In today's competitive landscape, it can be tough for brands to stand out on Amazon. But with the right strategy, you can overcome the challenges and achieve success.
Here are 10 strategies to help you beat the competition on Amazon in 2023. From optimizing product listings to implementing an effective advertising strategy, these tips will help you get ahead and grow your business.
1. Competitor analysis
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Identify your competitors and concentrate on direct competitors, ideally those with similar features and price points as your product
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Which products have high-performing keywords? What are those keywords?
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Which products have the highest search volume?
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Which products have the lowest cost and which has the highest?
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Which products have the highest rating and which the lowest?
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Which products have the highest sales?
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Target them in your ad campaign accordingly
2. Track Competitor pricing
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Track competitor pricing changes
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Reprice strategically if required
3. Pricing
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Diversify your portfolio by offering great deals on certain days to increase product sales volume
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o Include a free gift or sample product with your main product to enhance conversion rates
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Ensure your buy box share is 99% or higher to avoid losing customers visiting your product page
4. Get your listing right
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Make your listing better than your competitor
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Target shopper throughout their purchasing cycle and increase your customer reach
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Use long tail keyword to boost conversion
5. Review and Rating
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Look at the shortcomings of the competitor products and what are the negative reviews they have got. Most of the time people will point out a common issue with the product. That is your opportunity to improve the product and eliminate the commonly reported issues.
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Ensure your product rating is equivalent or better than your competitor
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One/Two Star Rating – target your product against your competitor low rating product to improve your chances of conversion
6. Negotiate better Margins from Amazon
Negotiate better margins with Amazon, enabling you to provide more competitive pricing, subsequently enhancing conversion rates and overall profitability
7. Improve your delivery/shipping timeline
If you are shipping your products faster than your competitors in key postal codes, the likelihood of outperforming them significantly increases
8. Protect Your Brand
Keep track of the performance of any keywords connected to your brand. You might be dealing with a competitor that has just started targeting your brand terms if performance on any of those brand terms starts to drop or you notice a decline in your product ranking.
9. Focus on backend keyword
You must at least have 1000 unique keyword combining front end and backend keyword . Ensure whatever is trending in your category if your directly cant post it on front end, put it in backend keyword.
10. Ebook
Throw in a free E-book with your product. customers love a personalized touch and an e-book that showcases your product’s features or gives a little background plus instructions on the different uses can make your listing appealing to the buyers. This is only applicable to specific categories though.
Gather ideas from Amazon platforms in different countries for content, features, and trends to make your product more appealing
