With Amazon’s biggest sales event of the year over, many brands are wrapping up their Prime Day 2024 reporting and shifting their focus to prepare for Prime Big Deal Days 2024 and the start of the holiday season. But with the market shifting and recent changes in consumer behavior, it’s more vital than ever to understand how your Prime Day 2024 stacked up against the rest of the industry to best prepare your brand for Q4 success. After all, Amazon has another sales event right around the corner, with Prime Big Deal Days kicking off the holiday shopping season this fall.
Looking back at Amazon Prime Day 2024
Prime Day 2024 saw a record-breaking $14.2 billion in sales come in during the two-day promotional event. Brands that were prepared capitalized on the eagerness of shoppers to get a great deal during the event, but many also experienced increased CPCs and an overall decline in return on ad spend year over year.
In a recent report released by Pacvue, the platform compiled Prime Day advertising data across thousands of brands to identify performance benchmarks. Pacvue reported increased competition this year, with CPCs increasing 7.6% and ROAS declining 26% YoY.
Despite the increased competition and cost for most brands, our agency drove an average 29% lift in ROAS YoY for our clients during Prime Day 2024. Similarly, we drove a 26% increase in conversion rates, compared to the 7% increase seen across the industry.
So how did we do it? Read on to learn how our Amazon experts accomplished these great results for our clients. Want to learn more about how our Amazon experts can help your brand succeed during big events like Prime Day and Prime Big Deals Days? Reach out to our team.
Driving success during Prime Day 2024
How were we able to drive industry leading success for our clients during such a highly competitive sales event? Our Amazon experts collaborate closely with each brand to determine the right strategies to meet their unique goals. This included understanding the right type of promotion for our clients’ products, the most impactful targeting strategies, and a clear phased approach to reach shoppers ahead of the big event and keep them engaged after.
A major component of this approach is closely evaluating past performance and leveraging key insights to drive custom-built strategies for the next big sales event.
Prepping for Prime Big Deal Days 2024
While Prime Day is known as Amazon’s biggest sales event of the year, the Prime Big Deal Days event, which has historically occurred in October, acts as the kickoff to the holiday shopping season, with shoppers starting their holiday searches earlier than ever. It is key to build a custom strategy for your brand with some major considerations in mind. Curious what your brand should be doing to prepare for success during Prime Big Deal Days this fall? Here are basic steps that our Amazon experts take to position their clients for success.
Evaluate your top performers
Look at your top performing products and promotions during Prime Day 2024 in July as well as during previous sales events and holidays. Have any of these top performers changed? Did any surprise you? If you can pinpoint top sellers during these types of promotional periods, you will be able to better position these products for upcoming sales.
You’ll also want to assess how seasonality typically affects sales for different products that your brand sells. Aligning top sellers from the season that the promotion is taking place in is key. Are some of your products better for colder weather? These may be products to prioritize.
Lastly, when it comes to Prime Big Deal Days in the fall, brands should keep in mind how the upcoming holiday shopping season could affect sales. We see shoppers starting to build their holiday lists earlier and earlier each year. Do you have products that make great gifts? This could be a great place to focus your efforts for Prime Big Deal Days.
Once you’ve identified what products or best performers to focus your attention on, you’ll be ready to determine which promotion type will be the best fit.
Determine the right type of promotion
Obviously deciding on what promotion will be most impactful for your brand is a key component of seeing success during large sales events like these. Not only should you look at what has been most effective for your brand in the past, but you should assess what typically does well in your category as well as for your competitors. Sources like Pacvue are a great place to find information like this.
An additional consideration to keep in mind when planning your promotion/s for Prime Big Deal Days 2024 is that Amazon has different deadlines and discount requirements for each promotion type. This can affect your profitability, so this aspect should also not be overlooked.
Outline strategies to reach the right shoppers
Succeeding during Prime Big Deal Days and Prime Day is not just about having the best promotion on your top selling products and hoping for the best. It takes prep ahead of the event to understand how your customers are searching on Amazon, helping them add your products to their wish list, prepping them for the sale to come, and often keeping them engaged even when they are off site with display advertising. Failing to prime consumers ahead of the large promotion days is one of the biggest mistakes we see brands make. Without this prep, your promotion can get lost in the crowd. This is the main reason that we recommend taking a phased approach to building traffic ahead of the sales event.
In addition to the prep beforehand, brands should be expect to execute on the day-of traffic in real time, making shifts where necessary to capture the most traffic and revenue based on the shopping behaviors of their customers.
It doesn’t end with Prime Big Deal Days
Remember that when Prime Big Deal Days 2024 is over, your work is not done. Brands that see the most success during Q4 on Amazon have strategies in place at the end of the shopping event to keep shoppers engaged in the weeks between Prime Big Deal Days and Cyber 5. Just think. You have already done the hard work to acquire these shoppers’ attention. Build on that in the weeks between Prime Big Deal Days and Cyber 5 to maximize return during Q4.
Need help ensuring your Q4 and sales events go off without a hitch? Connect with our experts.to see how we can help you unlock your brand’s full potential on Amazon.
Additional Amazon Prime Day and Big Deal Days Resources
- Refine your Amazon Prime Day Strategy with Amazon Marketing Cloud
- Video: Retail Media Strategies for Q4 & Prime Big Deal Days
- Amazon Prime Day Strategies, Predictions, & Tips for Success
- Amazon Prime Day Checklist: Prepare to Maximize Your Succes
