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To win big in the Amazon selling game and gain a strong competitive advantage, you must have the right strategies. You must not only understand your potential customers. You should also seek to understand your competition – their motivation, strategies, strengths, and weaknesses.
1. DO A DETAILED COMPETITOR ANALYSIS
Competitive analysis helps you understand your competitors. It can help you expand your reach and increase your market share. And it can help you create an effective brand positioning strategy and as a result, you will become a leader in your niche or industry. You need to know your competitors. It’s hard to beat someone you don’t know. Search products that are similar to yours on Amazon and make a list of your direct and indirect competitors. Here are steps you can do:
- TRACK YOUR COMPETITORS
First, create a list of your competitors.Once you’re done with your list, check out and track all your competitors. You can use Google alerts to find out what people say about them. Check your competitor’s product detail pages to know what they offer and how they position their products on Amazon.
- CHECK THE CUSTOMER’S EXPERIENCE
Second, To find your competitor’s strengths and weaknesses, you must identify your competitor’s market positioning strategy. Visit their product detail page (and website) to see why customers buy their products.
- CHECK YOUR COMPETITOR’S SALES DATA
And lastly, you can check your competitor’s ASINs to see the product’s sales trends. Looking at your competitor’s sales data helps you monitor the product demand, seasonality, and sales trends.
Amazon doesn’t disclose sales data, but you can check reviews to estimate your competitor’s sales. You can also use various tools like Jungle Scout to generate your competitor’s sales data.
You don’t have to watch your competitor’s every move like a hawk. But, conducting competitive analysis on a regular basis can help you win big in the Amazon game and keep you one step ahead of your competitors.
2. DO AN AMAZON REVIEW ANALYSIS
Before you start selling a product, type a related keyword on the Amazon search tab. To avoid having to deal with almost unbeatable competitors, make sure that your top 10 direct competitors have less than three hundred reviews.
3. CHECK YOUR COMPETITOR’S PRICING STRATEGY
A lot of sellers drive down their prices during holidays and paydays to maintain their Buy Box share. They constantly engage in price wars to win the Buy Box game.
To keep yourself one step ahead of your competitors, you have to understand your competitor’s pricing strategy. You must accurately estimate their floor price and see how low they can go.
Keep in mind that you don’t have to participate in price wars to increase your Buy Box share. You just have to set a reasonable price, produce a high-quality product, ship on time, and offer a great customer experience.
4. CHECK YOUR COMPETITOR’S OPTIMIZATION STRATEGY
Search Engine Optimization (SEO) is a process of using strategic keyword placement to increase a product’s visibility in the Amazon ecosystem.
Check the product pages of your competitors and observe their keyword placements. If most of your competitors don’t have a solid optimization strategy, then there’s room for you to gain a competitive advantage.
Here is a link you can check on how to find a top keyword for your Amazon product click here
5. YOU MUST HAVE A STRONG PPC STRATEGY
PPC allows you to drive more traffic into your product detail pages and gain more sales. To outperform your competitors, you must create a solid PPC (pay per click) strategy. Use manual targeting to avoid repeating the same ads. You must also carefully organize your campaigns and use long-tail keywords. These keywords are more specific and can attract customers who are already at the bottom of the sales funnel.
Knowing your competitor’s strengths and weaknesses can strengthen your market positioning strategy and help you gain a competitive advantage.
Contact us and we can help you create strategies that can help you beat your competitors and join EHP CONSULTING GROUP.
