because you'll want to actually boost your rankings and visibility ahead of time, so that you have even more visibility and high rankings during Prime Day itself So make sure you do this before Prime Day to help boost your rankings and visibility It's a good idea to keep your price dropped during Prime Day if you just want to have as many sales as possible to build momentum and make money, but you could also raise the price back up during Prime Day or right before it That could be more profitable for you, actually, or just help you sell more, but not too much to actually run out of inventory And on the other hand, sorry, doing a general price drop a couple of days before and then keeping those low prices during Prime Day and even a couple days beyond Prime Day could be really, really powerful to help you get the most out of Prime Day in terms of sales

It's something you have to consider and will depend on your goals and your current situation, let's say with your inventory In general, though, having that increased visibility is going to help you, so you definitely want to drop the price at least a couple of days before Prime Day to build that up If you have plenty of inventory and you just want to improve your rank and momentum and visibility as much as possible so you get a massive promotional benefit before, during and then after Prime Day, then this price drop is a very good idea and probably the most powerful thing you can do As a side note here, if you are running out of inventory during Prime Day, you may want to raise your price enough to keep you from running out of inventory, which I highly suggest you do in all cases That's the number-one rule if you want to build a product up on Amazon FBA

You need to do it in a sustainable manner so you never drop your momentum and never run out of inventory Step number five is to increase your bids So back to the advertisements now, sellers should increase their advertising budgets specifically for sponsored products and Amazon marketing services right before, during and even after Prime Day You should actually expect to increase your bids by at least 50% because they're gonna go up during this period of time as other sellers will be doing the same thing for most products But if you really want to get the most out of Prime Day, you want to make sure you win those placements during this day and really get as much exposure as possible

When you do this, again, just like we teach in Infinity Code and our free FBA crash course, which you can, by the way, access if you click the link right below this video or just go to ryananddanielcom/crashcourse, you want to focus on your top-converting and sales-driving search terms here When you bid on ads, prioritize your best search terms and the focus terms and keywords like we teach in the crash course Everyone and anyone will be looking to advertise their products leading up to Prime Day You don't want to miss out on valuable traffic, especially traffic you'll get through, again, the focused search terms that you want to rank for 'cause that's really gonna help you achieve just that, like the rankings and more visibility after Prime Day

So, through those search terms, you'll want to get as much traffic and sales as possible during Prime Day, and of course not run out of inventory and come out really strong after Prime Day Perhaps you'll go up multiple, multiple spots in the rankings on those search terms that you're focused on just by leveraging Prime Day properly and not running out of inventory It really is the best time to grow your product for the long term Then, step number six is to monitor your budget Because bids and clicks are expected to rise, budgets will run out very quickly

Sellers should closely monitor their budgets throughout the day to make sure no advertising campaigns run out of money After increasing your budget, you also want to then monitor the budget during this period of time because things will change much quicker There will be other competitors raising their bids, too, and you may want to be paying a lot more for your ads during the time You want to make sure, if you really want to capitalize on Prime Day, that you monitor your budget so you can get the most out of this increase in sales velocity And the final step, step number seven, is to address issues quickly

During this time, you need to be on high alert so you can avoid issues that could damage your results And remember, there's much more activity going on, so more potential for this to happen You really should be focused on your most successful products first and address any issues that come up immediately or the day of, so immediately after or the day of Prime Day You might even want to stay awake for about 24 hours during this period of time, or at least have a team member help you, just so you can be totally on top of everything Some examples of issues that you could encounter and really should be aware of include, again, out-of-budget advertising campaigns as well as account payment failures, and product issues and reviews

You want to be quick to respond to any issues, support tickets, things like that in reviews that may come up in terms of issues with your product or related to your customers Of course, one really bad review, for example, that comes at a really bad time, let's say just when Prime Day is starting, could really harm you So you want to make sure you stay on top of comments and reviews like these and respond to them or have them removed if they're not legitimate reviews You want to really do everything you can to just make sure everything runs smoothly here because it's such an important day and it can be worth a lot of money for you, especially when you look at the long term benefit coming out of a successful Prime Day without running out of inventory So just make sure you are on top of this to eliminate issues and put out fires quickly

