In the world of e-commerce, Amazon plays a significant role, with daily revenues averaging $1.4 billion and 310 million customers worldwide. Given these figures, it is crucial to prepare early for the first quarter of 2024 to operate successfully on the Amazon Marketplace.
To prepare optimally for the first quarter of 2024, it is recommended to take strategic steps during the ongoing holiday season. This involves analyzing your previous year's performance, setting revenue goals, and developing marketing strategies.
Analysis of Your Previous Year's Performance:
Take the time before the end of the year to conduct a thorough analysis of your sales data, advertising data, and Amazon content from the past. Look at products that were particularly popular in previous years and identify patterns. This analysis allows for a precise forecast of your future inventory requirements and forms the basis for successful planning. It also provides insights into product categories that may experience increased demand in January.
Using external tools to analyze your Amazon data can be supportive. For example, the Analytics Hub enables you to analyze the most relevant KPIs of your Amazon business and make data-driven decisions. Analyze your entire product portfolio strategically at the ASIN or category level using the Portfolio Analyzer.
Regarding advertising analysis, it is important to know which top keywords you are not visible for or where you can save money. Identify and track the most relevant keywords first, then consider where organic and paid visibility should be invested. Market Insights provides brands with a 360-degree competitive analysis of products and bestsellers on Amazon marketplaces with insights into visibility and search results.
Don't forget your content in your analysis. Are you meeting Amazon's benchmarks? Focus on your top ASINs first. The Content Monitor can help analyze your content and determine if benchmarks (title, bullet points, images) are being met.
Setting Revenue Goals and Marketing Strategies:
Based on the insights from the previous year's analysis, it's time to define clear revenue goals for the upcoming year. Set realistic but ambitious goals based on your past performance and market conditions. Conduct forecasting based on past data: Can I achieve my goals with the planned investment?
Simultaneously, develop marketing strategies to achieve these goals. This may include increased use of Amazon advertising, targeted discount promotions, or tapping into new customer segments. It's crucial to decide which strategy to focus on in advertising: retargeting or new-to-brand. If DSP is not yet integrated into your advertising strategy, it is recommended to consider it. It's a great way to understand customers better and a valuable tool in retargeting.
Optimizing Product Listings and Returns Strategy:
As part of your preparation for January, focus not only on inventory and revenue goals but also optimize your product listings. Revise product names, images, descriptions, and bullet points to make them more informative and appealing. Start with your top ASINs. This not only enhances presentation to customers but also improves visibility in search results. A compelling A+ Content should also be on your to-do list. Brand story and Brand Store planning should be part of your content strategy; they can only be created with a brand registration on Amazon.
Simultaneously, a well-thought-out returns strategy is crucial to handle potential returns in January smoothly and ensure customer satisfaction.
Activities in January:
Despite the usual drop in sales in January after the holidays, this month offers opportunities for smart investments. Profits from the fourth quarter can, for example, flow into targeted advertising efforts. Utilizing various ad formats, such as Sponsored Display Ads or Sponsored Brand Ads, along with continuous analysis and optimization, is crucial.
Additionally, sellers should prepare for upcoming events like Valentine's Day and Easter to maximize revenue opportunities.
Keeping an Eye on Trends:
Looking at the trends of 2023, the shopping trend through social media is growing. The keyword "Influencer Marketing" on platforms like TikTok, Instagram, and others, especially through video campaigns, continues to gain significance. For selected companies whose target audiences can be effectively reached through social media, investing in video marketing may be worthwhile.
While the post-holiday period can be challenging, with careful preparation, a successful start to 2024 is possible. Early planning is crucial.
emax digital wishes all Amazon sellers much success and a profitable start to the new year!