What an event Prime Day 2024 was! Here at Venture Forge, we’ve been celebrating client results that beat the market by a long way – and we hope the Event was similarly kind to you.
As always, the aftermath has left lots of data to ponder over, and lots of lessons to learn; some of which can be usefully applied to any Amazon Event (Black Friday, we’re looking at you…).
So, what are these lessons?
Lesson 1 – You don’t win Prime Day on Prime Day
Success in any Amazon Event is down to the quality of your forward planning and pre-event execution.
Done right, you’ll of course be busy on the day optimising where needed based on incoming data and, for the Amazon Ads people among you, maximising ROI and adjusting budgets to get the best performance.
But even the planning for that work should be in place well in advance.
So lesson one is that, if you put the right work in upfront, you’ll be perfectly positioned to reap the rewards on the day.
Lesson 2 – Data is King/ Queen
Having the best and most accurate data right at your fingertips is key to making the right moves.
The clarity of the data we have at our disposal is a big part of how we achieved such great results for our clients throughout the 2024 Event, our whole team accessing and acting on it to trade in the most effective way for every one of our participating clients.
Lesson 3 – Know your “Why”
Our CEO Andrew Banks has said this many times before, and Prime Day is no different – when it comes to anything Amazon, you must know your “why” before you begin.
That’s why we work to gain a deep understanding of what our client is looking to achieve from the very start of planning our strategy – so we know how to best use Prime Day to their advantage.
Lesson 4 – Know your numbers
And, with your “why” firmly in place, bring your P&L into the mix.
Our team pores over detailed client P&Ls before we start strategizing, so we know their exact margins and can use that information to design a strategy that drives the outcome they want.
Lesson 5 – Look to the past
Yes, things change from Event to Event – but plenty stays the same.
Leveraging data from previous Events, and looking specifically at how your category and competitors traded, can throw up plenty of invaluable insights that you can use to shape a powerful strategy for your brand.
Lesson 6 – Be smart with your discounting
Do you even need to discount on Prime Day?
Not everyone does, and you can still win big through the Event with a smart strategy that takes advantage of the increased traffic – as we proved again this year.
Some of our clients discounted, some didn’t – all of them won.
Lesson 7 – It’s just retail
Some people try to get too clever with Amazon – but the reality is that there are no secret sauces or little-known Agency hacks that bring Prime Day success.
In the end?
It might not be as seductive as the idea of an easy method that guarantees a win, but success in Amazon Events for your brand comes down to one thing.
It’s just good, old-fashioned retailing.
Our award-winning team has years of experience in getting the right results for our clients through Amazon Events (and beyond).
Want us in your corner next time? Just drop us a line today.