How to Do Competitor Analysis?
When it comes to online marketplace management, if you want to stay ahead of the competition, you must keep an eye on your competitors. Especially, when we talk about selling products on an online platform like Amazon where there are thousands of sellers offering different products with competitive prices, good reviews, and more, it can be quite challenging to make your mark and increase sales for your business. This is because enhancing your online presence and product visibility requires the consideration of a variety of aspects.
For instance, if we consider Amazon, you need to be well-versed in Amazon marketplace advertising and the best techniques for Amazon SEO, including Amazon product listing and cataloging practices, campaign management, and more to get the best results.
This is where online marketplace competitor analysis can help.But the question is: How to know what your competitor is doing? Read on to learn how to conduct an Amazon competitive analysis in five steps!
Competitive Analysis as Part of Online Marketplace Management
Firstly, keep in mind that every competitor is different. So, when conducting the competitor analysis, be sure to check all the circumstances and criteria for preparing an excellent strategy.
Since a lot has been written about Amazon competitor analysis, it can be confusing when it comes to reliable advice. Here are a few essentials you may consider to plan a strong strategy.
Effective Competitor Analysis Tips for Amazon
First and foremost, identify your competitors.
You can do this by simply checking out how many products appear in the search results when you type your product name and related keywords.
Note their Asins and check third party tools like Sellics and Jungle Scout. These tools can help you learn about your competitor’s sales, best sales rank number products, keyword ranking, and more.
Reviews
This is the most important factor when it comes to marketplace management and competitor analysis. If your product ratings are not as good as or better than your competitor, you need to work on improving them. Even if you sell genuine products at a competitive price and offer excellent services, but do not have good product reviews to back them, it can be quite difficult to increase your online sales on Amazon.
It helps to remember that customer reviews play a crucial role in online marketing. And getting favorable reviews for your product is critical for your success.
Pricing Strategy
When it comes to determining the price of your product, ask yourself the following questions:
What is the price of the competitor’s products?
How much discount they are offering?
Are they providing any coupon codes?
Is there any lighting deal running on their products?
Install the Keepa tool. Using this tool, you will be able to check the price change history of any product and plan your pricing strategy accordingly.
PPC Strategy
Amazon PPC management is crucial when it comes to Amazon marketplace advertising. To ensure you have an effective PPC strategy in place, ask the following questions:
Is your competitor running ads?
If yes, which types of ads are they using?
Are they using sponsored brand or sponsored product ads?
How they are marketing their products on Amazon?
Is the trademark registered or not?
How many sellers are selling a similar type of product?
Is there any specific keyword for which the competitor’s products are ranking?
Are they promoting the Brand Store?
What is the spending pattern of the users and potential customers?
Getting these answers will help you to strategize your Amazon PPC campaign.
Keywords
Using third-party tools, you can easily determine the keywords for your products and include them in your list. Or, if you don’t have the budget to spend on tools for identifying the keywords, you can simply use Amazon’s search box to find relevant ones. If your competitor’s product ads are appearing on the same keywords, it indicates that your competitor is running the ads.
By using this technique, you can find your competitor’s keywords and check the keywords bids. Then, start targeting those keywords in your manual targeting campaigns.
Once you get impressions on them, analyze the campaign, check the keywords bids, review Amazon’s suggested bids, and update your campaign bids accordingly. In addition to the paid keywords, also keep an eye on your competitor’s organic keywords and try to add them to your backend listing search terms.
Check your keyword rankings regularly, so you know how to plan the further course of action for your Amazon PPC management.
We Offer Best in Class Online Marketplace Management Services
Doing all this will help you plan your online marketing strategy and come up with more precise results. However, if it is too overwhelming, you can hire professionals to help you out.
Your Seller has a dedicated team of Amazon PPC specialists and Amazon SEO experts who can help improve your sales numbers. Being in the field for more than 3 years, we have gained the expertise and knowledge to provide efficient Amazon marketplace management services in USA and India. Call us at +91 9909513312 to get started and improve the online health of your seller account!
