This blog post details the key takeaways from our most recent seminar event about ...
This blog post details the key takeaways from our most recent seminar event about how to maximise Amazon growth. An excellent resource for online retailers looking for tips on increasing sales through the online marketplace.
On October 24th, 2024, leading marketplace recruiter, Patrick Murray, brought together a panel of Ecommerce and Amazon Leaders in Manchester. Attendees heard from:
Together, they discussed just some of the ways brands can continue to grow on Amazon, including:
Keep reading for the key takeaways from their discussion.
The conversation started by delving into how brands can optimise the sales funnel. James Prewitt used the phrase “Trading the Account” to describe the process the panel recommends.
“Trading the Account” on Amazon means actively managing and optimising listings to stay competitive in a dynamic marketplace.
Each of our speakers emphasised that you will not see success on Amazon with a “set it and forget it” strategy. Instead, it requires both proactive and reactive adjustments to keep up with shifting market landscapes.
Amazon offer a wide range of opportunities to brands looking to boost visibility, including promotions, deal events and advertising. You should take advantage of each of these to boost Amazon marketplace growth.
Visibility is key to driving sales – one way to approach this is to adopt an omnichannel lens. Amazon teams should think about the digital storefront as a physical store. The way that brick and mortar stores strategically place their products and ensure they’re visually appealing is just as important online.
It is, however, important to be strategic with your presence on Amazon. As Joanne Grant highlighted, not every Amazon Prime Event is right for your brand or product. The same can be said for advertising.
Rather than simply maximising ad volume, successful PPC strategies focus on converting customers. Panellists recommended approaching PPC with a “funnel” perspective. Ads should be designed not only to attract clicks, but to guide potential customers down the path to purchase.
Amazon is a price-sensitive platform. It's important to set the right price for the right people. But how do you approach that?
The panel discussed the importance of leveraging Amazon’s "honeymoon period" for new products. When you launch a new product, the initial visibility and sales performance can significantly influence future rankings. To make the most of this period, brands often adopt a competitive launch price to quickly gain traction.
Amazon is a price follower, not a price leader. This means that selling your products across multiple channels will impact the pricing on Amazon.
Andrew Banks shared that “the lack of control of distribution plans is the biggest killer of price on Amazon.” Selling to one or two third-party sellers at a lower price point than everyone else can have an astronomical impact.
It's important that there is a collaborative approach to pricing. First, bring your C-suite onboard – take them along the journey to ensure they are clear on pricing and profitability. From there, you can bring your sales team onboard.
To ensure this collaborative approach, the panel suggested a change to bonus structures. Bonuses should only be paid if the business is successful – that way you ensure that the sales team and marketplace team are working towards the same goal.
One crucial tip shared to grow on Amazon was to build a strong relationship with your Amazon Vendor Manager. These Amazon employees hold the key to the data and insight that will supercharge your growth.
It's easy to think of Amazon as a large, faceless conglomerate, but building those human connections will only result in a stronger presence on the site. Taking the time to ask about their day, learn about their role and how you can support them in their career growth can make your relationship far more productive.
Our panellists suggested embedding your Account Manager in your business as much as possible. You could do this by inviting them to your offices and warehouses, or, if that’s not possible, simply sending them your products. This gives them a better understanding of who you are as a business.
We want to extend a huge thank you to our panellists and the members of our Manchester Amazon Community for making the event so insightful. We're always looking forward to supporting brands with their Amazon and marketplace growth.
If you need support with your Amazon recruitment needs, get in touch with our consultants to find out how we can help you!
