Growing your business is the number 1 priority – but sometimes we hit a wall and find it hard to scale a product or brand. In this article we cover the top tips for boosting your product sales on Amazon.
Tip 1 Price
Of all the different strategies I have tried, from doing 1000+ unit promotions where I give away more than 1000 units for free, to spending thousands of dollars in pay per click, I found one strategy works best and quickly.
It’s simply lowering your price to be hyper-competitive. If you have a great listing, a good number of reviews that are overall positive, then selling at $10 when the competition is at $20 can rapidly boost your ranking and sales.
At this kind of price level you won’t make much profit. It’s simply a strategy to accelerate your sales velocity. Once you rank higher you can increase your price slightly and recoup some of the profits.
It’s the only strategy where you don’t have to spend money up-front. With a pay per click campaign or promotion you have a cost for every unit sold. By lowering your price to breakeven, you aren’t losing money but you aren’t making any profit. The point of it is to boost the ranking of your item.
This strategy doesn’t work for new items because you need some traction already, which you can only get from an existing product.
The best is to drop the price to a point where it is still profitable & also drive additional traffic to the product via Amazon Advertising or off Amazon marketing.
Tip 2 PPC
If you haven’t already done so, switch on a pay per click campaign, starting with an automatic campaign.
You can optimize Amazon ads so that you make $2 or more for every dollar you spend. The extra sales will also boost your conversion and sales ranking for organic searches for your product.
Tip 3 Optimize Listing
Simply adjusting your title or your main photo could boost sales as much as 20 to 50%.
You need to test different options for all the key elements of your listing. You can do this automatically using cash cow pro.
Tip 4 Promotion
A promotion of 50 to 100 units is probably the fastest way to rank a new item and get it selling.
I recommend giving at least 50 units away for free because that way you get the reviews and you increase your sales velocity. See it as an investment in your future profits.
Once your item is established and has good feedback and some sales, you can use ongoing promotions to boost your ranking. Boosting your bestseller rank and position for your main keywords will result in more organic sales.
New products need to be given away free to get going, but for products with a track record a 50 to 75% discount will attract more reviewers.
Tip 5 Bundle
A quick way to boost sales is to give double the value of your competition.
If they are selling one item for $20 you could offer 2 for $25 or more. The manufacturing cost is a small fraction of the overall product price.
Something selling for $20 might have a cost of $3 a unit. So a two-pack would be around $6. You might not make any extra margin because you are including a second unit, but you’re making your listing much more appealing to potential customers, which is increasing your total sales.
Tip 6 Marketing Off-Amazon
You can set up Google product ads for your item, and just like Amazon pay per click campaigns you could be making two dollars for every one dollar you spend in ads.
You need to experiment with different keywords and measure the profitability of each. This is an effective way to boost sales with a small investment that pays back very quickly.
Tip 7 Magazine Ad
Your product might be suited to off-line marketing.
Very few Amazon sellers advertise outside the channels most people use. They may be on Facebook, Pinterest and Google, but there might be zero competition in other channels.
For example, if you are selling CrossFit products you could reach out to all the CrossFit blogs and magazines and ask them to feature your product with a discount for their readers. Or you can just advertise directly in their content.
This is an untapped channel for most products on Amazon. You could state in the ad that the product is fulfilled by Amazon, which will build a lot more trust in readers than an unknown provider.