Many brands are starting the year with budgets “blueprints”. This has been stated Ken Magner, Market Research Analyst at Tinuitiwhich, moreover, has reiterated that “the average value of the conversion rates could decrease throughout this year”. Faced with these challenges, we analyze some of the search and display strategies that brands could use to boost sales this 2023 and win the advertising battle in Amazon.
Identify keywords with product targeting
One of the strategies is through identify underperforming keywords and plug them into the right market data software to find high-volume keywords with lower competition. In addition, it is recommended to avoid battles of cost per click (CPC) and keyword bidding by prioritizing lower keyword competition.
Brand keywords like “North Face” and “Nike” have high search volume on Amazon, but “North Face” has lower competition, so marketers are less likely to get into a CPC battle. For “Nike”, the best approach would be product targeting, finding what products are showing for that term and taking advantage of it.
Use Amazon’s new features
The new amazon features As the sponsored brand video and the showcase is another of the tactics to boost sales. In this case, to get results, brands need to rank at the top of search results pages, direct users to a branded store page instead of a product designed for performance, as well as present them with a more catalogue. broad rather than a single product. In short, they must get consumers to follow their brand.
«Do you want a consumer to be loyal to the brand or the product? If I’m in the clothing market, Under Armor is going to be my first choice. It doesn’t matter what item of clothing. For that reason, having a sponsored brand video at the top that is more focused on your brand versus a very specific product will be a better tactic.”points Magner.
Align display advertising goals with the right key performance indicators
At this point, they should increase new orders and acquisitions for the brand through a increased retargeting of the upper funnel. In addition, another of the strategies would be to concentrate on the return on ad spend through lower funnel consumers who have expressed interest in the product and lastly, prioritize subscription and savings subscriptions to increase value.
“Digital ad spending in the United States is projected to reach $278.59 billion this year, $5 billion less than we originally projected. This is going to be a year of change for consumers.”declares for his part joe elmquist, Programmatic Market Strategist at Tinuiti.
Amazon’s advertising platform, Amazon Adshas been one of the ‘trending topics’ of 2022 and everything indicates that it will continue to be so in 2023. If we had to summarize its evolution, we could say that last year Amazon’s advertising business reached a annual rate of almost 40,000 million dollars, ten times what it was five years ago. Despite this growth, Amazon’s advertising prices have been stable and slightly cheaper compared to 2021.
And it is that, what began as a basic functionality to promote products in search results has become an increasingly profitable business, both inside and outside Amazon. The amazon advertising now includes dozens of ad types, technologies, data, and solutions for brands to reach consumers.