Analyzing your competitors is one of the easiest ways to stay ahead of the Amazon competition. By locating, categorizing, and then studying your competitors, you can position yourself as the top company in whatever field you’re looking to conquer. All you need to do is learn how to master your competition with your Amazon Seller mobile app.
This article discusses the many ways to track your Amazon competitors and outcompete them with your products. These strategies revolve around competitor analysis and answering strategic market questions. Use the tools in this article to position your product at the top of the Amazon food chain.
Find Your Competitors
Finding the proper competition is half the battle. And if you’re very niche, this can take some time. For example, if you’re selling specific herbal teas that no one else has on the market, you might have difficulty deciding on your competitors.
Filter your competitors based on features, prices, orders generated, and reviews and ratings. Filtering competitors based on these criteria will give you access to direct competitors who have similar target markets and customer bases.
Categorize Your Competitors
When categorizing your competitors, separate them into three distinct categories that will help you develop a more comprehensive strategy. The three competitor categories are primary competitors, secondary competitors, and tertiary competitors.
Primary competitors consist of the competitors who target the same audience or sell similar products as yours. For example, if you’re selling Adidas shoes, you might find a primary competitor that sells Nike shoes.
Secondary competitors offer high-end or low-end versions of your product. They might also sell similar products to yours but sell them to a completely different audience. For example, you sell luxury camping chairs, but you have a secondary competitor that sells cheap camping chairs.
Tertiary competitors sell products tangentially related to yours. For example, a competitor that sells socks and underwear is a tangential competitor to a vendor that sells shoes.
After identifying these three categories, find the following information for each competitor to sort them:
- Product offering
- Mission statement
- Store name
- Category of competition
- Strengths and weaknesses of their business
Conducting a thorough analysis based on these criteria will help you decide the following steps when combating your competitors.
Track Your Competitors’ Keywords
After identifying and categorizing your competitors, it’s time to learn what they’re doing well and what keywords they’re ranking for. To understand and track these statistics, visit the Seller App Reverse ASIN, enter your competitor ASIN, and hit the search button.
This will bring up a list of organic keywords your competitors are ranking for. You can switch between tabs to find their product keywords and long-tail keywords. To track your competitor’s keywords, select the long tail keywords and click track keywords. The tool will reveal which keywords are ranking and which ones are converting well.
Target the Competitors’ Keywords Using Amazon Sponsored Ads
To outcompete your competitors for target keywords, you should run manual Amazon campaigns. If you want to compete for these product keywords, you need to use Amazon PPC as an effective keyword tool.
Set Pricing Alerts
To monitor your competitors’ pricing strategies, you should set alerts and monitor their pricing strategies. Pricing plays an essential role in the customer buying process, and setting pricing alerts on your competitors’ products will help you reprice yours to win sales.
Identify Your Competitor’s Market Position
You should understand the positioning strategy of your competitors to give you valuable insights into prevailing demands and market expectations. Understanding how your competitors position themselves within your market will provide you with a strong sense of how to position yourself against them.
Study their website, examine their messaging, and ask yourself the following questions:
- How do they differentiate themselves in your market?
- Why does your target customer buy their products?
- What separates them in the market?
The following tips are ways to gather more information about your competitors:
- Sign up for their newsletter and check out their messaging
- Subscribe to their blog.
- Follow them on social media.
- Put an item in their shopping cart without completing the checkout process. Examine how your competitors approach convincing the customer to buy at this stage in the funnel
- Purchase their products and analyze the performance.
These tactics may seem shady, but they will give you valuable insight into how your competitors achieve success. You shouldn’t use these methods to copy your competitor. Instead, use them to structure a strategy that beats them at their own game.
Learn From Their Reviews
One of the best ways to learn about customer sentiment toward your competitors is to study customer reviews and testimonials. These reviews will reveal critical information about what works and what fails for your customers so you can model your strategy around their successes and failures.
What Can You Gain From Amazon Competitive Analysis?
Conducting a competitive analysis is one of the easiest ways to gain a leg-up on your competition. Doing so allows you to improve portfolio scouting and sourcing decisions and optimize advertising campaigns and budget your advertising spending. If you require any assistance with the categories listed, feel free to visit https://serp.co/services/advertising/amazon/ or other similar sites.
Conclusion- How to Outperform Your Competitors on Amazon Seller App
Outcompeting your Amazon competitors shouldn’t be something you dread. By conducting competitive analysis and categorizing your competitors, you can position yourself to win critical battles for Amazon real estate. If need be, you can also sign up for something like this Amazon seller course which can teach e-commerce business owners about their business’s financials. That can also be a prudent option to add strength to your business operations.
Committing to these strategies will help you model your business after proven techniques that deliver consistent results.