Truly masterful marketing is built upon a genuine understanding of your customers, and therefore your prospective customers. The road to a high ROAS is paved with the knowledge of customer psychology, and an ability to engage them accordingly at various stages of the Customer Buying Cycle.
In today’s article, I’ll provide you with 9 strategies, based on the information available to you in Market Basket Analysis, that you can use to attract customers, get more sales, and make more money.
I’ll be going over these, as well as other in-depth strategies in my upcoming webinar on July 22, Amazon Ads: How To Use Them Correctly Throughout The Customer Buying Cycle. This webinar is free, and will be a no-fluff, high-value strategy discussion.
Before we dig into the specifics of how to leverage all of these useful data-points, let’s first take a look at Amazon’s actual definition for Market Basket Analysis, inside of Brand Analytics:
“Identify cross-selling and bundling opportunities by gaining insight on products that are being purchased together by your customers.”
Understanding the high-impact insights, available to anyone with access to Brand Analytics, can help you to drastically improve your ad performance and overall revenue generation. Remember to select “My Products Only” when pulling up your data in Market Basket Analysis to take advantage of the strategies below.
Market Basket Analysis quickly tells you if your products are being purchased at the same time. Knowing this, you can encourage this same behavior in shoppers by creating a promotion that offers a discount when those same products are purchased together.
This is a great, simple way to expose customers to more of your products and expand your Brand Halo.
Another simple trick that can massively increase cross-product visibility is to use your A+ content. Remember, Market Basket Analysis is showing you the products that are statistically proven to be purchased together, giving you a list of which products and variations are likely to result in a winning cross-sell. Plant the seed of additional purchases by showing products side by side in A+ content.
Bundles won’t replace the individual products, but for shoppers considering a multi-product purchase, having a bundle available makes the sale a “no-brainer.”
You want to provide shoppers with the fewest number of steps to purchase at the highest possible dollar value, and bundles do exactly that.
Creating a “Frequently Bought Together” or “Gift” tab or tile on your storefront is another way to increase the value of customer purchases by gently encouraging adding multiple products (or bundles) to the customer’s cart.
Branding products that are frequently purchased together as a “product line,” and then highlighting this product line in your images or bullet points can create instant awareness of other products that your audience may want, but be unaware of.
Showing an image of products together has the potential to jumpstart the discovery of multiple products a customer may want to purchase – all you need to do is make them aware of what you offer in a location they’ll already be visiting.
Instead of guessing what your audience may be interested in, Market Basket Analysis shows you exactly which products are likely to be paired together. If a customer is likely to purchase another product, but it didn’t quite make it into the basket the first time, an insert showing products frequently purchased together can create a returning customer.
Moving into how this information is helpful when building campaigns, using Product Targeting to ensure a complimentary product takes up ad space on another of your listings is just plain awesome. Not only are you creating awareness based on actual data, but you’re boxing out competition on your listing at the same time.
Sponsored Brands are a high-impact way of leveraging your Market Basket Analysis data because they let you create ads that will show complimentary products literally side by side. You don’t get much better than that when building an ad around these types of data points.
The placements available when using Sponsored Display are fantastic for leveraging Market Basket Analysis data. Using Sponsored Display’s Product Targeting, you can self-target and show an ad for a complimentary product (based on the same Brand Analytics data we’ve been discussing) right below the Buy Box!
Thank you, as always for reading. It is my genuine honor to help Amazon sellers in our community to build their brands.
Remember to register for my free upcoming educational webinar, scheduled for July 22, Amazon Ads: How To Use Them Correctly Throughout The Customer Buying Cycle. On it, I will personally teach you the ins and out of the Customer Buying Cycle, and EXACTLY HOW to set up winning Amazon advertising every step of the way.