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Behold, Analysis Paralysis!
Are you an Amazon seller suffering from "analysis paralysis?" Amazon analytics is a monolithic task, but don’t get bogged down by the details!
Details are what the Amazon game is all about, after all.
Details are your arsenal, and Helium 10 is your utility belt.
Not to put the pressure on you, but look, a successful product launch is only the first step.
It’s like a wedding day with all the supercharged neuroticism of only the finest bridezillas. You pour your heart, soul, and sanity into the Big Day, and if everyone actually listens to you and does what they’re told, it’s a huge success.
But uh…hate to break it to you-marriages don’t last 50 years because of a memorable wedding.
(Before you ask, we’re not therapists, so please don’t take this as clinical advice).
The point is, your product launch is your Big Day and it isn’t going to guarantee your continued success. As much as we’d like to toast to that, it’s the Big Data that follows that makes or breaks you.
With the right analytics strategies, you’ll save yourself from the proverbial sharks already circling your slice of the pie. Fight off those sharks, analyze the battlefield, get the right insights, and you’ll be on your way to success (and out of this strange analogy of weddings and marine predators).
Page 1: The Promised Land
Ah, search results, page one. The land of milk and honey (unless you’re lactose intolerant-then maybe just honey). Look, you need eyeballs on your products, or else you’re never gonna make it past a couple of weeks after the Big Day.
Short of sliding into the DMs of every human on the internet, as a brand owner, you need to find a way to get your product in front of customers, then entice them to follow you like a bunch of mice after the Pied Piper (minus the doom and gloom of the Black Plague). But as a mouse, you’re not hanging around long. No cheese, no game. You’re outta’ there after the first couple of songs.
It’s the same with customers and search results. However, only a handful of people scroll past the first few listings in the search results; fewer still make it to the second page.
Okay, so how do you get to the aforementioned milk and honey?
Remember that arsenal? It should include stuff like:
Discounted promotions
Outside traffic
Amazon Sponsored Ads
And more!
And if all you heard from that was "money," you’re not wrong. All those things cost money. But that’s the reality. There’s a difference between spending wisely and hemorrhaging cash.
The first step to preventing hemorrhaging money is to focus on advanced analytics such as utilizing your keyword tracker and all of your data sources.
May we humbly suggest Helium 10’s Keyword Tracker? With it, you can track your products’ ranking (organic or paid) as it pertains to search results of a keyword of your choosing.
Be realistic though-you’re not going to make it to the Promised Land on day one (unless you’re literally the only product that exists for those search results, but this isn’t 2009). But! If you start tracking your keywords out the door, you can track your progress to page one.
It’s like when you order dinner on Grubhub (or whatever delivery app you use) and get to watch the little car icon slowly travel from the restaurant to your awaiting ravenous appetite.
The point of this is to determine what in your ad strategy is and isn’t working.
See Figure 1 below: our Project X Coffin Shelf jumped from page 3 to page 1 with a sound ad strategy.
Thanks Keyword Tracker!
Without Keyword Tracker, we would have been crunching data for hours. Leave the data science and Amazon retail analytics to us.
Keyword Tracker also lets you check your product rank daily and you can easily see how your competitors’ are doing, too.
Figure out if customers are flocking to you or to your competitors first. If your competitors are riding your coat-tails too closely, it might be time to look at your data analytics and re-strategize.
Figure out if customers are flocking to you or to your competitors first. If your competitors are riding your coattails too closely, it might be time to re-strategize.
Keep Your Friends Close and Your Enemies Closer
Short of being physically plugged into Amazon like Neo in the bleak dystopian world of The Matrix, Market Tracker keeps an eye on everything and anything in your product space like a data warehouse.
We call this space a "Market."
With Market Tracker, YOU define what keywords are the main keywords for your product niche.
Then, it’s set and forgotten.
And while you’re off troubleshooting your network connection to the Matrix – we mean Amazon! – Market Tracker will constantly analyze your defined market to check up on data points like market size, volume, and relative market share.
Not only that Market Tracker alerts you to niche sellers trying to sneak up and dethrone you. From there, you can continue to collect intelligence on your competitors. Watch their price fluctuations, who’s leaving reviews on their stuff, and so on.
Basically, if you’re (virtually) breathing down their neck 24/7, they can’t possibly get anything by you. Right?
For example: if your competitors try to undercut you and steal your sales, you’ll know right away.
So, just like the eternal hamster wheel of keyword tracking, Market Tracker saves you several circuits of manual data crunching.
And ‘ain’t nobody got time for that.
Are You Cooking the Books?
If you’ve Googled anything at all about Amazon profits, you’ve heard "six-figure" or "seven-figure" sellers bragging about the amount of zeros after their sales but most likely, they’re referring to their gross sales.
But remember: profit is what matters.
If you’re selling a billion dollars a year but only pocketing a measly 10k, what are you even doing? Selling less but profiting more is infinitely better for you.
But how do you do all the math without spending enough time researching numbers to write an essay on quantum physics? It’s an understatement to say Amazon’s downloadable reports are confusing. Then, after somehow slogging through that marsh of data, you’d still have to calculate your profits manually because Amazon doesn’t store your product costs.
Once again, escape the eternal hamster wheel with Helium 10’s Profits.
Profits is an all-in-one financial analytics tool that will assist you in tracking:
- Orders
- ROI
- Profits
- Inventory
- And more
Profits displays all order-related transactions so you can see and analyze data such as FBA fees, taxes, refunds, sponsored ads, and more.
How much are you actually paying in warehouse storage fees?
Maybe more than you think!
Just skip over to the Expenses tab and see all of that info itemized for your eyeballs’ convenience. Profits also serve up trends worth noting: drastic increases and decreases in sales and velocity, for example.
Take your attention away from the shiny "gross sales" number. It looks pretty, it’s fun to look at, and even more fun to brag about. But at the end of the day, what matters is: are you making money or aren’t you?
If you’re in the latter camp, profits will empower you to troubleshoot and make adjustments to whatever is holding you back, financially.
And don’t forget! Inventory management is tied directly to your profits.
Amazon hates loiterers. Too much inventory sitting around at the fulfillment center? Not good. On the other hand, a complete absence of loitering is also suspicious.
Not enough product in the warehouse equals lost sales and, like any mediocre straight-to-TV actor from the 90s, you’ll be completely forgotten, dismissed into sad obscurity as your prior customers flock like fair-weathered friends to your competitors.
So, before you sign yourself off to a life of public network commercials and community theater for the rest of your career, let Profits help you avoid these mistakes outright.
Amazon Analytics for Your Business
Hopefully we haven’t scared you off yet. Or made your “analysis paralysis” even worse.
Repeat after me: Do. Not. Overthink. It.
Jump in the ring with a clear head.
Here’s your Sparknotes:
- Monitor keywords
- Monitor market size
- Spy on your competitors
- Keep your inventory flowing
- Strategize and manage your money
- Don’t be distracted by big shiny sales numbers
Fired up? Good! Now start analyzing!
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Frequently Asked Questions About Amazon Analytics
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