How to Prepare for Amazon Prime Day 2024: Seller’s Guide
Last year, Prime Day was a huge success. With more than 375 million items purchased worldwide and over $2.5 billion saved thanks to stellar Prime Day deals and discounts. Prime Day 2024 has the potential to be even larger with eager shoppers looking to save big. This year is a crucial time to get in front of new customers in the competitive ecommerce market.
The big question is: Are you Prime Day ready?
From an end-to-end channel management approach, the following post will outline what you should do before Prime Day to maximize sales and make this your most successful Prime Day yet.
What is Amazon Prime Day?
Before we dive in, it’s important to understand why Prime Day is one of the biggest shopping events of the year and how it has evolved.
Amazon launched Prime Day back in 2015 to celebrate its 20th anniversary. The first Amazon Prime Day was a one-day retail holiday exclusive to Prime members. Since then, Prime Day has overtaken Black Friday and Cyber Monday as the biggest annual sales event on Amazon, with better deals on more products resulting in increased sales and Prime memberships. According to Adobe Analytics, the self-made shopping holiday brought in nearly $12.7 billion in 2023, making it Amazon’s biggest Prime Day yet. (Check out our full 2023 Prime Day recap here)
Brands and consumers love Prime Day for a variety of reasons. The allure of jaw-dropping deals drives increased traffic to Amazon, meaning that more customers are on the website looking for a great deal. Additionally, the lower prices drive more sales, which can help connect customers with new brands. And as the cherry on top, more purchases will improve your Amazon SEO rankings and will likely increase total reviews on your promoted products.
While the ecommerce landscape looks different each and every year, we can expect Prime Day 2024 to be a massive event for Prime members and Amazon sellers alike.
When is Prime Day 2024?
Although the official date of Prime Day 2024 hasn’t been released yet, the event typically takes place over the course of two days in mid-July. Last year, Prime Day was held on Tuesday July 11th through July 12th while Prime Day 2022 took place on Tuesday July 12th through July 13th. With that in mind, brands could expect Prime Day 2024 to take place on the second or third Tuesday in July.
As Prime Day approaches, the importance of solid preparation cannot be overstated. Prime Day represents a chance for brands to solidify their presence, attract new customers, and boost sales.
But keep in mind that success not only hinges on the deals themselves but also on planning and the ability to meet critical deadlines. Missing a deadline could mean lost opportunities and diminished visibility. That’s why we’ve taken the initiative to compile all the essential Prime Day deadlines into a convenient downloadable calendar, ensuring that brands can navigate this event with precision and effectiveness.
Download the Calendar
Click Here to Download Prime Day Deadlines Directly to Your Calendar
After you’ve downloaded our calendar, read on to learn more about the steps you need to take to ensure a smooth Prime Day in 2024.
1. Check Your Inventory Levels
We say it every year and we will say it again: Don’t stock out!
Stocking out means missed opportunities to generate revenue. When a product is out of stock, potential customers may turn to competitors, resulting in lost sales and revenue. Also, if you frequently stock out, you risk losing the buy box to competitors who have products available. This can significantly reduce visibility and sales for your products.
Selling consistently and maintaining inventory levels positively impacts your Amazon SEO standing. The more you sell, the better your product ranks in search results, leading to increased visibility and potential sales. A successful Prime Day deal, for example, could boost your rankings on the Amazon SERPs for the rest of the year. But if you stock out, you’d be leaving those potential ranking gains on the table.
This Prime Day, make sure you have enough inventory for your promoted products and best sellers. You can generally expect Black Friday and Cyber Monday numbers to fall in line with Prime Day’s, so if you have data from those sales events, use it to determine your inventory strategy for Prime Day. Know that there’s a balance between keeping enough inventory in stock to meet demand and overstocking. And if you’re not sure exactly where that line is, Amazon’s Inventory Performance Index can provide some clarity.