Now, I want to quickly mention what happens after Amazon Prime Day is over Be aware that many sellers will be increasing budgets and bids for Prime Day, which I already mentioned, but the rate at which they reverse those changes back to normal will really vary widely The bids may remain much higher for a couple of days or even weeks beyond Prime Day Just be aware of that and consider your situation so you can take the appropriate action based on that Sellers should also prepare for any operational aftermath, including more returns to process, an increase in number of customer questions support tickets and more opportunity for FBA refunds as well

You may want to be on high alert after Prime Day as well because you'll probably have more work to do I also want to mention something that's really important and that can trip you up psychologically if you're not aware of it, and that is that there are delays in sales data, especially during Prime Day when it's really active If you're not seeing the sales that you'd expect, don't panic because detailed page views and sales data may take up to three days to appear As we go through sales on Prime Day, you don't want to be refreshing your stats like every five minutes and then freaking out if nothing is happening or the results aren't so great yet on the stats because it may be delayed again Of course, we want to be on top of things, but just be aware of that

Don't freak out AMS or Amazon Marketing Services reports could actually take several days to become available, and also be aware of that For AMS, by the way, impressions and clicks data may take up to 24 hours to appear So, that's it I hope you get a lot of value from this video

Make sure you mark your calendar so you're ready for Prime Day, not only this year but also next year You want to prepare way in advance All of the same steps and things I've talked about here in this video will apply to Prime Day in 2019, 2020 and beyond Also, have realistic expectations Some sellers and some products see a nice bump in sales, but then some have huge bump in sales

It just depends on what you're selling, and of course, how you prepare and come into Prime Day so you can increase your chances of getting that huge bump in sales And again, we're talking about a huge bump not only during but also after Prime Day in the long term That's what I really want to stress with you So it's really important not to run out of inventory Just have realistic expectations as well, and any increase, especially in the long term after Prime Day, is very, very valuable and much more valuable than just this one day and being greedy and shortsighted to get more sales

Think about the long term That's what's really gonna pay off if you're building a private-label brand on Amazon And you can't really lose during Prime Day, again, unless you run out of inventory But, most of all, remember that the biggest opportunity of Amazon Prime Day, again, and I know I'm kind of beating at that horse here, but it's really important that you understand this The biggest benefit, the biggest opportunity is to speed up the momentum that you're building with your products

So this will speed up your exponential growth curve, so you will get farther ahead, so you can grow your sales and visibility on Amazon even faster Just like with other large sales days, many of your competitors will run out of inventory after Prime Day When you avoid that, you can move significantly up the rankings and then work to keep those rankings, which will benefit you massively in the long term And you can repeat this process during every single big sales day, by the way, not just Prime Day Luckily, there are a couple of those every single year

Finally, I want to mention that if you're interested in learning how to optimize your products for sustainable long-term growth so you can grow your products into bestsellers, then check out our free Amazon FBA crash course that is available if you click the link below this video, and you will get instant access to it, so you can go and watch that mini video course right now It's really awesome It is a nearly three-hour mini video course that I created, showing you our proprietary methodology from A to Z on how to successfully identify products on Amazon FBA and then sell them and optimize them and set them up and everything, manage them, all of that stuff, our entire proprietary methodology I promise you haven't seen this stuff before because I invented this process Make sure you go check it out by clicking the link below this video or just go to ryananddaniel

com/crashcourse Again, I hope you got a lot out of this video I know it's been quite long, but we've got a lot to talk about on this topic, and I really wanted to give you everything you can leverage to make Prime Day as successful as possible So, thanks for spending this time with me and feel free to comment below if you have any questions, and I will personally respond And also make sure you like this video and click the Subscribe button on the bell that connects to it to be notified next week when I release a new video

I also really appreciate that when you like the video and tell me that this was helpful, which I hope it was So, that's it I'll talk to you again next week (upbeat synth music)

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