Chris Moe and Jonathan Willbanks share the results of this year’s Amazon Prime Day.
It’s us again with a mid-year Amazon update – hope you’re having a great summer!
2021 has been an interesting year on Amazon. Supply chain challenges have remained front and center, just like 2020, and this year at times has felt soft versus some of the pandemic highs. That said, with the exception of March and April, most of our clients are seeing strong PoP growth for the months in 2021.
We continue to grow as an organization along with Amazon’s rapidly expanding CPG market. We’re particularly excited to be supporting multiple brands in Fresh and Whole Foods, as Amazon enters the world of same-day and temp-controlled grocery delivery. We’ve also built a knowledge function which helps us consolidate and share some of the best insights from our work. We’ll be sharing these more often in our newsletters and other channels, including our Slack channel.
We’re always looking to partner with great brands looking to make a strong play in eCommerce. Thanks for your support and introductions to brands that you work with.
Looking forward to seeing you in person at some conferences this fall!
PRIME DAY RESULTS
ROI on Prime Day deals seen in week following: In the week after Prime Day, our brands who ran any type of Prime Deal saw a 36% sales lift and a 77% session lift (traffic), compared to averages of their last 6 weeks. This reflected an improvement by 25- 30% in Sales Rank.
Prime Exclusive Discount Coupons (merchandised in baby blue) had the largest impact: 3- 5x average sales lift on the sales day, and 90% sales lift the week after Prime Day. This significantly outperformed normal coupons and lightning deals during Prime Day.
Key points include:
- Flo Pos
- Bids rising in response to privacy
- Reply to reviews
Read the full article, 2021 Amazon Thoughts & Prime Day Recap, on GoCartograph.com.
Bernie Heine shares an article on marketing that focuses on using neuroscience to improve marketing tactics.
Spending money can be painful. Brain scans of people buying experimental stuff with experimental money show physical pain centers being activated by perceptions of poor value items. Price is a big part of this, of course, but perception is even bigger.
Bundling lots of product features under one big price tag is a good way to prevent customers from “flinching.” Car option packages are a good example of this. They avoid lots of separate “pain points” for the leather seats, the “infotainment,” the electric windows, etc.
It’s not just the price either! Perceived unfairness in a purchase can cause pain too. You need to review your whole marketing offers from your target customer’s point of view and eliminate the pain points.
If your prices are higher than your competitors’ prices, it is vital that you explain to your customers exactly how you give them better value.
“Priming” can give you a competitive advantage. Giving people subtle psychological leads can guide their buying decisions your way. For example, images of cash money increase self-centered behavior, and telegraphing big numbers in a negotiation can ease the acceptance of a relatively higher bid.
Dan Ariely “Our daily behavior is irrational. We are influenced by all kinds of invisible forces.”
How’s this for an intriguing bit of psychology? Prof. Dan Ariely at Duke University primed subjects with random numbers – the last 2 digits of their own social security numbers. He then asked each of them how much they would pay for a wi-fi keyboard. The higher the priming number, the more they were willing to pay!
Are your prices ‘anchored’ or flexible? How much do you know about your customer’s price expectations when they browse your wares?
Key points include:
- The five senses and the buying/decision-making areas of the brain
- The three groups of consumers
- The power of priming
Read the full article, Top Insights From Neuroscience Can Improve Our Marketing, on the ProfessionalBusinessCoaches.com.
Cheryl Lim Tan takes a look at how the COVID-19 virus has affected what consumers are buying after the initial panic purchases.
Let’s see how the stay-at-home economy is stacking up.
The American consumer has until very recently, powered close to 70% of GDP. As we settle into what may be a few months of a nationwide stay-at-home order due to COVID-19, a very different looking consumer is emerging — in yoga pants, and in desperate need of a haircut / dye job / triple latte.
So yes, we already know people have stocked up on toilet paper and hand sanitizer. But after the initial panic-buying wears off and we settle into this coronavirus-induced new normal, what else will this new consumer be purchasing?
The hierarchy of needs include:
- Home Office/School
Read the full article, What is that socially-distant consumer buying these days?, on Medium