Remember that frantic search for the perfect last-minute holiday gift? Chances are, you ended up on Amazon. As a seller on this e-commerce platform, you probably know that the brands you were looking for were likely using Amazon's advertising platform to target you and the countless online shoppers eager to make a purchase.
As we enter 2024, it's no surprise that brands are gravitating towards retail media platforms for tailored advertising opportunities, considering that 57% of Americans prefer online shopping as their ultimate destination for gifts. Out of all these big box retailers, Amazon stands out as a giant, dominating a considerable market share and providing brands with the opportunity to reach millions of potential customers, boost revenue, and drive exponential growth.
In this article, we'll share top trends in retail media and Amazon strategies that will help you maximize your ROI and ensure your brand's growth. Are you ready to turn your Amazon brand into an online success story this 2024? Let's get started.
Retail Media Boom in 2024
Online shopping is surging and with it, advertising powerhouses called retail media platforms are emerging. In just three years, US retail media ad spending is expected to more than double, surpassing a whopping $109 billion by 2027.
Traditional advertising struggles to reach customers at the crucial "point of purchase," but retail media platforms like Amazon and Walmart, two of the major drivers of this retail media boom, put your brand front and center when shoppers are actively browsing and comparing products - allowing you to target potential customers with laser-sharp precision based on demographics, interests, and even past browsing behavior.
The growing popularity of retail media showcases a larger trend in advertising strategies, making big box retailers, namely Amazon, highly effective for brands who want to reach consumers where they are already making purchase decisions.
3 Amazon Strategies to Boost ROI
Implement these proven tactics that not only boost your presence on Amazon but also guarantee a strategic and data-centric advertising approach to maximize your brand's ROI.
1. Mastering Amazon Search
Keywords are essential on the Amazon platform. It's not just about using any words; it's about carefully selecting the right ones that will launch your product to the top of the search results. Start by launching a thorough keyword research. Look beyond popular terms and focus on those that are directly relevant to your products. By using high-impact keywords, you can significantly increase your product's visibility and, as a result, improve click-through rates.
Tips for Keyword Mastery:- Utilize keyword research tools to identify trending and relevant terms for Amazon SEO.
- Prioritize long-tail keywords for niche targeting and enhanced visibility.
- Optimize your product listings by using compelling titles, detailed descriptions, and high-quality images.
- Use negative keywords to filter out irrelevant traffic that are unlikely to result in conversions to ensure your advertising budgets are focused on the most promising leads.
- Regularly update and refine your keyword strategy based on changing market trends.
2. Utilizing Sponsored Brands and Display Ads
- Building Brand Presence: Sponsored Brands create a holistic online presence by driving traffic to your brand's entire product portfolio, building brand awareness.
- Creative Campaigns: Craft engaging ad campaigns through storytelling and visual appeal to capture shoppers' attention and establish a memorable brand image.
- Tapping into Amazon PPC: Expand your reach and capture new-to-brand customers with targeted Amazon Ads that effectively engage shoppers right at the point of purchase.
3. Measuring and Optimizing Data
It's critical to track and analyze advertising performance. With data-driven traffic insights, you can better understand what your customers want and need. Retail media networks have first-party data that you can utilize for customized advertising offerings that help shoppers find what they are looking for faster, leading to more sales.
Be sure to closely monitor important metrics like incrementality, return on ad spend (ROAS), impressions, clicks, and conversions when assessing the success of your campaigns. Perform A/B testing to identify what resonates best with your target audience and optimize your campaigns continuously for better results.
Check out Ampd's exclusive Incremental Lift Case Study, a comprehensive A/B lift study involving 38 brands across 7 product categories, our research demonstrated an impressive 31.5% increase in incremental, organic revenue specifically on Amazon when combining Amazon Sponsored Search Ads with Google Ads.
Going Beyond: Google to Amazon
Your product listings shine, your keyword strategy is razor-sharp, and you've mastered the Amazon marketplace. But there's a vast world of potential customers waiting beyond Amazon, actively searching on Google, and ready to discover your brand.
Why Google Ads?
- Scale: Tap into Google's unparalleled reach. Billions of searches happen daily, and your brand can be right there when customers are actively looking for products like yours.
- Marketshare: Don't let competitors claim the top spots. With targeted Google Ads, you can own the search landscape, driving new customers to your Amazon listings.
- New-to-Brand Customers: Amazon might be crowded, but Google gives you access to a fresh audience, eager to discover your brand for the first time and expanding your reach beyond existing Amazon shoppers.
- Going Omnichannel: Blur the lines between online and offline. Connect the dots between Google searches and Amazon conversions, creating a seamless omnichannel journey that leads to skyrocketing sales.
- Data-Driven Decisions: Gain invaluable insights into customer behavior and search intent on Google. Optimize your campaigns for maximum efficiency and target the right audience at the right time, every time.
Maximize your ROI with Ampd
Ampd is your connection between Google Ads and retail media networks like Amazon. With Ampd, you can boost incremental revenue and expand your market share by attracting new-to-brand customers through mid-funnel targeting on Google Ads.
Ampd makes it easier to launch effective Google Ads to Amazon campaigns and utilize full Amazon Attribution. Sign up now to manage all your Google Ad campaigns in one place, targeting the right keywords and automating your campaign process - minimizing effort and allowing you to get ahead in retail media advertising. Book a demo today!
