n this post, we discuss how to get more sales on Amazon this 2023. As well, as for sellers who are stuck and not making real money.
FOCUS ON PROFIT FIRST! Contrary to popular belief focusing on profits get you laser-focused on optimizing everything to scale at greater heights rather than focusing on scale upfront.
When you’re mindset is scale, scale, scale you usually just spend more money while not being strategic.
When you focus on profits, you examine, you take a deep dive, and you look at different factors to succeed.
The points below are assuming you’ve been selling on Amazon for a while now.
The principle is you need to set up a good foundation before you scale. Amazon PPC & being an Amazon FBA seller is having a cash-eating monster business especially if you don’t have a great structure and negatives in your PPC campaigns.
1. Determine your profit margin, target ACOS, TACOS, & units sold per day.
You need to know all your numbers first before you can proceed with the strategies below.
2. Setup negative keywords. Start with LOW CTR targets first.
You can tell by studying your CTR what is considered low. You can start at below 0.20%. However, it really depends on the product, category, ad type, etc. Don’t get analysis paralysis. You’ll have an idea once you play around with your advertising reports.
3. Setup negative keywords that have a LOW conversion rate. 5% below first and will increase up to 12%
I’m saying this as we’re assuming you have a great product so a 20% would be a great conversion rate as a benchmark. 5-12% isn’t good especially since CPCs are just getting more expensive. Start slow first as you might make a mistake and we don’t want to immediately slow down our sales velocity as that also affects ranking.
4. Manually check for negative keywords.
For example, we don’t want to bid on white socks if our products are black. But, always check first if you have a history of the keywords you’re going to put as a negative.
See if the images are good, the best keywords are in the title, etc. Simply making an image more HD and vivid increases CTR & CR. Another is just making your images big and another overlooked strategy is seeing what are the common main image formats of your top competitors. Sometimes we get so hung up on being different that we forget that what the top competitors are doing is what’s also going to make us succeed. Don’t have a scarcity mindset and think that you have no room in the market if you simply just copy them.
6. Show your competitive advantage.
For example, you’re selling a 10pc bulk product. You can’t show only 2 or 3pc in your main image and have an expensive price. Customers check images first before reading so keep this in mind.
7. Check refund rate etc. This is a clear indicator that the product/packaging must be improved.
Another thing is maybe you received a bad batch of products and are entitled to a refund from your suppliers. Make sure to check this and keep it around 3% maximum.
8. Prep virtual bundles listings.
Check what are good pairs by checking the frequently bought together on your own listings and top competitors. Set this up and promote using coupons.
9. Set up an optimization schedule and don’t forget them.
In general, make a system & schedule that works for you for research, testing, setup, optimization, & reporting.
After you’ve refined your ad campaigns & product listing do the following:
1. Run a LOT of campaigns.
Make sure you’re testing all possible ad strategies. Also, the performance will be different as you get more history. For example, you are afraid of category ads because when you tested them they got nowhere and just increased your ACOS. Remember, when you first started you didn’t have the reviews and knowledge you have now to succeed.
This is an important investment that you need to make if you want to scale and increase your profits. They are one of the backbones of your business that will give you SALES. You can track your keywords in Helium10 & please make sure to keep improving them.
3. Check search term impression share.
Check if we’re dominating the impression share of our targets, especially those with high relevancy and search volume.
4. keyword per campaign.
This is needed so you can truly see the performance and optimize it to its full potential and in accordance with your goals.
People underestimate how powerful lightning deals are for ranking. Even if you’re only barely breaking even. Keep at it for at least a month and see improvements in rankings and sales over time. Lightning deals give a domino of positive effects on your business such as more reviews and better ranking that will just propel your business further to success.
Coupons are really good conversion and traffic drivers. Even setting up a 5% coupon will urge your customer to add to the cart and buy. Moreover, you’ll be featured in the deals section on Amazon. Play around with coupons & promotions as people are really price-driven and sometimes buy just because it was in sales.
7. Tier promotions
If you’re having a hard time increasing your sessions & let’s say increasing your PPC spending just results in a higher ACOS then increasing the average order value is a good strategy to nail. By simply setting up a buy 2 get % off you’ll increase your average order value & conversion rate while lowering your acquisition cost.
8. Complementary products
Again, complementary products are a great way to add to the average value. You can set this up as listing protection, as a bundle, or as a promotion.
Amazon’s remarketing tool is getting better and better with new targets to choose from. Explore this and try “purchase remarketing” and those in the lifestyle targets.
10. Category campaigns
This is more for brand awareness that you can target later. Test this out and just set low bids & budgets.
11. Price optimization Try pricing high & low.
See how the customers respond and adjust accordingly, especially the PPC. For example, maybe it’s better to have a lower price to increase conversion than have a higher price and spend more on PPC to convert. Or if your sales are good we can push at a higher price.
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