1. Competitor Analysis – Tips to Increase Amazon Sales
In any business, the first step to increasing sales is to understand your competition
Competitor analysis should ideally be carried out before you list your products on Amazon, but can also be conducted at any time.
For Amazon listings, the easiest way to conduct competitor analysis is to check out your competitor’s pages.
Reviewing their products periodically is one way to stay informed on their business practices and promotional activities.
Adequate competitor analysis involves the following:
- Read the customer reviews and the Q&A section of your competitor’s page. This way, you can find out what their customers are complaining about and tailor your own products to address these concerns.
- Check how often your competitor updates their products and other content on their page including the images and product descriptions.
- For complementary categories (for example, memory cards and cameras), what are those brands doing well in? Is there an opportunity to cross-promote with them? Are there any insights on their customer reviews about what lead them to that purchase and how that may affect how they search for your product? Does it make sense to target those category keywords on your Sponsored Product campaigns?
- If your competitor is out of stock, you may want to take advantage of the demand by lowering your price is increasing your advertising.
- Find out if your competitor’s reviews are increasing faster than your own and if they are, figure out why.