In 2020, Amazon’s total sales reached a whopping $490 billion, out of which third-party sellers sold $300 billion worth of goods. With Amazon becoming the leader in online eCommerce, you may surely be tempted to launch your products and kick-start sales, but at the same time, you may also hesitate to navigate through the complexities of the Amazonian business jungle.
Today, it’s not just about listing the product. Any new seller needs a comprehensive launch strategy for their products to find long term success.
In this blog, we dive into our tried-and-tested checklist to cover all your bases for a successful Amazon product launch plan.
To realize your growth potential, it is very important to know what kind of market you are jumping into. And to give people a reason for purchasing your products, you should be aware of factors you could leverage in your product category. To get detailed insights into the market, you must do the following:
You need to determine how much revenue you want to generate, especially when launching a new product. These targets will drive the decisions for your inventory planning. A host of business strategies like promotional offers, advertising plans and other marketing efforts will also be largely dependent on achieving your target sales number.
To estimate the sales potential of your new product, you would need to analyze factors like pricing range in your category, product-price mix of the competitors, estimated market share that you could capture, and an overall understanding of your best-case worst-case profit margins based on the product costs you are assuming.
You may have a great product, but it will not attract customers if it does not show up on the top pages of search results on Amazon.
Launching a new product without a pre-launch plan is like going to war without weapons! We have observed that whenever a new product is launched, Amazon gives an initial push to the listing to evaluate the user experience (click-through rates, conversion, etc.). Not getting your pre-launch strategy right means that you not only lose out on the precious initial push, but also take longer to figure out what works for your product. Some of the most important aspects of your pre-launch strategy include:
After ticking off all the above activities, it is time to actually launch your product. You need to create and publish your product listing, and set up your ad campaigns as planned. You can also get your remaining creative elements up and running, such as A+ content and your Amazon Storefront.
Another crucial aspect that comes with launching any product is building your brand. Opting for affiliate marketing and influencer marketing campaigns at this stage can give that much-needed push to your product and the brand. You could also use promotional tactics such as giveaways or discount codes to drive initial sales.
This stage covers some of those activities that are required to sustain the listings, right after launch. So, what do you need to do?
All in all, you must use the aforementioned tips to cover all your bases for a successful product launch on Amazon. If done the right way, you will surely be rewarded with higher sales rolling in. Though this list covers the most crucial elements for a product launch, there is still so much more you could do right from the beginning, to take your product to the next level.
United States
India