“Understand what your historical performance is for previous Prime Days. If you notice that you’re not the best player in a certain category [from previous experience] that’s a good indication you should look into a different category to perform. If you don’t have historical performance, then be ready to be competitive. Increase your keyword bids, increase your campaign budgets. Just make sure you are ready.”
Ben Gemkow Team Strategist, Marketplaces at Tinuiti
2. Analyze Your Historical Performance
Analyzing historical performance is crucial for refining future strategies and maximizing ROI. Reviewing past Amazon ad campaign performance, Amazon Marketing Cloud insights, or first-party data is invaluable in guiding campaigns and ad placements. These provide insights into consumer behavior, previous sales performance, and product selection trends, allowing businesses to make data-driven decisions.
When evaluating the performance of promotions during events like Prime Day or Prime Big Deals Day, it’s essential to look beyond pure sales numbers. Consider factors such as the types of offers, promotional efforts, and advertising costs associated with selling each product. Return on advertising spend (ROAS) becomes a critical metric in assessing the effectiveness of promotional activities.
Leveraging first-party data allows businesses to gain a deeper understanding of their customers’ preferences, behaviors, and purchasing patterns. This data can be used to personalize marketing messages, tailor product recommendations, and optimize advertising placements, leading to more targeted and effective campaigns.
3. Start Optimizing Your Listings Early
Optimizing your product detail pages should be one of the top priorities for your brand this Prime Day. When you optimize your listings, you have the opportunity to reach consumers more effectively as your listings will show up when and where shoppers are searching.
Check out a few of our quick tips for optimizing your listings:
- Increase budgets for must-win keyword campaigns – Identify top-performing keywords and allocate higher budgets accordingly.
- Increase bids on high impression, short-tail keywords – Identify keywords with high impressions but low conversions, then gradually increase bids while monitoring performance.
- Audit and update listings – Review your listings for accuracy and completeness using tools in Amazon Seller Central and Vendor Central. For example, have you listed high-opportunity keywords in our title? Are your product bullets well-written and descriptive of the product features?
- Fix inactive or suppressed listings – Ensure you are following Amazon’s guidelines and that you are including all the information Amazon requires when it comes to your listings.
- Add a featured video – Did you know that 96% of consumers report that video helps them make purchase decisions? For a high-stakes event like Prime Day, adding a compelling product video to your listing can make all the difference.
- Start A/B testing early – A/B testing involves changing a single variable in your product listing, such as title text or images, and measuring its impact on metrics like impressions and conversions. Identify elements for A/B testing now so you have plenty of time to gradually optimize for conversions before Prime Day.
- Optimize titles and descriptions for SEO – To aid shoppers and improve search visibility, draft concise, keyword-rich titles, descriptions, and bullet points. However, keep in mind that real shoppers will read your search optimized content, so make sure it’s easy to read and not completely stuffed with keywords.
- Enhance with visuals and A+ content – Brands can put up to six images and one product video on their listings, and brands that take advantage of that real estate are likely to boost their conversion rates and search visibility. As a next step, utilize Amazon A+ Content to provide additional details and comparison charts, enhancing brand perception and differentiating from competitors.
“From an operational standpoint, detail page content for images and copy descriptions are going to differentiate your product from a large selection of heavily discounted products; brands should optimize their detail pages to ensure maximum conversion.”
Emily Leung Brand Services Senior Specialist at Tinuiti
4. Set Aside Additional Budget for PPC Bids
Keep in mind that Prime Day is highly competitive which means ad space will cost more money on the platform. If you set your caps too low, you’ll be outbid and it’s unlikely that consumers will see your ads. If you don’t cap your spend, then you might end up running out of budget quickly.
Tinuiti’s Tanya Valle, Client Partner, Sr. Manager (CPG) + Amazon Solutions Lead, weighs in with a few of her top tips and bidding best practices for Prime Day…
- Identify the top performing keywords and targets from the last 30 days that meet business KPI targets. Increase bids against these by 10-15% during Prime Day and/or brand’s promo/deal moments.
- Increase branded keyword/targets by 10-15% to start and monitor from there.
