3P Variants: The Whack-a-Mole of Ecommerce (updated)
With Amazon Share of Voice You Can Have Your Cake and Eat It Too
Share of voice on Amazon is of course very important. If you’re not getting the sale, who is? The connection most larger brands have figured out is to link paid share of voice with organic. That is, spend more on paid ads to increase sales, which in turn increases your organic ranking for associated keywords. This assumes of course outside variables including product reviews stay positive, and your products in stock.
As with most things on Amazon, being proactive is essential, though not always easy. We all know how fast Amazon moves with price changes, new products offered, changes to search rankings, and the like.
So, a strategy is needed so you can have your Amazon cake and eat it too. Or, have your organic share of voice cake and eat the paid ads too? Hmmm, maybe I should have gone with “two birds, one stone”? Anyway, here’s an example of how to look at the strategy of using paid search to drive organic share of voice on Amazon.
Your Amazon Share of Voice Goal
Knowing your share of voice relative to your competitors is obviously the first step. Step 2 is to lay out clearly what your goal is. Make sure each part of your business is aware of this across sales, marketing and operations. Keep it simple and high level for this audience.
Track Share of Voice Over Time
The next piece is to ensure you’re measuring share of voice over time. This can be monthly or weekly depending on the breadth of the test you’re running. And this can also be applied to specific sets of keywords. The important thing is to mark your progress as you roll out your strategy. Be sure to acknowledge and plan for the ancillary effects your strategy may have on things like inventory and ACoS.
Don’t Stare at Your Navel
Measure and report out on your share of voice on Amazon relative to your competition. And try to understand why things are changing. Are some competitors stuck in a rut and showing little change in their position? Are some faltering? Are some niche competitors and apparently happy about it?
Your share of voice strategy on Amazon is an evolving one. Which is why it’s so important to clearly and simply structure your strategy so executives and internal partners stay aligned at the beginning, and as results roll in.