Prime Day 2022: Do’s and don’ts for retail brands
2022 marks the fifth anniversary of Amazon Prime Day, Amazon’s annual sales event which was created to celebrate and reward Amazon Prime members on the company’s 20th birthday. In the years since the first Prime Day, the event has grown substantially and is now more of a Prime “week” than a “day.” We’ve compiled a list of key dos and don’ts for marketers to consider in the lead-up to the big event to unlock the most growth and revenue this year.
Do…mark your calendars now
Even though Prime Day 2022 has yet to be officially announced, there is much speculation around when the actual event will be held. Historically, Prime Day has been held on the second Tuesday or Wednesday in July. Two exceptions to this were in 2020, when Prime Day was delayed until October due to the Covid-19 pandemic, and 2021, when Prime Day was held earlier than usual in June. The latter was a decision likely made based upon the promise of a normal 4th of July celebration compared to the previous year and the Summer Olympics. If speculation turns out to be true, Prime Day 2022 will very likely be held July 11-13 this year.
Do…optimize your media campaigns for increased growth and demand
Every year, Amazon announces record-breaking sales numbers on Prime Day. 2022 will almost certainly follow suit. With this incremental growth in mind, advertisers should find opportunities by reviewing their top performing ASINs and ensuring that bids and budget caps for sponsored search campaigns are adjusted to maximize share of voice at the top of the search page.
Do…consider the full customer journey in your media planning
As Prime Day has cemented itself in our cultural event calendar, many shoppers begin their purchase planning as far as two weeks in advance of the actual day. With this shopper behavior in mind, advertisers who use Amazon AAP and Sponsored Display campaigns can increase day-of conversion numbers by promoting their brand and products on Amazon in advance of Prime Day. They should also utilize Amazon’s proprietary shopper-based audience data to build a remarketing list of in-market and in-aisle shoppers to maximize results.
Don’t…forget about your other retailers and customers
In fact, Prime Day is not just for Amazon anymore – rival retailers have gotten in on the action as well. We anticipate that Walmart, Best-Buy, and possibly even Home Depot will announce their own savings events in order to compete with Amazon and keep shopper loyalty. Consider this when planning any discounts or promotions during Prime Day. If you offer exclusive items with one retailer, that may be the best place to drive growth across sales channels as opposed to competing head-to-head with Amazon on price.
Don’t…wait until the last minute to decide if you’ll participate
Setting a pricing strategy or deciding to offer a promotion can often be an involved decision for a brand. The same holds true for marketers who want to test new channels or tactics, and procrastinating is not recommended when thinking about participating in Prime Day. Amazon Advertising has been exploring new media sales strategies as demand for sponsorship and key ad placements during the event has grown. Often, Amazon Advertising will release its custom sponsorship packages in a first insertion order race, or even in a silent auction. Brands should discuss their ambitions and their budgets well in advance and have internal alignment on strategy to act as soon as those media packages are made available.
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