- It’s not recommended to increase bids if a brand does not have any deals – rather, “ride the wave” of traffic soaring on Amazon.
- Monitor your bids and budget throughout Prime Day and make changes accordingly.
- Keep a list of all your changes so you can revert back post Prime Day.
During Prime Day, Amazon sees a surge in ad demand, driving up competition and ad costs. Brands need higher bids to stay visible. However, external channels like Facebook or Instagram don’t see similar cost spikes. Let’s take a deeper look at how brands can boost Prime Day awareness on social media and through influencer marketing…
5. Boost Awareness on Social Media and Other Sites
While there’s always a big buzz around Prime Day, it’s still a great idea to promote the day (as well as the deals you’ll be offering) to potential customers both on and off Amazon. Utilize your social media channels to share the discounts that you’ll be offering on the big day and highlight why consumers should take advantage. Try boosting your social posts with paid spend for additional exposure.
While you’re at it, don’t forget to also take advantage of the booming influencer market as well.
Recent influencer marketing statistics show that over 90% of consumers engage influencers on a weekly basis using platforms like Instagram, YouTube, TikTok, and Snapchat. Influencers are clearly a valuable tool for brands, as they can improve brand awareness and perception among an entirely new audience of potential customers. Social media users are more likely to buy something their favorite influencer promotes than something they see randomly online so why not use influencers to your advantage for Prime Day promotions?
Building relationships with influencers who align and resonate with your brand and creating campaigns that speak to that influencer’s followers is virtually a foolproof strategy. Work with these influencers to promote the products you’re selling on Amazon leading up to Prime Day as well as the deals themselves. For example, we recently helped Highlights Magazine leverage influencer marketing to drive traffic from Instagram, Facebook, and TikTok to their Amazon product listings.
Using other platforms to advertise your upcoming Prime Day deals is another marketing strategy many companies have adopted. Instagram, Facebook, and Google Ads are all ideal choices, as these platforms are massive and full of potential customers.
Amazon also offers its own resource of social influencers through the Amazon Influencer Program. This program connects social media influencers with Amazon. Influencers recommend products and earn commission on purchases their followers make through their links and brands benefit by getting exposure to the influencer’s audience and leveraging their credibility.
“Influencers are incredibly effective for brands because they are authentic storytellers who emotionally connect with and are trusted by their audiences. But that is just one piece of the Influencer puzzle. Tinuiti understands the magic in omnichannel integration with other digital marketing tactics and the ability to measure Influencer performance beyond vanity metricsーtruly making it a full-funnel driver. The integration across functions including Social, Affiliate, and ecommerce create a larger amplification in a highly competitive space for brands to grow their business.”
Crystal Duncan SVP, Head of Partnership Marketing
6. Set Up and Test Your Amazon Advertising Campaigns Early
Brands should leverage the additional traffic coming to Amazon as well as the higher conversion rates by approaching tentpole events like Prime Day with a three-tiered approach. A well-rounded advertising strategy that targets different areas of the advertising funnel during the lead-up period, the promotional period, and the lead-out period will allow you to maximize your reach to meet return and awareness-based goals.
Using Search and Display ads together to form your Prime Day tactics allows you to not only capture the demand of those who are actively searching on Amazon but also to generate demand by layering in mid and upper-funnel strategies. Display ads will help build awareness about your products, while search ads will help drive consumers that are ready to purchase right to your listing.
You can also use past Prime Day campaigns and metrics to guide you, though keep in mind that the ecommerce landscape and consumer preferences look different this year.
Every brand should prepare for Prime Day by building out and testing all campaign types and betas that Amazon has made available to advertisers. Prime Day is a high-traffic event, so it’s essential to know which campaigns we are especially interested in throttling to make the most out of the increased traffic.
“With the increased traffic coming to Amazon during Prime Day to hunt for deals, it is critical for brands to target the middle and upper part of the funnel to drive incremental purchases. Utilizing Amazon DSP to target users who are in-market for your brand deal but not actively visiting your product pages is a great tactic to increase incremental sales during Prime Day.”
Joe O’Connor Sr. Director, Strategic Marketplace Services at Tinuiti
“When it comes to advertising, don’t just think of Prime Day as a two-day event. Brands should be looking to build product awareness and consideration in advance using the Amazon DSP to get in front of shoppers both on and off Amazon before the event, and should also consider retargeting Prime Day shoppers even after the sale has ended.”
Andy Taylor Vice President of Research at Tinuiti
7. Create a Variety of Compelling Offers
Prime day shoppers are on the hunt for the best deals, so it’s important to offer them multiple ways to save money on the big day. There are a variety of deals your brand can implement including coupons, lightning deals, BOGO deals, and more. Check out all of your options in Seller Central and Vendor Central so you can further incentivize shoppers on Prime Day and make sure you have your deals in by Amazon’s deadline
Here’s a brief overview of ad types you can use this Prime Day, their appearance, target customers, and why brands might choose to use them:
- Sponsored Products: These ads appear in search results and on product detail pages, blending in with organic listings. Sponsored Products Ads effective for converting shoppers actively searching for specific products.
- Sponsored Brands: Featuring a custom headline and brand logo, Sponsored Brands Ads appear above search results, enhancing brand visibility. Ideal for promoting multiple products or brand messaging.
- Sponsored Display: Targeting audiences both on and off Amazon based on shopping behavior, Sponsored Display Ads can appear on product detail pages and customer reviews. Effective for retargeting and reaching new audiences.
- Product Bundles: Offering added value and convenience, product bundles help brands combine complementary items or offer discounts for purchasing multiple products together. Increase average order value and encourage repeat purchases.
- Lightning Deals: These limited-time offers available to Prime members, featuring significant discounts and creating a sense of urgency. Lightning deals are known for driving sales velocity, clear inventory, and increase product visibility.
- Prime Exclusive Discounts/Event Deals: Exclusive discounts for Prime members during events like Prime Day or Black Friday can help drive traffic and sales among Prime members seeking exclusive deals.
- Coupons: Digital coupons provide instant savings at checkout, encouraging purchases and incentivizing trial, new product promotion, and rewarding loyal customers.
- Promotions: Various promotions like BOGO or percentage-off discounts appear on product detail pages and search results, attracting customers with enticing offers.
With that said, keep in mind that Amazon restricts some types of offers. For example, you can’t give away items, such as a small free gift with a larger purchase. Additionally, some offers that drive sales on other platforms – like free shipping – are unlikely to catch the attention of Amazon shoppers who view free shipping as table stakes.
8. Check Up on Your Product Reviews
Regularly monitoring and managing product reviews is essential for maintaining a positive brand reputation and maximizing sales. Positive reviews influence purchase decisions and improve product visibility. To garner more reviews, utilize Amazon’s “Request a Review” button and provide top-notch customer service.
It’s important to respond professionally to both positive and negative reviews, addressing concerns promptly and taking proactive steps to resolve issues. By actively managing reviews, sellers and vendors can enhance their brand image, increase customer satisfaction, and drive sales success on platforms like Amazon.
9. Promote the Right Products
To maximize conversions, it’s important to pick the right products to advertise on Prime Day. We recommend highlighting the best-selling or most successful products for optimal ROI. It’s also a good idea to familiarize yourself with this year’s trending items (back-to-school products, electronics, etc.) to see how your brand can capitalize on the increased momentum.
The ideal products for Prime Day deals are ones that:
- Are in stock and easily replenishable
- Have at least 15 reviews
- Have a 3.5-star rating or higher
- Include optimized images
- Include branded and keyword-optimized content
10. Create a Dedicated Amazon Store Subcategory Page
If you have an Amazon Store, consider creating a dedicated Prime Day subcategory. Use it to feature your Prime Day deals and discounts, and treat it as your landing page for all things Prime Day. When you have Prime Day ads on Amazon, pointing users to a specific landing page makes it easier for them to convert into customers. Here’s an example of an Amazon Store that Advil created just for Prime Day:
11. Activate Amazon Posts and Feature Priority ASINs
If you haven’t explored Amazon Posts, now is the time to get started. Amazon Posts allows brands to duplicate what they’re doing on social media channels like Instagram within the Amazon Marketplace. Its function is similar to that of a social media feed.
Each brand is allowed to publish a stream of curated posts where you can show your products in action. This helps your products stay top-of-mind to consumers who are shopping on Prime Day. We recommend featuring priority or top-performing ASINs to stir up additional buzz and awareness of your specific product(s).
What to do on Prime Day
Visibility is a significant player in Prime Day success. It’s critical to ensure that all of your deals are live and running correctly so take the time to make certain your ads are visible in the wild. You’ll also want to closely monitor your budget and use it correctly. For example, you’ll want to shift budgets across campaigns that are performing well and seeing high delivery rates.
Other day of considerations:
- Track inventory to reduce stocking out by providing backup fulfillment methods such as Amazon Direct Fulfillment
- Check and adjust CPM and CPC bids as needed to ensure scale and delivery
- Cross shop category and competitors for market research
- Check buy box status and ensure you’re winning the featured offer
“I typically increase my budget campaign caps by 50% on Prime Day, but throughout the day I’ll be monitoring spend and checking in often to make sure that all campaign budgets are still available and running. If you hit your budget cap too early – your ad won’t be served to shoppers and that’s the last thing any brand would want on Prime Day.”
Ben Gemkow Team Strategist, Marketplaces at Tinuiti
Brands are looking for ways to improve ROI during Prime Day. This includes separating low-converting keywords, tracking conversions, targeting competitive products, and identifying the change in keyword trends and search volumes. Staying on top of this will maximize visibility. In addition, bidding higher will result in a higher rank, and staying on top of your budget allows you to bid higher.
Best Practices for After Prime Day 2024
Each Prime Day is an opportunity to learn more about your brand and optimize it. Here are a couple of areas to be mindful of…
Analyze Outcomes
One of the best things a brand can do after Prime Day is pay attention to actions. Dig up analytics and demographics from your Prime Day event and check to see if there was a noticeable increase in things such as new customers or new search items. The goal is to identify your successes and failures and make the changes necessary (or mimic the actions that produced positive results for your brand) to facilitate future growth.
“Whether your Prime Day sales met, exceeded or underperformed against your goals, it is critical to understand what influenced those results. Were your Sponsored Ad campaigns consistently visible throughout the event? Did you have the right onsite/offsite media mix to maximize reach across your key audiences? Are there any other audiences, or keywords, to consider targeting for your next sales event? These are just some of the questions that can help you understand what factors influenced your Prime Day performance. Amazon’s suite of analytics tools, including Amazon Marketing Cloud, can help uncover key insights that will improve your strategic approach for the next major sales event.”
Joe O’Connor Sr. Director, Strategic Marketplace Services at Tinuiti
Watch Your Reviews
Pay attention to the quality of reviews, not necessarily the quantity. It’s essential to see what people are saying, so you have the opportunity to improve and adapt. After the event, taking a good look at your reviews can affect future strategies and changes, product developments, listing changes, updates, etc. Another good practice is paying attention to competitors’ reviews and seeing what their customers are saying. Doing this can give brands an upper hand to improve and shine in areas where their competitors may not and win over a more extensive following.
Learn More
If you’re looking to learn more about Prime Day, you’re in luck. On May 8th, our team of experts will host our annual Prime Day Panel. They’ll cover everything you need to know to have a successful Prime Day including:
- What you need to do before, during, and after Prime Day for success
- How to leverage Amazon Marketing Cloud to target consumers more effectively
- Exploring the power of Amazon Demand Side Platform (DSP) and video advertising to create awareness of your upcoming Prime Day deals
Interested in selling on Amazon or have additional Prime Day questions? Contact us today.
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